Issue 3 of 9: Relationships

Construction Ownership Transition Issue 3 of 9: How Strong are the Post-Transition Relationships with Customers, Employees, Vendors and Subcontractors?

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Construction businesses rely heavily upon a network of interconnected relationships for their sustainable growth.  

Succession: Ownership Transition Issues - Number 3 Relationships. Construction businesses rely heavily upon a network of interconnected relationships. Book: Never Eat Alone by Keith Ferrazzi.

These relationships are built on a foundation of trust over many years.  

  • Customers who know you will get the job done and do the right thing throughout the construction process, even when things go wrong.  
  • Employees who have seen how you have weathered the ups and downs of the business, including how fairly you have treated everyone even when there was no right answer.  
  • Vendors and subcontractors that are aligned with how your team works and will help you win critical projects.  
  • Financial partners, including the bank and surety and insurance companies that have confidence in how you manage through the inevitable ups and downs of the market.

Take a critical look at your post-transition management team and rate the quality of their relationships with each of these groups and down to the specific people.

Identify the gaps and develop a plan to close them.  

Never Eat Alone.


Issue 3 of 9: Relationships
Continue building value in your business, yourself and your key team members with a good succession strategy....

Issue 3 of 9: Relationships
Continue building value in your business, yourself and your key team members with a good succession strategy....

Definition - Standard
Level of Performance required. May relate to a job role (person), team, company, materials, equipment, facility, etc. Required by business model as part of achieving strategic objectives.
Succession Process and Architectural Design Phases
As contractors prepare for succession, they should use the same lessons they have learned in developing and then building projects.
Tim Ferriss Quote - Life Punishes the Vague Request
One of the best things about Tim Ferriss's book, TRIBE OF MENTORS, is the introductory chapter where Tim describes lessons learned in asking good questions over the years.