Construction & Real Estate

damages

Clearing the Higher Bar for Disruption Damages

It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premiums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…

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cybersecurity

Do You Have a False Sense of Cybersecurity?

Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does your cybersecurity risk. Fight Complacency Many of the most infamous…

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business valuation

Place a High Value on a Business Valuation

If you own or co-own a construction business, it’s likely the most valuable asset in your possession. But the question is and will remain throughout your tenure as an owner: Just how valuable is it? The answer is variable because, as you’re likely aware, the value of a company rises and falls depending on a…

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EIDL

EIDLs Offer Access to Working Capital

If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…

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CRM systems offer intriguing benefits for construction companies

CRM Systems Offer Intriguing Benefits for Construction Companies

Customer relationship management (CRM) systems offer many benefits to businesses, including stronger customer relations, service and retention. For construction companies, this software can provide all these advantages. However, it may be most valuable in managing the business development process and focusing your company’s limited resources on winnable projects that will most likely generate profitable returns.…

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Vetting subcontractors is more important than ever

Vetting Subcontractors is More Important Than Ever

General contractors now face two primary challenges: 1) recover from project shutdowns and slowdowns caused by the pandemic, and 2) capitalize on what could be a much stronger economy in the months ahead. In this environment, vetting subcontractors for quality of work and financial stability is more important than ever. Strength of ownership The first…

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buy-sell agreement construction companies

Is Your Buy-Sell Agreement Up to Date?

A buy-sell agreement is a critical tool for owners of closely held construction companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise leaves the company. And it creates a market for departing owners’ shares, providing them and their families with liquidity and ensuring that the business stays…

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Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…

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blockchain in construction

Is Blockchain the Future of Construction?

Blockchain is the technology that powers Bitcoin and other cryptocurrencies, but its value extends far beyond the world of finance. Although this technology may not be ready for prime time in construction just yet, industry experts recognize its promise to transform the way projects are managed. Simple concept The technology behind blockchain is sophisticated. The…

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construction workers' compensation

5 Tips for Reducing Workers’ Compensation Costs

For most construction businesses, workers’ compensation insurance is a significant expense. Here are five tips for reducing or at least better controlling these costs: 1. Make sure employees are classified properly. Workers’ compensation insurers assign risk classification codes to employees based on their duties, responsibilities, and level of exposure to the risk of injury or…

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