{"product_id":"managing-the-profitable-construction-business-9781118836941","title":"Managing the Profitable Construction Business","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003eTake control of your construction contracting business and manage it through the natural highs and lows of the construction market.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLearn from a team of construction business veterans led by Thomas C. Schleifer, who is commonly referred to as a construction business turnaround expert due to the number of construction companies he has rescued from financial distress. His financial acumen, combined with his practical, hands-on experience, has made him a sought-after private consultant. His experience and no-nonsense philosophy have truly given him a unique perspective. Important topics covered include:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstanding the primary areas of construction business failure in the next decade\u003c\/li\u003e \u003cli\u003eMinimizing business risk with real-world examples\u003c\/li\u003e \u003cli\u003eDeveloping a positive and competent management attitude and strategy\u003c\/li\u003e \u003c\/ul\u003e Discover how to maneuver through this complicated and risky industry by using the authors'' research and proven success strategies\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eForeword xiii\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHow to Use This Book xxi\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePart 1 xxi\u003c\/p\u003e \u003cp\u003ePart 2 xxi\u003c\/p\u003e \u003cp\u003eA Teaching Text xxi\u003c\/p\u003e \u003cp\u003eAbout the Authors xxiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART 1 1 \u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Managing with Confidence 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Lessons Learned 3\u003c\/p\u003e \u003cp\u003e1.2 Objectives of This Book 4\u003c\/p\u003e \u003cp\u003e1.3 Managing Areas of Risk 4\u003c\/p\u003e \u003cp\u003e1.4 Recognizing Signs of Potential Trouble 5\u003c\/p\u003e \u003cp\u003e1.5 Layers of Management 6\u003c\/p\u003e \u003cp\u003e1.6 Owner versus Top Management 7\u003c\/p\u003e \u003cp\u003e1.7 Disciplining Performance 7\u003c\/p\u003e \u003cp\u003e1.8 Boards of Directors 8\u003c\/p\u003e \u003cp\u003e1.9 Accountability 9\u003c\/p\u003e \u003cp\u003e1.10 Selecting the Members 9\u003c\/p\u003e \u003cp\u003e1.11 Importance of Credit 10\u003c\/p\u003e \u003cp\u003e1.12 Volume versus Profit 11\u003c\/p\u003e \u003cp\u003e1.13 Employee Benefits and Compensation 12\u003c\/p\u003e \u003cp\u003e1.14 Borrowing 13\u003c\/p\u003e \u003cp\u003e1.15 Business Planning 13\u003c\/p\u003e \u003cp\u003eChapter Review Questions 17\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Elements of Contractor Failure 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Capitalizing on Experience 19\u003c\/p\u003e \u003cp\u003e2.2 Increase in Project Size 20\u003c\/p\u003e \u003cp\u003e2.3 Unfamiliarity with New Geographic Areas 21\u003c\/p\u003e \u003cp\u003e2.4 Moving into New Types of Construction 23\u003c\/p\u003e \u003cp\u003e2.5 Changes in Key Personnel 26\u003c\/p\u003e \u003cp\u003e2.6 Lack of Managerial Maturity in Expanding Organizations 28\u003c\/p\u003e \u003cp\u003eChapter Review Questions 29\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Increase in Project Size 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Limits of Growth 32\u003c\/p\u003e \u003cp\u003e3.2 Increased Risks with Larger Projects 32\u003c\/p\u003e \u003cp\u003e3.3 Case Study 33\u003c\/p\u003e \u003cp\u003e3.4 Case Study Review 37\u003c\/p\u003e \u003cp\u003e3.5 Underestimating the Size 37\u003c\/p\u003e \u003cp\u003e3.6 Owners and Retainage 39\u003c\/p\u003e \u003cp\u003e3.7 Allocating Time 39\u003c\/p\u003e \u003cp\u003e3.8 Alternatives to Taking on Large Projects 39\u003c\/p\u003e \u003cp\u003e3.9 Conclusion 41\u003c\/p\u003e \u003cp\u003eChapter Review Questions 41\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Change in Geographic Location 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Defining “Normal Area” 43\u003c\/p\u003e \u003cp\u003e4.2 Reasons for Changing Geographic Area 43\u003c\/p\u003e \u003cp\u003e4.3 Case Study: Long Distance Project 44\u003c\/p\u003e \u003cp\u003e4.4 Review of the Long Distance Project Case Study 46\u003c\/p\u003e \u003cp\u003e4.5 Managing the Risk with Long Distance Projects 47\u003c\/p\u003e \u003cp\u003e4.6 Case Study: Regional Office 48\u003c\/p\u003e \u003cp\u003e4.7 Review of the Regional Office Case Study 49\u003c\/p\u003e \u003cp\u003e4.8 The Need for Personal Attention 50\u003c\/p\u003e \u003cp\u003e4.9 Opening a Regional Office 50\u003c\/p\u003e \u003cp\u003e4.10 Regional Office Contingency Plan 51\u003c\/p\u003e \u003cp\u003e4.11 Conclusion 53\u003c\/p\u003e \u003cp\u003eChapter Review Questions 54\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Changing or Adding to Type of Construction Performed 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Reasons for Changes in Type of Work 57\u003c\/p\u003e \u003cp\u003e5.2 Challenge: Lack of Experience 58\u003c\/p\u003e \u003cp\u003e5.3 Challenge: Differences That Appear Subtle 60\u003c\/p\u003e \u003cp\u003e5.4 Resolution: Know Your Specialty 60\u003c\/p\u003e \u003cp\u003e5.5 Background to Case Studies 61\u003c\/p\u003e \u003cp\u003e5.6 Case Study 1 61\u003c\/p\u003e \u003cp\u003e5.7 Case Study 2 62\u003c\/p\u003e \u003cp\u003e5.8 Example: Union versus Open Shop 64\u003c\/p\u003e \u003cp\u003e5.9 Know the Risks 65\u003c\/p\u003e \u003cp\u003e5.10 Volume versus Profit Alternative 65\u003c\/p\u003e \u003cp\u003e5.11 Withdrawal Plan 66\u003c\/p\u003e \u003cp\u003e5.12 Conclusion 67\u003c\/p\u003e \u003cp\u003eChapter Review Questions 67\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 68\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Replace Key Personnel 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Identifying Key People 69\u003c\/p\u003e \u003cp\u003e6.2 Partners 70\u003c\/p\u003e \u003cp\u003e6.3 Founders and Succession 71\u003c\/p\u003e \u003cp\u003e6.4 Inactive Founders 72\u003c\/p\u003e \u003cp\u003e6.5 Succession Case Study 72\u003c\/p\u003e \u003cp\u003e6.6 New Management Team 75\u003c\/p\u003e \u003cp\u003e6.7 Adding Key Personnel 75\u003c\/p\u003e \u003cp\u003e6.8 Management “Dilution” 76\u003c\/p\u003e \u003cp\u003e6.9 Summary 77\u003c\/p\u003e \u003cp\u003eChapter Review Questions 78\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Managerial Maturity 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Start-Up Construction Companies 81\u003c\/p\u003e \u003cp\u003e7.2 Importance of Management Skills 82\u003c\/p\u003e \u003cp\u003e7.3 Company Growth Phases 83\u003c\/p\u003e \u003cp\u003e7.4 Limit of Managerial Effectiveness 84\u003c\/p\u003e \u003cp\u003e7.5 Company Growth and Management Thresholds 85\u003c\/p\u003e \u003cp\u003e7.6 Telltale Signs of Insufficient Managerial Maturity 85\u003c\/p\u003e \u003cp\u003e7.7 The Challenge of Management Changes 86\u003c\/p\u003e \u003cp\u003e7.8 Delegation of Authority 87\u003c\/p\u003e \u003cp\u003e7.9 Test of Delegation 87\u003c\/p\u003e \u003cp\u003e7.10 Managerial Maturity Case Study 88\u003c\/p\u003e \u003cp\u003e7.11 Summary 90\u003c\/p\u003e \u003cp\u003eChapter Review Questions 91\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 92\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Accounting Systems 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Accounting and Information Management 93\u003c\/p\u003e \u003cp\u003e8.2 Types of Systems 93\u003c\/p\u003e \u003cp\u003e8.3 Who Is Responsible? 94\u003c\/p\u003e \u003cp\u003e8.4 Accounts Payable 95\u003c\/p\u003e \u003cp\u003e8.5 Disputed Invoices 96\u003c\/p\u003e \u003cp\u003e8.6 Case Study 96\u003c\/p\u003e \u003cp\u003e8.7 Recording Liabilities 98\u003c\/p\u003e \u003cp\u003e8.8 Accounts Receivable 99\u003c\/p\u003e \u003cp\u003e8.9 Timely Data Entry 99\u003c\/p\u003e \u003cp\u003e8.10 Summary 100\u003c\/p\u003e \u003cp\u003eChapter Review Questions 101\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Evaluating Contract Profitability 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Measuring Performance 103\u003c\/p\u003e \u003cp\u003e9.2 Accounting for Profit 104\u003c\/p\u003e \u003cp\u003e9.3 Selection of Systems 105\u003c\/p\u003e \u003cp\u003e9.4 Percentage of Completion 106\u003c\/p\u003e \u003cp\u003e9.5 Estimated Profit 107\u003c\/p\u003e \u003cp\u003e9.6 Case Study 107\u003c\/p\u003e \u003cp\u003e9.7 Percentage of Completion Method of Accounting 108\u003c\/p\u003e \u003cp\u003e9.8 Construction— Work In Progress Method 110\u003c\/p\u003e \u003cp\u003e9.9 Over- and Underbilling 113\u003c\/p\u003e \u003cp\u003e9.10 Impact of Total Revenue 114\u003c\/p\u003e \u003cp\u003e9.11 Cost Control 116\u003c\/p\u003e \u003cp\u003e9.12 Timeliness 116\u003c\/p\u003e \u003cp\u003e9.13 Cost Control versus General Ledger 117\u003c\/p\u003e \u003cp\u003e9.14 Tracking Costs 117\u003c\/p\u003e \u003cp\u003e9.15 Working without Information 118\u003c\/p\u003e \u003cp\u003e9.16 Summary 119\u003c\/p\u003e \u003cp\u003eChapter Review Questions 119\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 120\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Equipment Cost Management 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Ownership Costs 123\u003c\/p\u003e \u003cp\u003e10.2 How Much to Own 123\u003c\/p\u003e \u003cp\u003e10.3 Reasons to Buy 124\u003c\/p\u003e \u003cp\u003e10.4 Competitive Position 124\u003c\/p\u003e \u003cp\u003e10.5 Calculating Equipment Costs 125\u003c\/p\u003e \u003cp\u003e10.6 Time and Usage 125\u003c\/p\u003e \u003cp\u003e10.7 Replacement Costs 127\u003c\/p\u003e \u003cp\u003e10.8 Equipment Costs Charged to Projects 127\u003c\/p\u003e \u003cp\u003e10.9 Idle Equipment 128\u003c\/p\u003e \u003cp\u003e10.10 Cash Flow 128\u003c\/p\u003e \u003cp\u003e10.11 Equipment Obsolescence 129\u003c\/p\u003e \u003cp\u003e10.12 Equipment Obsolescence Case Study 130\u003c\/p\u003e \u003cp\u003e10.13 Replacement Cost Incurred Daily 131\u003c\/p\u003e \u003cp\u003e10.14 Summary 133\u003c\/p\u003e \u003cp\u003eChapter Review Questions 133\u003c\/p\u003e \u003cp\u003eCritical Thinking Questions 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Other Industry Concerns 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Introduction 135\u003c\/p\u003e \u003cp\u003e11.2 Growth and Risk 135\u003c\/p\u003e \u003cp\u003e11.3 Market Driven 136\u003c\/p\u003e \u003cp\u003e11.4 Controlling the Need for Volume 136\u003c\/p\u003e \u003cp\u003e11.5 Rate of Growth 137\u003c\/p\u003e \u003cp\u003e11.6 Flexible Overhead 138\u003c\/p\u003e \u003cp\u003e11.7 Mobility of the Industry 139\u003c\/p\u003e \u003cp\u003e11.8 Diminished Profits 140\u003c\/p\u003e \u003cp\u003e11.9 Employee Benefits and Compensation 140\u003c\/p\u003e \u003cp\u003e11.10 Motivation and Loyalty 142\u003c\/p\u003e \u003cp\u003e11.11 Internal Company Disputes 142\u003c\/p\u003e \u003cp\u003e11.12 Debt 143\u003c\/p\u003e \u003cp\u003e11.13 Business Planning 144\u003c\/p\u003e \u003cp\u003e11.14 Recommendations 145\u003c\/p\u003e \u003cp\u003eChapter Review Questions 145\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 145\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART 2 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Financial Management Issues 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Keys to Success 150\u003c\/p\u003e \u003cp\u003e12.2 What Financial Statement Are Supposed to Convey 150\u003c\/p\u003e \u003cp\u003e12.3 Three Major Functions 151\u003c\/p\u003e \u003cp\u003e12.4 Financial Statement Basics 152\u003c\/p\u003e \u003cp\u003e12.5 Balance Sheet 153\u003c\/p\u003e \u003cp\u003e12.6 The Holding Tank Concept 155\u003c\/p\u003e \u003cp\u003e12.7 Assets 156\u003c\/p\u003e \u003cp\u003e12.8 Current Assets 156\u003c\/p\u003e \u003cp\u003e12.9 Property and Equipment 157\u003c\/p\u003e \u003cp\u003e12.10 Other Assets 158\u003c\/p\u003e \u003cp\u003e12.11 Liabilities 158\u003c\/p\u003e \u003cp\u003e12.12 Equity 159\u003c\/p\u003e \u003cp\u003e12.13 Income Statement 160\u003c\/p\u003e \u003cp\u003e12.14 Financial Statement Sets 161\u003c\/p\u003e \u003cp\u003e12.15 Summary 163\u003c\/p\u003e \u003cp\u003eChapter Review Questions 163\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Financial Analysis and Indicators 167\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Working Capital 168\u003c\/p\u003e \u003cp\u003e13.2 Calculating Target Backlog 169\u003c\/p\u003e \u003cp\u003e13.3 Calculating Target Annual Income 169\u003c\/p\u003e \u003cp\u003e13.4 Maximizing Working Capital 169\u003c\/p\u003e \u003cp\u003e13.5 Liquidity 171\u003c\/p\u003e \u003cp\u003e13.6 Current Ratio 171\u003c\/p\u003e \u003cp\u003e13.7 Quick Ratio 172\u003c\/p\u003e \u003cp\u003e13.8 Receivables to Payables Ratio 172\u003c\/p\u003e \u003cp\u003e13.9 Leverage 173\u003c\/p\u003e \u003cp\u003e13.10 Financial Capacity 173\u003c\/p\u003e \u003cp\u003e13.11 Additional Indicators 174\u003c\/p\u003e \u003cp\u003e13.12 Break-Even Point 174\u003c\/p\u003e \u003cp\u003e13.13 RScore 176\u003c\/p\u003e \u003cp\u003e13.14 Change Percentages 177\u003c\/p\u003e \u003cp\u003e13.15 Summary 177\u003c\/p\u003e \u003cp\u003eChapter Review Questions 179\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Projection and Budgets 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Terms 181\u003c\/p\u003e \u003cp\u003e14.2 The Projection Process 182\u003c\/p\u003e \u003cp\u003e14.3 The Pre-Projection Process 183\u003c\/p\u003e \u003cp\u003e14.4 Key Operational Factors 184\u003c\/p\u003e \u003cp\u003e14.5 The Projection Process 185\u003c\/p\u003e \u003cp\u003e14.6 Putting the Projection to Use 191\u003c\/p\u003e \u003cp\u003e14.7 Short-Term Cash Flow Projections 192\u003c\/p\u003e \u003cp\u003e14.8 Summary 193\u003c\/p\u003e \u003cp\u003eChapter Review Questions 193\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 The Effective Use of Credit 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Introduction 195\u003c\/p\u003e \u003cp\u003e15.2 The Primary Creditors 195\u003c\/p\u003e \u003cp\u003e15.3 Banking 196\u003c\/p\u003e \u003cp\u003e15.4 Bonding 198\u003c\/p\u003e \u003cp\u003e15.5 Leasing 200\u003c\/p\u003e \u003cp\u003e15.6 Summary 202\u003c\/p\u003e \u003cp\u003eChapter Review Questions 203\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Making Decisions in Volatile Conditions 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 The Effects of Market Cycles 205\u003c\/p\u003e \u003cp\u003e16.2 G \u0026amp; A Stair-Steps 207\u003c\/p\u003e \u003cp\u003e16.3 Using Cycles Positively 209\u003c\/p\u003e \u003cp\u003e16.4 Consecutive Cycles and Fighting Tendencies 210\u003c\/p\u003e \u003cp\u003e16.5 Summary 210\u003c\/p\u003e \u003cp\u003eChapter Review Questions 211\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Success Factors for a Changing Industry 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 What a Client Wants 213\u003c\/p\u003e \u003cp\u003e17.2 A Client Perspective of the Contract 215\u003c\/p\u003e \u003cp\u003e17.3 How Contracts Are Awarded 217\u003c\/p\u003e \u003cp\u003e17.4 How Contracts Are Won 218\u003c\/p\u003e \u003cp\u003e17.5 Relationships and Contract Divergence 219\u003c\/p\u003e \u003cp\u003e17.6 The Client’s Vexing Problem 221\u003c\/p\u003e \u003cp\u003e17.7 Goals of Alternative Delivery Methods 221\u003c\/p\u003e \u003cp\u003e17.8 Successful RFP Response Strategies 224\u003c\/p\u003e \u003cp\u003e17.9 Effectively Using Risk Analysis in a Proposal 225\u003c\/p\u003e \u003cp\u003e17.10 How to Develop a Winning Proposal 230\u003c\/p\u003e \u003cp\u003e17.11 Successful Interviewing Strategies 231\u003c\/p\u003e \u003cp\u003e17.12 Summary 233\u003c\/p\u003e \u003cp\u003eChapter Review Questions 233\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 234\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Performance Measurement 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 What to Measure 238\u003c\/p\u003e \u003cp\u003e18.2 Setting the Client’s Expectations 238\u003c\/p\u003e \u003cp\u003e18.3 Risk-Based Preplanning 239\u003c\/p\u003e \u003cp\u003e18.4 Measuring Project Performance 242\u003c\/p\u003e \u003cp\u003e18.5 Measuring Past Performance 244\u003c\/p\u003e \u003cp\u003e18.6 Performance-Based Client Relationships 244\u003c\/p\u003e \u003cp\u003e18.7 Measurement and Leadership 245\u003c\/p\u003e \u003cp\u003e18.8 Summary 248\u003c\/p\u003e \u003cp\u003eChapter Review Questions 248\u003c\/p\u003e \u003cp\u003eCritical Thinking and Discussion Questions 249\u003c\/p\u003e \u003cp\u003eAppendix: Answer Key for Chapter Review Questions 251\u003c\/p\u003e \u003cp\u003eIndex 253\u003c\/p\u003e","brand":"John Wiley \u0026 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