Construction Business for the 21st Century: Managing Risk and Improving Profits covers the business side of construction contracting. This book provides 21st-century processes, procedures, and practices that will advance the construction industry into the future. The industry that built the United States suffers from diminishing profit margins, causing it to have the second highest failure rate in the nation. Drawing from decades of research into the causes of contractor failure, the author offers solutions for improved profits and risk management and identifies “legacy” industry practices that have become obsolete. The topics covered, such as project selection, the low-bid process, risk identification and management, and understanding market cycles, are critical subjects for 21st-century construction professionals. This book also addresses in detail the important subjects of succession planning, industry consolidation, growth limits, joint ventures, equipment management, and boards of directors/advisors. Readers will receive critical insights into financial and accounting processes, which are rarely covered in technicians’ and engineers’ education. Whether a general contractor, construction manager, specialty contractor, credit grantor, or student, this book will provide a thorough understanding of the intricacies and complexities needed to succeed in the construction business.
