Hiring a construction turnaround specialist
Written by Lyle Charles
If your company is faced with extreme challenges and the management feels that the company needs outside assistance to get back on track, it is a good idea to consider reaching out to a company offers construction and turnaround services.
Construction specialist will assist a company in many areas of construction including construction claims management, setting industry-specific construction standards and assisting in mediation and disputes. In some cases, consultants are experienced enough to replace the current CEO to help a company get reorganized. Company’s who enlist such services will benefit from objectivity that a specialist brings.
Here are a few areas to consider when looking at selecting a potential turnaround specialist;
The length of engagement – It is important when hiring a specialist that there are clear starting and stopping points of the engagement. In a consulting engagement, middle managerial assignments can go as long as a couple of weeks to a few months, while a turnaround CEO will consult for a year or more.
Compensation – Discuss how much is offered and if each party is comfortable with the package. Consultants should be given a performance-based fee in addition to a flat fee for engagement.
Expectations – The Company should set out clear and measurable goals that both parties are comfortable with before the contract is signed. The expectations of the contract should also be filtered down to upper management, to provide the consultant with the needed information and resources to reach the desired goals.