Shayne Glass

speaker

667 appearances 2 recordings 1 series first heard Mar 2025 last heard Apr 2025

Shayne Glass’s voice in public audio — every appearance, attributed to the second.

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Builders, Budgets, and Beers · Bonding and Tight Financials for Construction Businesses with Shayne Glass · 5 Mar 2025 podcast

We have a financial review done for bonding.

We're pre-qualified with ODOT, which is Ohio Department of Transportation.

for substantial size projects.

And yeah, so there's a lot that goes into it.

Having good numbers is very important in construction.

And it's actually the hardest thing for a lot of small contractors to hit that next level is they don't have the financial wherewithal to make it happen, especially when it comes to bonding.

That's a big deal.

Yeah.

A bloodbath of audio.

So what do you guys want to know?

Anything specific or just kind of talk through our process?

Yeah, so bonding is basically what's happening is if you have a project that pretty much any public project is going to be requiring bonding of some sort.

What that means, public means federal money or state money or some kind of government funding.

So what they say, basically what happens is you have, let's say you have a $10 million project and you have contractors bid on the project.

Part of that bid process is providing them with a bond.

So what that means is if Schrock fails to perform, we get 70% into the project and we realize we're in over our heads and we can't make it happen.

The bonding company steps in and will hire someone to complete the project.

So they're basically standing behind Schrock.

Now, the caveat is the bonding company does not pick contractors that are not very highly, how would you say, respected brand-wise, but also financially stable.

So you have to hit a certain level of financial strength for a bonding company to stand behind you and say, hey, we're going to stand behind Schrock, and we believe they're going to do what they say they're going to do, and they have the financial strength to make it happen.

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