Leveraging Industry Resumes for Larger Projects
Telecommunications Industry Contractor
Our client was a former international telecommunications executive who recently purchased the company. The new owner, as well as a key employee, possessed very strong industry resumes. The former owners maintained a good payment history and the new owner’s pay record followed suit. However, all of the company’s previously bonded work was service work conducted on a much smaller scale than the bonded work. The new owner had never been bonded and was entering a market that required bonding in the low seven figure range.
Our Shorewest Surety Team partnered with the new owners to enhance their bondability. We referenced the new owner and key employee’s strong resumes. We encouraged the new owner to put in available monies and introduced a CPA with an experienced background in contracting accounting. Working with our Team, the new owner produced an interim financial statement on a reviewed basis, demonstrating his fiscal strength and bondability. The new owner was awarded a three-year $3.5 million project, their first bonded job.