RLB Blog

This article was originally written for and published in the GVCA Journal (Mar-Apr 2023 - Issue 2).

This article was originally written for and published in the GVCA Journal (Jan-Feb 2023 - Issue 1).

New Year - New Opportunities

Benefits are an essential part of an employee’s compensation package. In an ever-changing industry with a competitive market for skilled labour, a good benefits plan can help your company retain and attract the right people. A portion of each employee’s benefits plan is legislated, but some aspects can be adjusted to be attractive to current or potential employees.

The construction industry is starting to see an increase in ownership changes as owners decide to retire and pass on their legacy to the next generation, a key employee or a third party. The sale of a business sets up the seller’s retirement plans while the purchaser can move from a skilled construction worker to an owner building his/her own legacy. As such, understanding the benefits and drawbacks of different purchase and sale options is vital.The actual structure of the company being purchased will vary the overall results, therefore obtaining advice from your trusted advisors early in the process will be important.

Considering cash flow restrictions and the many factors that can impact the bottom line of a construction project, it is understandable that the construction industry is often slow to accept new technologies. However, being too resistant to the rapidly changing technological landscape can quickly hurt your company’s ability to compete and retain skilled labour.

No matter how big or how small your construction company is, cash is the lifeblood of your business. There are several options for procuring funding to get started, enhance growth and invest in your company’s future. Each option has its own advantages and disadvantages so be sure to compare the different financing alternatives available to you before signing on the dotted line.

The latest round of changes to the Construction Lien Act that took effect on October 1st, 2019 making prompt payment the hot topic in the industry. As you begin working on projects that fall under the prompt payment rules, there is more to consider than just the wording of your contracts. Your staff also need to be prepared for the changes coming to their roles and processes.

The Ontario Ministry of Labour has announced a recent blitz of ‘proactive inspections’ with a focus on the construction industry. Don’t be alarmed if you receive a letter from the Ministry of Labour - it is simply a routine inspection, however we do expect construction clients to be a larger proportion of these inspections.