What can cause contractors to go broke?

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“Now, as in the mid 1950’s, the United States is emerging from a difficult economy. Graniterock CFO Steve Snodgrass contributes the following article excerpted from the 1956 Engineering News-Record which shows how “the more things change the more they remain the same.” As the recession wanes and business activity increases, the author warns of more contractor financial failures and explains that the end of a recession can prompt increased competition and risky decision-making by unwary contractors. Bankruptcies often rise at the beginning of a building boom. The cautionary message remains as true today as it was then, and reaffirms the old saw that those who do not learn from history are doomed to repeat it.”

You may read more of this very interesting and informative article on why contractors can go broke at Granite Rock or follow the direct link here at What Causes Contractors to Go Broke? by Steve Snodgrass.