Raleigh, NC (PRWEB) April 19, 2010
FMI Corporation, management consultants and investment bankers to the construction industry, announces FMIScore, its newest pre-qualification tool. This tool is a total empirical evaluation of a contractor’s current financial and management capacity.
Derived from the contractor’s audited or reviewed financial statements, bank credit lines, IRS submissions and current work-in-process statements, FMIScore addresses a serious need in the industry today – the ongoing financial health of contractors on a project.
“After decades of interpreting contractors’ financials, credit worthiness and management structure, FMI knows what to look for,” said Glenn Matteson, FMI’s FMIScore consultant. “We saw the need for an industry expert to deliver this service as the risk factors today are greater than ever.”
In addition to its use as a pre-qualification tool for owners and general contractors, FMIScore is also valuable as an ongoing management tool to monitor existing contracts and subcontracts through its quarterly update feature.
FMI manages contractors’ confidential information appropriately and distills the critical aspects into a single number. Much like the ubiquitous consumer credit score, FMIScore can be shared without concern of losing any confidentiality. As an option, FMIScore may be kept private, allowing access to only those parties the client specifies.
“Our owners and clients have embraced the concept of FMIScore as it can mitigate their risk on the project. We’re now requiring all our subs to submit their FMIScore to us and the owner,” said Mike Clune, president of Clune Construction in Chicago, Ill.
For more information, contact Sarah Vizard at 919.785.9221 or firstname.lastname@example.org. Visit http://www.fmiscore.com to learn more.
FMI is the largest provider of Management Consulting and Investment Banking to the worldwide construction industry.
Founded in 1953 by Dr. Emol A. Fails, FMI delivers innovative, customized solutions to contractors; architects and engineers; construction materials producers; manufacturers and suppliers of building materials and construction equipment; private owners, managers, and developers; residential builders; utility companies; surety companies and industry trade associations.
FMI creates value through enhanced performance of companies, teams and individuals and by mitigating risk. FMI is headquartered in Raleigh, N.C., and has offices in Denver, Phoenix and Tampa, Fla. For more information, visit http://www.fminet.com.