An Overview
What is an FMI Peer Group?
Simply, it is an assembly of non-competing like firms in an organized fashion.
General, mechanical, electrical, specialty, heavy/highway and civil contractors,
site work, underground, and utility, and integrated highway contractors meet
with other contracting companies of their relative size, type of work, number
of employees, markets served, etc. Optimally, the members' businesses have much
in common, yet enough diversity to provide alternative ideas and solutions.
The forum is national in scope, and the agenda is specific to your concerns
as a company president or owner.
FMI Peer Group Value Proposition
The FMI Peer Group experience is a unique forum for construction industry leaders
to collaborate on proven success strategies and enhancing profit
How Many Groups Does FMI Currently Have?
20 Groups
Profile of a Peer
- Participatory management style
- Progressive thinker-innovative and open to new ideas
- Willing to challenge, and be challenged
- Feel they are a work in progress
- Open communicator
- Willing to share all information
- A demonstrated history of financial success
- Understands how the business works
- Chemistry works with other peers
Requirements of Joining a Peer Group-Commonality
- Ownership structure
- Local or regional contractors
- Non-competitors
- Similar client/project orientation
- Commonality of delivery systems
- Similar revenue
- Similar business issues
The true qualifying questions you may want to answer:
- Are we ready for this? Do we have the right people and base of business to dedicate time and energy to a Peer Group? Have we matured enough?
- Do we have a culture that welcomes new ideas and honest critiques? Do we have a sharing and participatory management style?
- Are we industry leaders that are continually trying to improve and evolve?
- Do we want to learn from and share with others like us?
- Is associating with other senior executives part of my role as a leader?
If your answers are yes, go for it. Remember, construction is a people business. To truly succeed, you must find the best people to work with. Just like building a project, the best results come from planning, experience, working with professionals, and doing it right the first time.
In addition to having the right members, it is also critical to agree upon ground rules before the process begins so that every member of the group knows what is expected. Here are some of the considerations for Peer Group formation:
- Clarification and consensus on goals and objectives
- Frequency of meetings
- Optimal meeting format
- Organization and structure of the group
- Facilitator’s roles and responsibilities
- Rules of engagement for all members
- Budgets and investment commitments
- Who participates from each company
- Good chemistry between the members