Know When to Just walk Away

## Blog Post: Knowing When to Walk Away from a Project

Hello, everyone. Robin Hayhurst here. Today, I want to share a personal story that taught me a valuable lesson about the importance of knowing when to walk away from a project. This lesson is crucial for anyone in the construction industry, whether you're a business owner, contractor, or developer.

### The Hard Lesson

I once took on a large project with a housing association that I was very excited about. I trusted the team I was working with and was eager to get started. However, I made several critical mistakes that I want to help you avoid.

### The Importance of Reviewing Contracts

One of my biggest mistakes was not thoroughly reviewing the contract. I should have stepped back and had a solicitor go through it to identify potential risks and argue any points that weren't in my favour. Instead, I trusted the people and the process without proper due diligence.

### Team Changes and Mismanagement

As the project progressed, the entire team I initially trusted left, and I found myself dealing with a new team. This led to personality clashes and other issues. Additionally, in my rush to keep up with the workload, I hired people in a panic, often placing them in roles they weren't suited for. This mismanagement had a detrimental effect on the project and our overall operations.

### Financial Missteps

We also failed to understand and control the financial aspects of the project. This lack of financial oversight compounded our problems, making it even more challenging to navigate the issues we were facing.

### The Value of Expert Advice

In hindsight, I should have sought expert advice upfront. Paying for professional guidance might seem like an unnecessary expense, but it can save you from much bigger financial and operational headaches down the line. If the contract and agreement don't align with your risk tolerance and financial capacity, it's better to walk away.

### Understanding and Quantifying Risk

Taking risks is part of the business, but it's essential to understand and quantify those risks. Don't let a project wipe you out because you didn't fully grasp the potential pitfalls. Always have a clear understanding of your liabilities and what you're required to do under the contract.

### Building a Strong Professional Team

Having a strong team around you is crucial. This includes not only your internal team but also external professionals like architects and solicitors. Mistakes can happen at any level, and having the right experts can help you identify and mitigate risks before they become significant issues.

### Conclusion

In conclusion, it's sometimes better to walk away from a project or contract that doesn't feel right. Trust alone is not enough; you need everything in writing and a clear understanding of your obligations and risks. Walking away might seem like a setback, but it can ultimately make you stronger and more prepared for future opportunities.

### Key Takeaways

- Review Contracts Thoroughly: Always have a solicitor review contracts to identify risks and negotiate better terms.

- Hire the Right People: Avoid hiring in a panic. Ensure that new hires are suited for their roles.

- Understand Financials: Maintain control over the financial aspects of your projects.

- Seek Expert Advice: Invest in professional guidance to mitigate risks.

- Quantify Risks: Understand and quantify risks before taking them on.

- Build a Strong Team: Surround yourself with competent professionals, both internally and externally.