Key Takeaways: Buying land is just the first step. The commercial pre-construction process can take several months and requires careful planning, approvals and coordination. Zoning and site feasibility determine whether you can build and what you can build, making early evaluation critical to avoid delays.

There are many factors and decisions that need to be considered before buying land for a new business building. The right plot of land can help ensure success and growth in the years ahead while making an unwise choice can cripple even the most promising businesses.

I was recently invited to meet with a prospect who is looking for a build-out of a commercial space in Northeast Wisconsin. When I arrived, the owner was meeting with another commercial construction contractor who had also been invited to do a walk-through and discuss the impending project. I soon found out another contractor would be walking in my same footsteps just a couple of hours later. The owner was doing what he thought was best—getting three bids for his commercial construction project. This has been a standard practice for decades among owners who feel that, in order to get the best deal on their construction project, they should create competition among contractors. They believe this will allow them to leverage the three bids to their advantage. Here is why getting three bids is the worst thing you could do:

Exploring Myths, Realities and a Call to Action We all like to save money and some of us have a belief that if we wait to make a purchase, a better deal can be had.