There’s nothing wrong with small jobs. They are necessary and worthwhile. But sometimes, a company wants to get to the next level.
Ranbay Construction is an LA-based general contractor in business since 2009. When they started, they worked on jobs in the $30,000 range. But that changed very quickly when they started working with Bond Assistance Program (BAP). “The jobs became more sizable,” says broker Frank Morones, VP at Contractors and Developers Bonding in Covina. The numbers inched up and up. In the most recent turn of events, Ranbay, owned by Tigran Bayburtski and Ashken Zargaryan, was awarded a project for the Southwest College Bookstore for more than $1.5 million.
Their work with BAP has been invaluable in their ascent to the top. “It’s allowed them to go after larger jobs and higher profit margins,” says Morones. “They are now bidding against larger companies that don’t carry the overhead of Ranbay.”
Of course, bidding is one thing. But actually completing the contract is another. Morones says that the owners have expertly navigated this path. Whereas some contractors complete a contract and make a small margin, Ranbay is making “very good” margins on their projects, according to Morones. “Tigrin comes from a larger company that was completing $9 million dollar projects. He’s learned his trade and has applied this to his own company. His company started out small, and now it’s very successful.”
Overall, working with LACCD has been a wonderful experience for Ranbay. “They haven’t had a single issue working for LACCD,” says Morones. “They’ve developed good relationships with project managers, and hope to bid on more projects in the future.