Hugh Rice: Turning Patience Into a Competitive Advantage

Pat DiCerbo sits down with Hugh Rice, who spent nearly five decades with FMI helping shape the modern construction industry.Hugh shares how a kid from rural Alabama—originally planning to be a farmer or Air Force officer—found his way into consulting and never left. What started as “a couple years before a real job” turned into a career advising contractors across the country on strategy, succession, and M&A.Along the way, he helped pioneer how construction companies think about ownership transitions and acquisitions—long before private equity entered the space.This conversation goes beyond construction. It’s about: - Why relationships—not transactions—drive long-term success - The patience it takes to build a reputation that compounds - How entire industries evolve (and where construction is headed next) - What 50+ years in one company teaches you about trust, value, and doing the right thing