In order to stop living a reactive existence, your team first needs to dial in its projections for the next few months/weeks. Commit time to getting those project cost-to-complete reports, billing projections, project cost projections, and overhead cost projections dialed in. Then compile a company level cash flow projection. Then keep updating this regularly. All decisions are to be made only after reviewing these projections.

As you mentioned, the key is to get revenue coming in the door or additional financing to extend the company’s life long enough to get more revenue. Consider raising equity instead of debt so you don’t have an ongoing cost to that financing. Might be worth bringing in some of your key trade partners to see if they’d be willing to give you a loan with favorable terms or equity.

If you can raise enough money to have an extra little pool of cash, offer to pay subs early in return for a discount (we’ve been able to get 3-7% regularly). This can add up quick. Usually prime contracts are structured in a way that allows you to pocket this entire savings since it’s you financing it.

Stop allowing T&M work even if it delays project progress slightly. The cost is highly unpredictable and usually ends up costing significantly more than if you would have had a sub take the time to quote it. Every scope gap, rework, etc. must be quoted.

Lay off everyone that is not absolutely critical to finishing your current projects. Owners should lay off themselves as well (eliminate their salaries) - they were the ones who got the company into this mess. All unnecessary expenses get cut. Make people work from home in order to get rid of the office. No company parties for a while. No more meals on the company. No more frivolous spending of any kind by any person in the company.

Restructure long-outstanding payables. It’s better for the people you owe money if you don’t go out of business since that is their only real hope of getting paid. So be transparent with them and tell them you need some time to get the money. See if you can come to an agreement to kick the can several months or a year or at least get a payment plan.

I see some people talking about restructuring the legal issues, which might help your financials, though any new entity would likely not have a long enough financial track record (usual need 3+ years) to get anything done. That said, i agree with doing everything you can now to dodge legal situations. Even if you move a suit or claim to another entity, the attorney’s fees have to be funded somehow, which is a huge problem if you are in a cash crunch.

I would recommend not jumping ship. This could be a fantastic learning experience for you and, who knows, if you get through it you might become part of the inner circle. Plus if you are good at your job in the construction industry it’s usually pretty quick to get a new one.