When was the last time you thought about your business’s plan for succession? In a recent article for Construction Executive, author Ken Van Bree offers five helpful tips for construction companies ready to tackle creating a succession plan.
Van Bree recommend the following:
- Self-Evaluate – Take a good look at your business. Identify key players, goals, and objectives.
- Communicate – Make sure that everyone who is, or needs to be, involved in the succession planning process is kept in the loop.
- Train Your Next Leader – In an ideal world, the successor to your construction company’s current owner will play a role in the succession planning. If this is the case, work closely with this person to prepare them to step into their new role.
- Make a Plan for Transferring Ownership – This is a complex step because ownership transfer can be accomplished in a variety of ways. Consider the options and decide which is best for your situation.
- Keep Estate Planning in Mind – Estate planning is key. It should be considered throughout the entire succession planning process.
For more details, read the article in full at Construction Executive.