Construction businesses that achieve long-term success have something in common: they do not shy away from succession planning. In order to build a firm footing for your organization, both today and into the future, you need to be practical and proactive about considering the future. A recent article for Construction Executive discusses key strategies for performing succession planning in a construction company.
- Create Value – The first step is to formally initiate the process of succession planning by establishing a strong picture of the opportunities and obstacles that your organization currently faces and may face in the future.
- Communicate Thoroughly – It is important that you keep all key members of your organization in the loop.
- Prepare a Successor – In an ideal situation, the person who will be taking on the reins of leadership will be involved in the succession planning process.
- Make a Transfer Plan – This complex step requires the creation of a clear and actionable plan for transferring ownership from one party to another or others.
- Perform Estate Planning – Lastly, be sure to consider how and to what extent the current owner wants to involve his or her family in the future ownership of the company, and the tax implications of the plan.
For further details, click here to read the article in full at Construction Executive.