Build a future for your heirs … and your business

Description

Abstract: Baby boomers marching toward retirement need to develop a plan to transition themselves out of their leadership role in their construction company. The succession plan should cover everything from naming a successor to choosing the right method for shifting ownership to that successor and perhaps other family members. This article discusses involving advisors and the entire family in such decisions as choosing the successor, dividing assets equitably among heirs who are and are not involved in the business, and how to manage the transfer process.