Take it step by step – The basics of savvy succession planning
Abstract: Sooner or later, every construction company owner must relinquish control of his or her business. If the owner doesn’t want to sell the business to an outside party, it’s essential to find a family member or employee who can be trusted and believed in. This article shows the basics of savvy succession planning. It describes how to identify a leader and provide for heirs who won’t be involved in the business, and looks at issues involving management structure, buy-sell agreements and estate planning. It also mentions the importance of the owner finding him- or herself a new role after stepping down.