Construction Executive - September 2016 - 68

BUSINESS DEVELOPMENT Embrace the Future Through Succession Planning BY DAVID SEITTER CONSTRUCTION EXECUTIVE | SEPTEMBER 2016 I 68 magine a typical American lifespan as a hockey match. There are coaches, referees, teammates, and moments of victory, defeat and exhaustion. At the end of a hard-fought second period-or, in this metaphor, at the end of a professional career-there is a pause and an unnerving realization that the game is in its final period. Now, as the horn announces the start of the third period, imagine that no one returns to the ice. The clock counts down, the action ceases and the puck sits alone at center ice. Unfortunately, this scenario is played out in the "third period" for far too many business owners. In an effort to ensure the continuity of their businesses, construction company owners must discuss estate planning and succession planning-topics that can cause the energy in a room to evaporate. Nobody likes to talk about planning for the end of a career, or the end of a life. But given the fact 10,000 individuals will turn 65 every day this year, and most of them will live to 90, how about considering 65 as the entry point to the transformational platform of a company's achievement? When preparing a business and its employees for the transition to new ownership, consider the future in a positive light and leave the company in a spot in which it can continue to prosper. Moving Forward With the Company's Next Phase Failing to plan for the transition to new ownership can leave the new owner-perhaps a relative or valued employee-unprepared to promote growth in the business and cause the company to lose its value and employees to lose financial stability. As such, business owners should keep an eye on the future at every stage, including the transition to new ownership. Here's how: * Build a blueprint for a self-managed company. At the outset of the planning process, provide the successor with well-organized business records (e.g., equipment maintenance history), and invest time to create detailed outlines of company processes and existing

Table of Contents for the Digital Edition of Construction Executive - September 2016

Industry Insider
In Brief
Washington Update
Construction Markets
Risk
Safety
Workforce
No Bounds to Success
Special Section: Construction Technology
Business Development
Community Outreach
Viewpoints
Construction Executive - September 2016 - Cover1
Construction Executive - September 2016 - Cover2
Construction Executive - September 2016 - 1
Construction Executive - September 2016 - 2
Construction Executive - September 2016 - 3
Construction Executive - September 2016 - 4
Construction Executive - September 2016 - 5
Construction Executive - September 2016 - Industry Insider
Construction Executive - September 2016 - 7
Construction Executive - September 2016 - In Brief
Construction Executive - September 2016 - 9
Construction Executive - September 2016 - Washington Update
Construction Executive - September 2016 - 11
Construction Executive - September 2016 - Construction Markets
Construction Executive - September 2016 - 13
Construction Executive - September 2016 - 14
Construction Executive - September 2016 - 15
Construction Executive - September 2016 - Risk
Construction Executive - September 2016 - 17
Construction Executive - September 2016 - 18
Construction Executive - September 2016 - 19
Construction Executive - September 2016 - Safety
Construction Executive - September 2016 - 21
Construction Executive - September 2016 - Workforce
Construction Executive - September 2016 - 23
Construction Executive - September 2016 - 24
Construction Executive - September 2016 - 25
Construction Executive - September 2016 - No Bounds to Success
Construction Executive - September 2016 - 27
Construction Executive - September 2016 - 28
Construction Executive - September 2016 - 29
Construction Executive - September 2016 - 30
Construction Executive - September 2016 - 31
Construction Executive - September 2016 - 32
Construction Executive - September 2016 - 33
Construction Executive - September 2016 - 34
Construction Executive - September 2016 - 35
Construction Executive - September 2016 - 36
Construction Executive - September 2016 - 37
Construction Executive - September 2016 - 38
Construction Executive - September 2016 - Special Section: Construction Technology
Construction Executive - September 2016 - 40
Construction Executive - September 2016 - 41
Construction Executive - September 2016 - 42
Construction Executive - September 2016 - 43
Construction Executive - September 2016 - 44
Construction Executive - September 2016 - 45
Construction Executive - September 2016 - 46
Construction Executive - September 2016 - 47
Construction Executive - September 2016 - 48
Construction Executive - September 2016 - 49
Construction Executive - September 2016 - 50
Construction Executive - September 2016 - 51
Construction Executive - September 2016 - 52
Construction Executive - September 2016 - 53
Construction Executive - September 2016 - 54
Construction Executive - September 2016 - 55
Construction Executive - September 2016 - 56
Construction Executive - September 2016 - 57
Construction Executive - September 2016 - 58
Construction Executive - September 2016 - 59
Construction Executive - September 2016 - 60
Construction Executive - September 2016 - 61
Construction Executive - September 2016 - 62
Construction Executive - September 2016 - 63
Construction Executive - September 2016 - 64
Construction Executive - September 2016 - 65
Construction Executive - September 2016 - 66
Construction Executive - September 2016 - 67
Construction Executive - September 2016 - Business Development
Construction Executive - September 2016 - 69
Construction Executive - September 2016 - 70
Construction Executive - September 2016 - 71
Construction Executive - September 2016 - Community Outreach
Construction Executive - September 2016 - 73
Construction Executive - September 2016 - Viewpoints
Construction Executive - September 2016 - 75
Construction Executive - September 2016 - 76
Construction Executive - September 2016 - Cover3
Construction Executive - September 2016 - Cover4
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