Construction Executive - September 2016 - 70

BUSINESS DEVELOPMENT CONSTRUCTION EXECUTIVE | SEPTEMBER 2016 An important facet of transformation is remaining youthful in our way of thinking about and driving our business. Particularly in this time of constant change, we see new opportunities developing daily, while existing business models run the risk of becoming irrelevant surprisingly fast. 70 business partnerships. Work with company leaders to clarify new roles, and be prepared to provide training to these individuals in the months prior to finalizing the transition. Pass on key knowledge to whoever will be filling the owner's shoes, and give the company the chance to operate without the boss even while he or she is still present to provide support and leadership. * Establish a timeline. Most would consider retiring from work as an objective at age 65; however, this certainly doesn't apply to everyone, and a recent Wall Street Journal article reported that working past age 65 may lead to a longer life. Understanding which point in time is best for the business, for the owner and for the successor can help the transition run smoothly on both professional and personal fronts. * Involve business advisors in the process. Introduce the company's successor to the firm's board of directors, CPA, attorney, insurance representatives and industry contacts, and position the new leader to guide the owner through the transition process. Moving Forward With Your Third Period As the hockey metaphor suggests, it can be helpful to look at life as three periods: youth, the family and professional years, and the years of a person's "final expression." In 2016, no one reaching the age of 65 believes that the road to life and the rewarding experiences of being engaged in business or community activities must end. In his book Transformational Relationships, author and entrepreneur Tom Klobucher asserts that you can propel yourself to whatever you want to achieve in the third period of your life. In his case, Klobucher says his company ended up rewriting its core values, throwing its organizational chart out the window and hashing out some bold goals to be achieved within one, three, five, seven and 10 years. He writes: "An important facet of transformation is remaining youthful in our way of thinking about and driving our business. Particularly in this time of constant change, we see new opportunities developing daily, while existing business models run the risk of becoming irrelevant surprisingly fast. This is why maintaining a sustained focus on the future-as opposed to a potentially dangerous reliance on the past-is so important." When planning for the company's transition, consider what transformation will take place in your personal life. Seek out projects at which you excel, and measure productivity not by the number of hours worked, but rather by the number of hours worked on your unique passions. List the 10 things you will do in the third period of your life, and convert that list to an immediate action plan. Here are some ideas: * consulting at $500 an hour, but for only 60 hours a month; * offering financial planning advice to millennials at your company for one hour every other day; or * consider becoming the senior learning coordinator for your company for two hours every other Friday. As you prepare to pass your business off to a new leader, remember that you are embarking on a rewarding new journey. David Seitter is a partner in the Kansas City, Mo., office of Spencer Fane. For more information, email dseitter@spencerfane.com.

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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