Retirement Onboarding and Ownership Transitions

The onboarding and integration of a new team member is something contractors should rigorously manage.

D. Brown Management Profile Picture
Share

The best contractors do this as one of the 9 critical talent processes. What we don’t always pay as close attention to is what Sue Weiler-Doke frames as “Retirement Onboarding.”

Succession: Retirement Onboarding and Ownership Transitions. Comparing Individual and Business goals.

This is critical for all key technical and executive roles as people retire. Due to the demographics in the United States, we will have a huge deficit of experienced talent over the next ten years.

Retirement Onboarding is even more critical during ownership transitions because often, the current owner has had nearly their whole life -- 20 to 40-plus years -- wrapped-up in the business. Many of the best business operators have given relatively little thought to their personal retirement.  

With decades in their roles, they are typically involved in many areas of the business and their retirement will create unforseen knowledge gaps. 

Retirement Onboarding must be approached with the same rigor as the rest of the retirement process and should follow similar phases. 

An experienced advisor can help owners effectively navigate their own path as well as help the company create Retirement Onboarding processes for other critical roles, ensuring sustainability.


Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Retirement Onboarding - Integrating Other People and Processes
Retirement Onboarding seems simple enough, but it cannot occur in a vacuum. Owners need to look at all of the stakeholders that will be affected by their decision.
Steve Romero - 50 Hour Weeks
One of the best measures of a leader is how many other leaders they have built. A huge part of leadership development is having mentors and being a mentor to others.
Allocation of Management Resources
Most new initiatives that contractors try often fall short of expectations due to poor management time allocation during start-up. We work with a lot of contractors and rarely see truly bad ideas or teams that truly can’t execute.