Retirement Onboarding - Issues Specific to Contractors

Construction business owners have a unique set of issues when they are working through “Retirement Onboarding”.

Sue Weiler-Doke Profile Picture
Share
Contributors David Brown

Are you a first generation owner moving into a second generation of family ownership? Turning the reins over to the next generation is tough.

It’s even tougher when family is involved. First generation owners have been running “Mach 5 with their hair on fire” since the inception of the business. They have spent their entire lives working “in” the organization to, very possibly, the dismissal of many other aspects of their lives.

Retirement onboarding that includes first generation to second generation hits home in very personal ways. It can’t be just about the business. It has to be about the family as well. After all, you will continue to share a Thanksgiving table long after your retirement from the business.

Finding the right balance between family ownership, employee ownership, and how to get your money back out of the business are just a few of the critical discussions and decisions that have to be made. The sooner transparent discussions can start, the sooner everyone is on board and heading in the same direction. It’s not easy, but it can be done through open communication, frank discussions of company vision, and forward-looking strategic planning.

This is Part 2 of a 15-Part Series


Topics Covered in the Series Include:

  • Integrating Other People and Processes
  • Future Vision for Your Company
  • Communicating Family Succession Plans
  • The Ideal Lifestyle for the Retiring Contractor
  • The Construction Retirement Masterpiece

Interested in learning more? Contact us.


Retirement Onboarding for Construction Owners
Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members....

Retirement Onboarding for Construction Owners
Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members....

General Contractor Solutions Overview
We provide a unique perspective for General Contractors wanting to take their company to the next level of success. From billion dollar businesses to emerging contractors; our hands-on approach accelerates profitable growth in all economic conditions.
Making a Contractor Less Risky
There are two major things that will control risk and variability for the ownership.
Planning is Useless
Planning how to build a project and planning how to build a contracting business are VERY different and must be approached with a different mindset. When planning ‘how’ to build a project the ‘what’ is mostly known.