Succession and Choosing 3rd Party Advisors

Most contractors have gone through the succession process zero times.

D. Brown Management Profile Picture
Share

Even those that have gone through the succession process before are typically facing far different scenarios the second time around. 

Succession: Effectively Selecting Your Team of 3rd Party Advisors. Primarily Accountants and Attorneys.

Choosing the right team of advisors will help you effectively explore options and refine the details of your specific succession. Few basic rules:  

  • DO NOT hand over the process to a 3rd party. You own the process. These people are there to advise you, but ultimately, the decisions are yours to own. 
  • Not all advisors will agree and that is okay and even desired so that you can use your analytical skills to make the best decision.  
  • Not all advisors will be good at all stages of the process.
  • Your existing attorney, CPA, and consulting relationships may or may not be the best choice for helping you through the succession process. Run them through the same rigorous selection process as other candidates for your advisory team.  
  • Develop a rigorous selection process for picking your team based around the outcomes you want to achieve. Treat this the same as you would for hiring a high-level executive for your team.
  • If you think the fees for some good 3rd party advisors is expensive, check out the cost of a failed succession deal.  

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....

Impacted Productivity - Fighting Back
Fighting back effectively against labor productivity impacts will have a significant financial and customer satisfaction. There are four interrelated aspects to effectively fighting back.
Rockefeller and Dealing With People
“Hard Skills” including the technical ability to design and build a project are the foundation of the construction industry. The “Soft Skills” such as the ability to deal with people is the glue that holds complex projects and contractors together.
Issue 5 of 9: Cash Generation
Construction Ownership Transition Issue 5 of 9: Does the Business Generate Enough Free Cash Flow to Make the Transition Equitable for All Parties? Review examples and play "what-if" based on your business.