Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members.
Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members.
Construction business owners have a unique set of issues when they are working through “Retirement Onboarding”.
Everyone should have a Retirement Masterpiece rather than a retirement plan. A Retirement Masterpiece is your life as a work of art and not a paint-by-the-numbers art kit.
Work-life balance has probably mostly been work. Now is the time to see that work-life balance is really all about life.
Contractors are a special breed of people. We work “Mach 5 with our hair on fire” for decades, putting in 50-90 hours per week. We love the industry and want to stay involved.
As construction business owners go through succession and their own retirement onboarding, it is important that they stay involved in the business and industry at some level.
As the owner of a construction business, you must consider what you want your legacy to be in retirement and beyond.
Construction business owners should look at time and money very simply in their retirement at the start of planning their retirement onboarding.
Owners have the unique position of having both the luxury and the responsibility of making sure that their vision for the company is the future vision of the company.
Knowledge transfer is hard. How do you effectively take the knowledge that one individual has accumulated over a lifetime with a company and transfer that knowledge to the next person in line?
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.
Feeling like you’re alone or not sure what the next and best step forward should be? Find out how to get objective input from people you likely already know that have deep experience with these same issues and opportunities around succession.
“The best time to plant a tree was 20 years ago. The second best time is now.”
Nearly all of the 6 common exit strategies for contractors require the business to continue being successful for the outgoing owner to get paid. There are a couple of things that can be done to help ensure everything stays on track.
How do you effectively communicate family succession plans? With transparency in your communications, properly preparing someone for leadership, and identifying potential skill gaps and behavior problems.