All businesses must transition ownership and leadership positions at some point, whether because of retirement, resignation, dismissal, or other unplanned or opportunistic circumstances. For the construction industry, the prevalence of an aging baby boomer generation of business owners is building a significant need for transition planning. Despite this trend and the awareness organizations have about the importance of this type of strategic planning, many construction businesses do not have a formal transition plan in place.
Developing a plan to handle management or ownership succession can be a complex and sensitive issue, but smooth transition is critical to the future success of a construction business. This webinar in the series explores the fundamentals of planning and executing successful succession. Presenters reviewed the critical steps necessary to align ownership and succession planning with an organization’s strategic goals.
- Evaluate your organization’s current state of readiness for succession
- Conduct crucial conversations that allow for the development of unified goals for the organization
- Align succession plans with company strategic goals
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.