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Preparing for transition
Succession Planning Resources for Construction and Real Estate Companies
Business owners tend to focus on the issues immediately in front of them and put off addressing long-term plans. Business succession planning for construction and real estate companies is multi-faceted, and many of an owner’s considerations and preparations depend on who will take over the ownership of the company. This collection of articles offers a variety of professionals’ perspectives on several different elements of succession planning.
The number of aging construction business owners is growing, and many need to start formally planning how their business will be managed once they retire.
No matter how far into the future a change in leadership or structure may be, developing a roadmap and a timetable will help ease the transition.
As construction company owners contemplate the eventual sale of their business, their daily focus should shift from running the company to positioning it for the transition.
There are various accounting methods that construction companies can use when determining the value of their business. The best method for a company depends on its type of business.
CliftonLarsonAllen’s Mike Africk spoke about succession planning in the construction industry at CONEXPO/CON-AGG 2017.
Buy-sell agreements are well-thought-out blueprints that ensure the continued success of the company and compensate owners for their contributions.
Construction and real estate business owners must examine a variety of issues when deciding if they want to pass the business on to the next generation.
Baseball sage Yogi Berra said, "It ain’t over till it’s over." Same goes for Social Security, which remains financially sound and relevant to retirement planning.
Owners of real estate portfolios have several options to consider as they transition out of the daily management of their assets.