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 Profile PictureDavid 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 - Issues Specific to Contractors
Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members....

Retirement Onboarding - Issues Specific to Contractors
Retirement Onboarding is something that construction business owners must regularly be working on for themselves and other key team members....

Opportunity Pipeline Target Size: The Basic Math
The biggest leading indicator for performance of a contractor is the size, quality, and trajectory of their opportunity pipeline. There are lots of nuances and complexity to evaluating your pipeline, but it all starts with the principles and basic math.
Directly Responsible Individual (DRI)
Defining a single Directly Responsible Individual (DRI) for an outcome is a foundation of effective process and organizational design. It is often misused when the individual doesn't have the right capabilities, capacity, authority, or management.
Control, No Control, and What Matters
Every person, team and business has a finite amount of resources. It is how we choose to use those resources that determines the level of our success, the speed we get there and our joy while on the journey.