Join co-hosts Jon O’Brien and Chris Martin as we discuss succession planning for the construction industry with representatives from CLA. “It’s really about what your goals are and how to design a plan to make those goals a reality,” said Emily Gunther of CLA. Her definition of what succession planning is helps those preparing for the next step in business management. Listen in as Emily and her colleague Nicole Shook share information that is helpful not only for the construction industry, but all businesses.
Some guidelines the CLA team provided in this episode include:
Talk with your accountant, attorney, and your bonding company
Include all stakeholders to ensure your plan is well thought out
Rely on an experienced team to guide the process
Define the separation of emotions, especially for family members Nicole shared that “80-90% of an owners’ personal assets are tied into the business.” Knowing that such wealth and personal assets are tied into a business requires planning so that the years of hard work pay off for everyone involved. Listen to gain insight into the initial stages of succession planning.
According to Stephen Ford, MorganStanley Wealth Management, “forward thinking contractors who focus on the management of employees, have the ability to apply technology and make structural changes to their organization […]