Skip to Content

Help employees develop skills necessary for succession planning

August 2, 2019 Article 1 min read
Authors:
Shane Brown
Succession planning at construction companies should include a bench of skilled staff to provide business continuity. Here are three tips to ensure the right mix of people and sell on the best terms via Construction Executive magazine.
Construction worker looking at a construction siteThe owner of a mid-sized construction firm I know decided it was time to hang up his boots and sell to a team of his managers. So he anointed a successor - a talented project manager in whom he saw many of his own successful traits.

The problem? The heir apparent lacked a crucial skill - the ability to generate new business. Instead of looking elsewhere to fill that gap, the owner kept pushing his favored successor to become something he wasn’t. Eventually, their relationship fractured under the pressure and the exasperated owner sold the company to a third party at a knock-down price, giving up his goal of maintaining the family name on the company’s door.

As this anecdote shows, succession planning can be one of the most dangerous blind spots for leaders in the construction sector.

Related Thinking

Two colleagues laughing and talking in workplace.
March 14, 2023

Employee retention credit: Eligibility requirements and proper documentation are key

Article 3 min read
Development consultants reassessing a project on a construction site
March 3, 2023

How do interest rates affect commercial real estate deals?

Article 5 min read
Business professional in casual clothes reviewing documents.
February 16, 2023

The TCJA 100% bonus depreciation starts to phase out after 2022

Article 3 min read