Why smart business succession planning starts with a good personal plan
The COVID-19 crisis is underscoring the importance of business succession planning for construction company owners. Shane Brown and Dawn Jinsky explain how to balance personal financial goals with future needs of the business via Construction Executive.
A 60-year-old contractor who’s built up a $10 million business must be all set for a comfortable retirement, right? Not necessarily.
In working with business owners approaching retirement or looking to transition to a new chapter, it’s apparent that owners often don’t put enough thought into balancing their personal financial needs with their goals of handing over control of the company.
This can have some very painful consequences as the owner, late to the game, has to accept cuts to their retirement lifestyle or compromise on their goals of passing the company on to their heirs or preferred management team.
