Who will buy my business?
It’s an important question for business owners in the construction industry to ask when succession planning begins, but it’s not the question to start with.
Of course, the buyer matters immensely, but it shouldn’t drive the planning process. Before deciding who should buy the company, owners are generally best prepared by first understanding what they want the transition to accomplish personally, professionally, and financially.
That’s why the strongest construction business succession plans begin years before a transaction takes place and focus initially on the owner’s personal financial goals. Once those objectives are clear, it becomes much easier to evaluate which transition path makes the most sense.
Before exploring exit strategies, every construction business owner should consider six fundamental questions.
