Construction company succession can be challenging at the best of times, but that transition is often made significantly more complicated when a firm’s owner fails to properly consider the wealth planning implications of such a move.
Four out of five family businesses don’t have a succession plan, and among general contractors, the situation can be even worse. That’s because many construction company owners operate as charismatic leaders who figuratively carry the firm on their back, bringing in contracts and inspiring workers all at the same time.After decades of leading from the front, many owners struggle to adequately plan to pass the company on to the management team or the next generation of the family.
