Succession Planning

Succession Planning

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  Preparing for the future of your business

  Succession planning, a rarity in the industry just a decade or two ago, has become a serious priority for many remodelers big and small.

   

• Having and exit strategy

  As hard as it is to sell a construction business outright, it is even more difficult to sell in stages, allowing for a gradual withdrawal by the owner.

   

• Employee stock ownership details

  The ins and outs of ESOP.

   

• Plan ahead for retirement: make succession planning a priority

  Without an exit strategy, remodelers may find retiring as difficult as staying in business. Remodeler Robbie Robinson is learning that if you expect your business to help pay for your retirement, you'd better plan ahead. Before deciding to pass it on, Robinson had planned to close down the company.

   

• Start planning your exit strategy for succession

  Gauthier holds control through V (voting) shares, while two employees, Bryan Beauchemin and Steve Podlich, hold N (non-voting) shares. His target of six potential partners is arbitrary, and his vice president, Beauchemin, will exert influence in hiring strong new employees so Gauthier has partners...

   

• Business sale goes awry

  LeRoy Kay sold his 30-year-old construction business, Roy Kay Inc. of Freehold, N.J., to New York-based utility firm KeySpan in February of 2000. Newsday reported last August that court papers submitted by the Kays claim KeySpan misled them by not disclosing that SEC regulations would prohibit them...