4 Steps for Successful Succession in the Construction Industry

You Can Do This!

1. Begin with the end in mind

   • Sooner is better – plan four to five years ahead of an anticipated transition to ensure a successful outcome.

2. Commit to implement – allocate the appropriate time and resources

   • Create a team (family, leadership team, advisors/peers, professionals)

3. The increased exemption amount may not surpass its sunset of Dec. 31, 2025. If your business engages in gifting business interests, you should consider increasing the amount and number of gifts in the coming years.

4. Be aware of other considerations

   • Tax Implications

   • Operational

   • Financial

   • Cultural change

Hadelman & Spitaels-Genser advise that, “A succession plan is not something that, once complete, is put to the side. At a minimum…revisit the plan annually.”READ MORE