The pandemic has taught us it’s critical for all businesses to prepare for a smooth future ownership and leadership transition that is sustainable even when the best of plans become threatened by unprecedented economic and public health disruptions.
Approximately 40% of the current construction workforce will retire by 2030, including senior executives playing critical roles. Construction business owners and leaders who were beginning to think about retirement and succession planning before Covid-19 hit are now speeding up their timelines. The importance of succession planning is highlighted in a thoughtful recent article from Construction Executive, “Prepare Now For a Smooth Future Business Succession.” I hope it gives you some sense of urgency when it comes to future business and family succession planning.
After many years of preparation, I chose to retire early from the practice of law in 2015 to establish my own mediation and arbitration business so I could continue to enjoy the next chapter of my professional career. Now, after refocusing my services, I’m able to continue working in my new role with the owners and leaders of Colorado construction businesses and the law firms that represent them. Those are the same people I’ve enjoyed working beside the past four decades. What could be better?