Equipment World Digital Magazine
Issue link: http://read.dmtmag.com/i/255295
EquipmentWorld.com | February 2014 9 on record | by Marcia Gruver Doyle MGruver@randallreilly.com It's time Y ou've fought the good fight. Now that the pressure of construction's most sustained recession is over (and if you were around in the early 80s, did you ever think there would be a time that rivaled that downturn?), it's time, especially if you're age 50 and older. The recession littered the landscape with those who didn't make it. In this issue, we have tales of two contractors who chose to liquidate instead of continue to fight. But even if you escaped with your people and fleet intact, you won't escape time's march. We know you're not ready to let go. If you're in your 50s, you've got a number of prime years ahead of you. "I'm not going anywhere," one con- tractor told us. But that didn't stop him from setting up his suc- cession. Now 61, he's got three excellent employ- ees gradually becoming shareholders, lined up to take over (his story starts on page 32.) There is a natural reluctance to face all the hard decisions transition planning entails. When we surveyed our readership late last year, only 46 per- cent of respondents said they had a formal plan in place to transfer management of their company in the event of their retirement or disability. This tracks similarly with a survey industry consultant FMI did last year, where 44 percent gave a like answer. Since the FMI respondents tended to skew to larger construction firms, this tells me the head-in-the-sand syn- drome is universal. The majority of respondents to both surveys were first generation contractors. When we interview contractors, we find the American dream alive and well. Many in our industry have crafted multimillion dollar companies with a high school diploma. But perhaps that same do-it-yourself ethic can get in the way when you know the time is ripe to think about passing it on, either to your children, other rela- tives, employees or a new owner. If this issue get's you thinking "what next?", and puts you on the planning journey, we'll be delighted. Because Next will be here whether you have the blueprint for it or not. EW But even if you escaped with your people and fleet intact, you won't escape time's march. " "