Running a successful company includes planning for its future. Wipfli surveyed hundreds of U.S. construction firms to find out how business owners are planning for leadership transitions and company succession.
We collected leaders’ sentiments on succession, transition intentions and timelines. We also asked construction leaders if and how COVID-19 affected their business transition plans. The findings were collected and analyzed by Wipfli’s Business Transition Group for the inaugural construction transition planning report.
Our research revealed:
- Massive leadership changes are on the horizon. Age, plus fear of profitability and market changes, are driving owners to hand over their businesses.
- A fifth of construction companies have never experienced an ownership change and risk losing value along with their owner.
- Sixty-eight percent of construction companies have a documented and actionable succession plan.
Readers can use the full report to benchmark their performance on key planning activities and to assess their readiness for sudden or unexpected change.
Download the report for additional data — and for resources to help construction owners plan for the transitions they desire.