Retirement Onboarding and Ownership Transitions

The onboarding and integration of a new team member is something contractors should rigorously manage.

D. Brown Management Profile Picture
Share

The best contractors do this as one of the 9 critical talent processes. What we don’t always pay as close attention to is what Sue Weiler-Doke frames as “Retirement Onboarding.”

Succession: Retirement Onboarding and Ownership Transitions. Comparing Individual and Business goals.

This is critical for all key technical and executive roles as people retire. Due to the demographics in the United States, we will have a huge deficit of experienced talent over the next ten years.

Retirement Onboarding is even more critical during ownership transitions because often, the current owner has had nearly their whole life -- 20 to 40-plus years -- wrapped-up in the business. Many of the best business operators have given relatively little thought to their personal retirement.  

With decades in their roles, they are typically involved in many areas of the business and their retirement will create unforseen knowledge gaps. 

Retirement Onboarding must be approached with the same rigor as the rest of the retirement process and should follow similar phases. 

An experienced advisor can help owners effectively navigate their own path as well as help the company create Retirement Onboarding processes for other critical roles, ensuring sustainability.


Retirement Onboarding and Ownership Transitions
Continue building value in your business, yourself and your key team members with a good succession strategy....

Retirement Onboarding and Ownership Transitions
Continue building value in your business, yourself and your key team members with a good succession strategy....

Changing a Good Decision Making Process Based on Results
Construction projects are complex requiring thousands of decisions made across dozens of teams over many months to ultimately result in a good outcome. As a leader in the construction industry the majority of your value-add is.
Profitability and Cash Flow: From Goal to Plan to Process to Prerequisite
Profitability and cash flow evolve with a contractor's growth, transitioning from goals to plans, to processes, and finally to prerequisites that sustain the business.
Technology Integration - Critical Inflection Points and Streamlining Workflows
Construction technology can no longer be treated like a “Project” with a beginning, middle, and end to the implementation. There are now hundreds of specialized technology tools that can be implemented by contractors and each add individual value.