Preparing Your Business For Internal Transition

February 3, 2020
Stephen P. Katz, Esq. - ConsensusDocs

When is it right to start thinking about succession planning and preparing a construction company for transition? Many would agree – in concept, at least – that serious thought regarding succession and transition planning should begin at a company’s inception and be revisited throughout its lifecycle, but as a practical matter, it is frequently not part of the mindset when growing a business. This article explores issues that construction company owners should consider in order to achieve smooth transition of ownership and control. We will address three critical questions:

  • What happens to the business when an owner retires;
  • In the event an owner(s) become disabled; and,
  • Unplanned exit/owner pre-deceases her/his exit from the company

Mr. Katz may be contacted at skatz@pecklaw.com



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