How does your business measure up?
Don’t leave your organization’s — or your family’s — future to chance. When it comes to planning your transition, where does your business stand against industry peers?
Here’s what we found:
30%
Few in place
70%
Still waiting
WHERE'S THE PLAN?
Key finding 1
Key finding 2
Key finding 3
30%
70%
Only 30% of respondents have a formal succession plan
Our survey revealed that 70% of business owners don’t have a succession plan —putting their business and their future at risk.
And residential construction leaders are the least likely to have a formal succession plan.
It begs the question: why are they waiting?
13%
13% are currently transitioning ownership
30%
30% expect to transition within the next five years
13%
In motion
30%
On horizon
TRANSITIONS COMING SOON
The pressure is mounting. Without a plan in place, a large number of these transitions will happen without clear direction.
The stage is set for rush decisions, reduced business valuations, and potential closures.
29%
Ready to go
29%
Of those, only 29% have a formalized succession plan
94%
94% consider cashflow at least monthly
86%
86% assess economic forces and trends at least monthly
55%
Only 55% think about succession planning at least monthly
94%
Money talks
86%
Eyes on the market
55%
Barely on the radar
FOCUS CHECK
Top business considerations of construction business owners
Just 55 percent of respondents consider their transition at least monthly, despite its importance.
Proactive planning helps you maintain financial security and business continuity, even when the market gets shaky.