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Selling Your Contracting Firm
Owners of contracting firms are faced with the inevitable. They will not be leaving this earth alive and breathing. Only astronauts do that consistently but, then they return. Some day, a contractor's energy and attitude will wane. He or she will see that the business they built needs new leadership. Their body and mind tells them, it is time to take a different role in life.
What do they do about transferring ownership? It is often a difficult intellectual and emotional decision. Fortunately, there are several options.
Sometimes, it is just a matter of some legal paperwork giving ownership to a son or daughter with a family payout agreement. This is a common occurrence in the construction business.
On occasion, employees will step in as the new stockholders. Again, an agreement has to be sworn to and a cash payout schedule accepted by both parties. In this transaction, as long as there is a talented core group who own the majority of stock, it can give the company a new life and a thriving existence for several years.
For the rest of this chapter, read my book, Managing a Construction Firm on Just 24 Hours a Day (McGraw Hill, 2007, 406 pages). To order our book, go to any major outlet i.e. Amazon, Walden Books, Barnes and Noble, Reiter's. Brown's Stationers (UK), Borders, Booktopia (AUS) and other fine book retailers. You may order the bundle of book, 50 MS Excel Templates (featured in the book) and 55 e-classes at www.stevensci.com - click on the book image.
See our 150+ Best Practice Analysis and Library. It is an assessment for contractors seeking better ways of managing their contracting business. See our E-Store link below. 50+ page report and listing of 150+ Best Practices is included.
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Matt Stevens is a management consultant who works only with construction contractors. He has performed training and business consultation for the contracting community since 1994. Matt can be reached at mstevens@stevensci.com.">mstevens@stevensci.com.
Posted by Matt Stevens at October 13, 2005 8:53 AM
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