Tag Archives: Succession planning
Posted on November 1, 2016 by FMI CorporationWhile there are no cookie-cutter solutions for ownership transfer, there are some viable strategies to consider when it’s time to successfully hand over your company’s ownership to the next generation. As baby boomers move into retirement and millennials continue to make their way into the workforce, the issue of ownership has become acute among many of the nation’s engineering and construction firms. If owners cannot find the talent to manage their firms following their (eventual) retirement, they will lose the ability to dictate how ownership will be transitioned. With these dynamics in play, it is increasingly important for owners to start planning early and focus on the long-term development of the next generation of leaders.
This post was posted in Consulting, Investment Banking, Center for Strategic Leadership and was tagged with Ownership Transfer, Succession planning, construction, NRCI 2014 Q2, construction ownership transfer, construction succession management, fmi icons, fmi industry icons
Posted on October 4, 2013 by FMI CorporationSix Steps to Successful Management Succession By Jake Appelman When leadership transitions from one generation to the next, the resulting transfer of power, influence and wealth can bring a turbulent combination of fear, anxiety, anticipation and hope. This has been true since ancient times. When Alexander the Great fell ill at 33 years old after conquering the known world from Europe to Asia, he had no successor. On his deathbed he famously declared, "The strongest” would inherit his title. His final words were, "I foresee a great funeral contest over me." His prophecy came true and the resulting “funeral games,” where his marshals battled ruthlessly over control of his empire, lasted for nearly 40 years.
Posted on April 17, 2013 by FMI CorporationAssess Your Leadership Pipeline By Kelley Chisholm Succession planning is a continuous and systematic process that should be tied to the organization’s strategic plan. In other words, the details of a succession plan are determined by what the company wants to be in the future. Succession planning includes identifying, assessing and developing talent to ensure leadership continuity. It must allow for unforeseen and constantly changing business needs and reflect the way the company wants to grow in the future by aligning with strategic objectives and goals. Careful succession planning now can make the difference in retaining key talent and ensuring your firm’s ongoing profitability and success.