Just in time for 2013, we at FMI are publishing the definitive survey regarding business continuity planning for the owners of construction industry firms. Included please find FMI's 2013 Ownership Transfer and Management Succession Survey. Having received responses from nearly three hundred firms, we have produced a comprehensive overview of the key trends and areas of concerns for construction business owners as they plan for their succession. Some of the most interesting findings include:
- Nearly 80% of respondents plan to sell or gift shares to their employees. Yet over half indicate that their management team needs further development or that they have no capable management in their absence.
- More than one in three (36%) do not have a formal plan in place to ensure continuity of operations in the event of death.
- 20% of respondents indicated that the prolonged recession has put their ownership transfer plans on hold indefinitely.
While caution abounds, those firms that plan for the upcoming demographic shift can benefit from the dramatic changes, which will impact ownership trends within the industry in the coming years.