Frank Williamson is the CEO of Tennessee-based Oaklyn Consulting, which focuses on mergers, acquisitions, capital-raising, investor relations, succession and other strategic corporate finance decisions. Opinions are the author’s own.
Building a successful construction business isn’t an overnight process. It takes years to build relationships and develop a reputation for quality that makes customers confident enough to hire you.
It’s also not an overnight process to transfer a business to a family member, though owners often don’t start thinking about a succession plan until they’re nearing retirement age. According to a 2021 survey of construction owners, 50% of respondents reported that they don’t have an ownership transfer plan — an eye-opening statistic, as the last of the baby boomers will be reaching retirement age in the coming decade.
For many aging construction…
