Retirement Onboarding and Ownership Transitions

The onboarding and integration of a new team member is something contractors should rigorously manage.

D. Brown Management Profile Picture
Share

The best contractors do this as one of the 9 critical talent processes. What we don’t always pay as close attention to is what Sue Weiler-Doke frames as “Retirement Onboarding.”

Succession: Retirement Onboarding and Ownership Transitions. Comparing Individual and Business goals.

This is critical for all key technical and executive roles as people retire. Due to the demographics in the United States, we will have a huge deficit of experienced talent over the next ten years.

Retirement Onboarding is even more critical during ownership transitions because often, the current owner has had nearly their whole life -- 20 to 40-plus years -- wrapped-up in the business. Many of the best business operators have given relatively little thought to their personal retirement.  

With decades in their roles, they are typically involved in many areas of the business and their retirement will create unforseen knowledge gaps. 

Retirement Onboarding must be approached with the same rigor as the rest of the retirement process and should follow similar phases. 

An experienced advisor can help owners effectively navigate their own path as well as help the company create Retirement Onboarding processes for other critical roles, ensuring sustainability.


Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....

Levels of the Value Stream
For contractors to unlock maximum value during business development, preconstruction and project execution it is critical to understand the broader value stream of the project beyond their scope. 10 levels of granularity in the construction value stream:
Lean Principle - Kaizen (Every Detail Matters)
As contractors build their businesses, it is important to look at every detail from the first meeting with a potential customer through winning and building the project. This same attention to detail also applies to supporting operations and talent.
Building a Systems Development Team - Balance
Striking a balance between immediacy and scalability is a constant decision with Systems Development and will be ever-changing in most organizations. The needs of your organization may necessitate erring on one side of that balance or the other.