The number one issue construction contracting companies will face over the next 10 to 20 years is succession planning, according to accounting firm BKD, LLP
A “laser focus” on talent development is crucial in succession planning, says Ron Magnus , Managing Director at the management consulting firm of FMI . Magnus will moderate the panel “Succession Planning: Can You Afford To Wait?”
His expertise ranges from succession planning, financial modeling and forecasting, mergers and acquisitions, and debt structuring.
Year-End Planning For Income Tax Issues Due to the uncertainty of tax situations in the future, before year-end, individuals and business owners should discuss, with their tax and estate planning professionals, the timing and effect of possible changes to: Individual income tax rates—state and federal Carry back losses Basis or cost C corporation losses Corporate income tax rates—state and federal 1031 Exchanges Capital gain rates Estate and gift tax exemption amounts Suspension of required minimum distributions for qualified retirement plan accounts Valuations In general: Many estate and business succession planning tools require a valuation of a business or real property or other assets
Don’t Neglect Your Succession & Estate Planning This is one of the more overlooked topics for most construction contractor executives – not because it is not important, but because most times, it is not immediate. On the succession side, having a plan in place to identify, engage and create success for the next executive is imperative. In an industry where there is a skilled labor shortage, not to mention the Great Resignation, a formalized and practiced succession plan acts as a differentiator for future-facing contractors
Review this article with the client to highlight four areas contractors should focus on to keep a strong surety program during a leadership transition. A SUCCESSFUL SUCCESSION PLAN STARTS WITH A STRONG SURETY PARTNERSHIP Want to learn more about surety claims?
Also read about our first four strategies to help your construction company navigate the year ahead: Strategy #1: Get Ready for Your Paycheck Protection Program (PPP) Audit Strategy #2: Live Your Cash Flow Forecast and Budgets Strategy #3: Evaluate Your Income Tax Strategies Strategy #4: Don’t Neglect Your Succession and Estate Planning Carl Oliveri is the Construction Practice Leader and a partner at Grassi
Prepare your successor Strong succession planning is key for an internal or external transition...An aging workforce without adequate succession planning is a red flag for a buyer and creates challenges for new leadership
She advises individuals and businesses on a variety of business and tax matters, including corporate governance and tax compliance issues, business and farm succession planning, and the negotiation of various commercial transactions
An expert in the construction industry, He has more than 35 years of expertise on such topics as succession planning, financial modeling and forecasting, M&A and debt structuring