Exit Plan Essentials for Contractors – Part I

Have you been thinking about what your succession plan might look like for your business?

You’re not alone – this is one of the MOST front of mind issues I’m hearing a lot of contractors talking about these days.

This week, we start the first of a 3-part series on success: succession planning. In Part I talk with David Lupberger, a former contractor turned succession planning expert, about how to transition from the daily grind to enjoying the fruits of your labor. In Parts II and III, I share an interview I did with a prior owner and new owner of a design-build firm.

Navigating Life Beyond the Jobsite:

Picture this: You’ve built your construction business from the ground up, pouring your heart and soul into it for decades. Now, you’re at a crossroads, wondering how to step back, breathe, and savor life beyond the job site. The challenge? You’re stuck in the day-to-day operations, unable to envision a future where the business runs smoothly without your constant involvement.

A Blueprint for Transition:

This video features an interview I did with David Lupberger of Contractor Transition Strategies. David is a seasoned pro who has walked the contractor’s path. He emphasizes a step-by-step approach to guide you toward creating a legacy, and maintaining profitability while giving your employees and company the confidence they need to ensure a smooth transition.

David’s first piece of advice? Develop a clear organizational chart and pinpoint tasks you can delegate within the next six months. This simple exercise lays the groundwork for freeing yourself from tasks you’d rather not be handling.

The next step is to document those tasks. Putting your valuable insights on paper transforms them into a tangible training resource for your team, ensuring a smooth transfer of knowledge. Additionally, David mentions his helpful tool, the Exit Readiness Assessment (https://www.contractorexitstrategy.com/take-your-exit-readiness-assessment), designed to help you identify potential successors. This forward-thinking process ensures your business can keep running even when you’re not at the helm.

Take the Succession Assessment Now!

Get into action and take David’s Exit Readiness Assessment. In just 15 minutes, you can gauge where you stand on the succession planning path. This invaluable resource highlights areas that may require immediate attention, allowing you to prioritize your next steps.

Click here to take the Exit Assessment and begin your journey toward a business that functions well whether you are in it or not.

Crafting Your Legacy:

While succession planning may not be the sexiest topic, it is crucial for the longevity of your construction business. Even if you’re not looking to get out of the business, what David shares is essential if you want to find more time in your day!

Join me next week for Part II of this 3-part series where I interview a son who bought the business from his parents and shares what worked well and what didn’t.

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