Exit Plan Essentials for Contractors (Part III)

In the final installment of this three-part series, Exit Strategy Essentials for Contractors, I talk with Tom and Barb about how they exited their business, and what valuable lessons they learned along the way. In this interview, we get into the nitty gritty of having difficult conversations as well as being aware of the sensitivities necessary in navigating the topic of succession. This is a must-watch interview!

Having the Business Function Without You

Tom and Barbara understand the unique challenges of the contractor lifestyle, and how it can be consuming and end up in burnout. Tom shares what it took to be able to step away from the business and have it run without him.

Succession Planning: Ensuring a Smooth Transition

Tom and Barbara stressed the need to start early and involve key stakeholders in the process. They discuss the importance of identifying and bringing in support you can trust during the process. They also speak candidly about the sticking points in the process… where the real “you don’t know what you don’t know” things really bubble up to the surface.

Planning Your Future: Setting Clear Goals

Whether you’re planning to retire or take on a different role in your business, having a clear plan for your future is essential. Tom emphasizes the importance of setting clear goals for yourself and your business, and regularly reviewing and adjusting them as needed. Barbara highlights the importance of seeking the support of professionals with succession planning expertise. They also share how they structured their buyout.

Building a Legacy: Leave a Lasting Impact

For Tom and Barbara, building a legacy is about more than just financial success. It’s about leaving a lasting impact on their employees, customers, and community. Their advice: Find support to help identify your own family succession planning process with specific steps to narrow down what you think you need to accomplish. They share some of the tough questions to consider as you navigate this process for yourself.

Plan Your Exit Strategy Today

As a contractor, planning your exit strategy is essential to building a successful business and leaving a lasting legacy. Follow the advice of industry experts like Tom and Barbara Weiher, and start planning your future today. Remember, it’s never too early to start planning for your exit strategy.

Submit a Comment

Your email address will not be published. Required fields are marked *