Succession Planning Resources
FMI reports that 50% of executive leaders in the engineering and the construction industry are transitioning out in the next 10 years. Many SMACNA members are part of this universe. They need to know what options are available and the realistic expectations and consequences. SMACNA has developed several resources for members and chapter executives to share.
SMACNA’s Contractor Operations Manual includes Management Succession, a 2018 publication that provides contractors with an overview of the benefits of internal management succession, current best practices, and a process for an effective transition. The publication is free for SMACNA members.
The New Horizons Foundation recently published a white paper on “Executive Exit: A Closer Look at the Factors That Drive Successful Executive Transitions.” This paper, free to SMACNA members, explores the five key themes that guide a successful transition, including:
- Build a Strong Succession Foundation
- Engage in Transition Planning
- Cultivate the Ideal Predecessor Mindset
- Make the Transition
- Help Predecessors Look Forward
SMACNA’s new podcast, Let’s Talk Shop, hosted by Angie Simon, covered the topic of Employee Stock Ownership Plans (ESOPs) with Joe Isom of California Sheet Metal (CSM). The episode focused on how this succession strategy has improved the culture of CSM and changed the way staff and leadership view their roles.
Also, SMACNA’s first program on Planning Your Exit and Business Valuation just concluded in Seattle. A recap of the event will be in next week’s Member Update.