While embraced by Fortune 500 companies, succession planning isn’t often front and center for private and smaller firms. It can be even rarer in the construction trades as daily operations often overtake time for business development.
Contractors spend their adult life building businesses that usually hold more than 70 percent of their hard-earned wealth. Unlocking that trapped wealth without being clobbered by taxes will be a key to your retirement and not outliving your money.
More than a third of Americans will be disabled for more than three months at some time in their working lives; most electrical contracting businesses are heavily dependent on top management. Could your business survive your absence for days, weeks, months or permanently?