COVID-19 Spurs Continuity Plans

摘要

Many owners of successful contracting firms are reluctant to undertake succession planning and this is understandable given the number of emotional decisions which need to be made. Not only must an owner think about the future of the business but also their own involvement and potentially the involvement of other family members and outsiders. These owners are not alone. According to PwC's 2019 U.S. Family Business Survey, 58 percent of family businesses report having succession plans but most are informal and only 18 percent claim to have robust plans in place. Approaching succession planning in distinct steps makes it clear to the business owner what needs to be accomplished. Here are the seven steps for contractors to create a formal business succession and continuity plan.