Originally published in Construction Executive
By Shane Brown and Dawn Jinsky
A 60-year-old contractor who’s built up a $10 million business must be all set for a comfortable retirement, right? Not necessarily.
In working with business owners approaching retirement or looking to transition to a new chapter, it is apparent that owners often do not put enough thought into balancing their personal financial needs with their goals for handing over control of the company.
This can have some very painful consequences as the owner, late to the game, has to accept cuts to their retirement lifestyle or compromise on their goals of passing the company on to their children or preferred management team.
Too often, succession planning is thought of exclusively in terms of building wealth in the business. The owner’s personal wealth is usually treated separately, handled by a personal financial adviser who’s not talking to those advising on the business sustainability or succession plan.
Read the full article at Construction Executive
Shane Brown is a partner at Plante Moran, leading the construction practice for the Rocky Mountain region. Dawn Jinsky is a partner at Plante Moran Wealth Management, leading the Estate and Business Transition Planning practice.