Commercial builders in California spend a lot of time thinking about the future. You might know much more than you want to about prospective regulations or environmental variances. As a business owner, you also know the company you built has a bright future beyond you if you make the right choices.
How to find your replacement?
When you eventually decide to move on, you want a successor that understands where your company is and how to shepherd it into the future. This person should have:
- Leadership skills: As a business owner, you must understand how to lead and motivate, especially when you work with contractors and subcontractors.
- Experience with your business: Finding a successor from inside your current staff is sensible as they will intrinsically know how things have been done.
- Strong relationships in the industry: Property development is a business reliant on contacts and connections. A strong network is key to success.
- Problem-solving skills: No business runs without problems. A strong candidate will be able to respond to issues and solve them quickly.
- Vision: At a certain point in the process, you will no longer hold the reins of your company. Your successor must be able to form a plan idea of how to move forward.
A candidate with all these traits can be hard to find. You might turn to family or trusted long-time employees. You might search outside your business.
Struggles for new talent
You may find that your natural first choices, people you’ve come to rely on, are all roughly at the same point in their lives as you. To find someone to bring your company to the future, you may have to take a risk on the next generation.
Whatever the choice you make, you will have to build a succession plan and an agreement to outline what is to come.