The U.S. Supreme Court's ruling in Connelly vs. United States requires that corporate-owned life insurance proceeds used for share redemptions upon a shareholder’s death be included in estate tax calculations, raising estate taxes and reducing heirs' proceeds. This decision impacts many businesses within the built environment, requiring companies to reassess their succession planning and […]
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By identifying high-potential team members and developing them to take on their next roles, companies can build a consistent culture of leadership and sustain that through the succession process. These development efforts, paired with open dialogue early in the succession process, ensure E&C firms realize the benefits of quality succession planning.
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A preparation process that can take years to fully develop and implement, succession planning has become a hot topic in today’s labor-constrained work environment. Not only are new, qualified workers getting harder and harder to come by, but also some of the most talented veterans are exiting the labor force and heading off into retirement.
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When construction executives speak of making an effective leadership and ownership transition, they often use the term passing the baton, conjuring an image of a tightly coordinated, intensely practiced transition happening smoothly and effortlessly at high speed. However, if most actual transitions looked like a relay race, the baton would spend more time on the track than in the hands of the…
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In engineering and construction (E&C), high-potential programs meant to attract, cultivate, and retain key employees have garnered increasing support over the past few years. The diminished labor pool, retiring baby boomers, and overall rise in project volume have come together to drive this trend.
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With nearly 50% of CEOs in engineering and construction looking to transition out of the business within the next five years, you’ll likely see a leadership transition at your organization. How you respond to the change matters.
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Many leaders throughout the A/E/C industry are currently working through issues of succession. They are trying to answer the question, “How do I effectively transfer leadership of my business from one generation to the next?” This process is fraught with risk, as the wrong decisions here can lead to the end of the business.
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The concept of shared leadership has become an innovative and sometimes controversial solution to succession planning. This is where a few leaders are selected to fill a traditionally singular role in an organization.
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This is the last article of our four-part series examining the topic of CEO succession in the engineering and construction (E&C) industry and how to overcome the obstacles associated with new executive transitions. In the last article, we discussed how to facilitate the exiting CEO’s transition. Here, we explore how to determine if and when a successor will be ready to take over the helm of the […]
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This is the third article in our 4-part series examining the topic of CEO succession in the engineering and construction (E&C) industry and how to overcome the obstacles associated with new executive transitions
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