Case Study: Succession Planning – Construction Subcontractor
A successful Construction Subcontractor was operating from a small space in Calgary AB with the owners son working part time in the business, supplying services to residential and commercial construction businesses. The owner has worked and developed the business to $5m revenue. He wished to take early retirement and was hoping his son would take over the business. His son was very capable and knowledgeable but like majority of the business owner’s sons, reluctant to succeed his father in business.
The father was trying to fit a “square peg into a round hole”. He needed to assess whether the son had strong leadership capabilities and whether the son was interested in developing into a successful business manager.
BMF Consultants applied four steps in succession planning, strategic analysis & planning, candidate search & selection, candidate training and development and strategic management through out the transition period. Through a series of meeting facilitation, and an interview with both parties, teaching and coaching sessions BMF Consultants identified the son’s suitability to take over the business within one to one and half years.
BMF Consultants focus was on:
- Involving the son in management and leadership training and assessing his capabilities and knowledge absorption.
- Strategically customized training and development needs in leadership, interpersonal skills and financial business management.
- Implementing the training and development plan in conjunction with the CEO/father.
- Providing a systematic and ongoing coaching support in realising the father’s goals & objectives of early retirement and financial security.
The BMF Consultants approach proved successful as the son’s objection in taking over the business was diminished and he became more attentive and motivated to not only achieve his dream but also fulfill his father’s wish of a successful succession plan.