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The Family Business is Finally Yours…Now What?

You’ve been working as a family team for years now. But the time has come for the head of the business to retire and you are stepping in to continue running the business.


Managing this transition is crucial for your business’s operations and reputation.


Here are some things to keep in mind that will help you with the transition so you can get through this process as smoothly as possible. 


1. Make sure you’re speaking the same language

There’s a good chance you and your dad have different ideas of what “retirement” looks like. You might think it means lounging on the beach or taking vacations. Meanwhile, your dad thinks retirement means only going into the office three days a week. You are going to need to gather your patience and handle the situation with grace. You may be feeling confident and ready to tackle all those things that the previous owner did for years that you could not wait to change, however, behind the scenes there may be a reason they did it the way they did.

HEAR THEM OUT! You don’t have to take the free advice, but they have been running a business for longer than you and it must be doing decent or there wouldn’t be a business left for you to run. Not to say you won’t make some changes, but keep in mind that there’s no need to reinvent the wheel!


2. Figure out what you need to take over

Shadow your owner as much as you can before they retire to see what tasks he manages that you (or someone else) will need to take over. Create a spreadsheet that lists everything you need to learn how to do.

Examples: sending estimates, invoicing, ordering supplies, and managing the schedule. 

  1. Find a person with construction industry knowledge who has already helped with this type of transition.  One who has systems and processes in place that the business already has or needs and can implement them. PCS specializes in cleaning up businesses to get them running more streamlined!
  1. Form a plan and work the plan!



3. Be patient

Your dad is probably feeling all kinds of emotions. He’s excited to move on to the next stage in life. But this business has been his life! He’s probably also a little sad, anxious, and maybe even scared about what comes next. Try to see things from both sides, even when you drive each other crazy!!!

Be patient, and remember that this is a big deal for both of you.


Get some help from the pros at Precision Contractor Solutions. We can help you manage this change without losing clients or revenue.

Contact us to learn more.

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