By Jamie Collum and Andrew Cartwright for Daily Commercial News
Succession is one of the most significant challenges facing construction businesses today. Successful contractors spend years building up their companies through their own blood, sweat and tears. When it comes time to step back, they want to know that the impressive legacy and reputation they have built will be perpetuated into the future. Of course, these same owners are also looking for the best mechanism to withdraw their hard-earned capital from their businesses so they can enjoy the fruits of their labour.
Often, the goal of successfully perpetuating a business can be at odds with also wanting to maximize the withdrawal of capital for retirement. To ensure this transition is a success, working closely with your stakeholders to ensure they are comfortable with the transition plan is critical. One of the partners that should be considered in this regard is your bonding company.