Surveys show that baby boomers own the majority of construction companies, and more than half of those owners are over the age of 60. As the boomers retire over the next two decades, the industry will see the largest transfer of business assets in its history.
Some companies will be sold to a third party on the open market or internally to employees; others will stay in the family and go to the next generation. Whatever path a company follows, continued success depends largely upon whether it has prepared for the transition with an ownership and management succession plan.