Article by John Del Vecchio
from Shop Data Systems
FMI Corporation, a construction industry consultant, complied a study which included a survey of 174 US sheet metal, HVAC and mechanical contractors regarding exit strategies and succession planning. One of the highlights of the study is that approximately
three quarters (76%) of respondents over 50 years old plan to sell all of their stock within the next ten years, but less than half (48%) have or are working on ownership transfer plans.
These same owners were asked if they had in place a competent successor that could run the business. Less than half (42%) said they did and of those 20% said they intended to hire externally for a successor.
The complete study is available from the New Horizon Foundation and certainly is an interesting and informative reading for the owner who is in the 76% that are looking to exit in the near future.
Source: MultiCam Newsletter: “HVAC Edition” – Volume 1, Issue 4
*If you would like to be added to our MultiCam Newsletter mailing list, please email [email protected] with the subject line “add”.