When I first began writing about the plumbing and heating industry in 1998, succession planning was an issue because many owners of contracting businesses weren’t looking ahead to retirement, especially those who owned smaller shops. Sometimes a younger generation was interested in getting into the family business. If that wasn’t an option, contractors who didn’t develop succession plans eventually sold their companies to roll-up corporations or franchise brands. And some went out of business.
Today, succession planning is still an issue, but more and more contractors are being proactive about getting the right people in place to take over their companies. Consulting firm FMI recently released a report on talent development in the construction industry. The 2013 U.S. Construction Industry Talent Development Report surveyed companies of all sizes and specialties, including mechanical and plumbing firms.