I've had my own small building firm for twenty years now but I'm starting to think about early retirement. What should I be doing to think about keeping the business going when I don't want to be the boss? I've got a couple of members of staff of a similar age to me.
You’re definitely right to start thinking about it in plenty of time.
Many owners do not make sufficient arrangements for the future of their business in the event of retirement.
Failing to plan for the future causes over 500 construction companies to close each year, according to the Association of Chartered Certified Accountants.
Could any of your workers run the business?
One immediate thing you can do is to look at your existing workers. What skills do they have? What plans do they have for the future? Could someone in your existing team help develop the business or be the next MD?
Producing a Training and Development Plan will show you at a glance what skills and qualifications there are within your existing workforce.
This will highlight where there are gaps: perhaps your next in command is great with new clients but needs a little help on the maths – this can easily be addressed with some additional training, through a short course or evening class at your local college.
Consider taking on an apprentice
If you need more manpower, then an apprentice might be a good option for your business. An apprentice enables you to mould a new team member to your way of working as well as developing new talent for the continued success of your business.
ConstructionSkills can help registered construction firms plan for the future. As well as providing grants to help companies with the costs of training, it has a team of Company Development Advisers (CDA), who can look at the needs of your whole business and help to draw up a Training and Development Plan to help you plan ahead.
ConstructionSkills can also help registered employers with every aspect of taking on an apprentice and supporting your company as they develop – including a grant of up to £8,400.
For more information, help and advice, visit www.cskills.org.