Succession Success: How to Build a Transition Plan That Works for You

One thing that all business owners need to face is that one day, we all need to pass the baton on to the next generation. However, for someone who has built his or her business from the ground up, it might not be the easiest thing to do. Succession planning is something that business owners tend to avoid. After all, giving away something that they've worked so hard to build to someone else is a tough decision. But what they don't realize is that it's something that they all need to do. And the earlier you can mold the next generation to be able to value your business as much as you do, the better. In this week's Construction Genius episode, Shone Freeman joins us to share the value of succession planning and what you can do to make the shift easier for you. Frame the future of your business by tuning in to this episode now. What's Discussed in This Episode: A brief background on S.R. Freeman [02:31] Why people are struggling with passing their business on [03:22] Choosing people for his succession plan [05:38] Owner's mentality vs employee's mentality [06:49] The reason Shone wants to pass his business on [04:23] How to set up the succession plan [08:02] Facilitating understanding between the field and the office [09:52] How to overcome the challenge of letting go of your business [10:50] The restricted stock unit plan [12:33] What makes the restricted stock unit plan better than other plans [14:38] How he is molding his successors and the qualities he looks for in a person [17:25] Instilling the transfer of ownership in the client's mind [18:09] How to mold people into having an owner's mindset [20:17] A piece of advice for executives in undergoing the succession planning process [21:26] When to start the succession planning process [22:34] The succession planning process is a constant process [23:32] Shone's legacy [25:45] Shone's favorite vacation spot [26:17] About the Guest: Shone Freeman is the President of S.R. Freeman, one of the biggest construction companies in the San Francisco Bay Area. From his humble beginnings as an expert carpenter, he was known as the best framer in the business. Founding his company in 1992, he has since scaled his company over the next two decades and has become well-valued in the community. Resources: Visit the S.R. Freeman website (https://www.srfreemaninc.com/) Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher. Thank you for tuning in!