In this episode of The Dirt, Stacey and Mark Tompkins discuss the ins and outs of how they’re developing a succession plan for Tompkins Excavating, and detail their experience to help other contractors who are considering one.
The family-owned company in Putnam Valley, New York, has been in business since 1980 and now has a second generation on board, Mark and Stacey’s two sons who are in their 20s. The company is also one of our 12 Contractor of the Year finalists for 2022.
Hoping to avoid the pitfalls that can occur without a thorough plan, they’ve hired a business coach to help them – and they’re glad they did. Since 2011, with the consultant’s help, the business has grown from five to about 30 employees. With that growth, though, has come a more complicated scenario for one day turning the company over to the next generation.
A lot more is involved in succession planning than they ever thought, leading them to hold frequent, open discussions with the family to make sure everything will be in place within the organization and legally when it’s time to turn over the reins.
Their experiences can help other family-owned construction business owners who want to ensure their company lives on after they retire, become incapacitated or pass away.
So check out this week’s episode of The Dirt to hear a firsthand account of how to plan for your company’s next generation of leadership.
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