Recently, I attended Fuse Alliance’s annual conference, an inspiring venue where we learn, network and get to know one another. One of my favorite topics of conversation that inevitably comes up is, “How did you get into this business?” In all honesty, I don’t know of anyone when asked in the third grade, “What do you want to be when you grow up?” aspired to be in the flooring industry. Some of us fell into this business and, well, many of us were just lucky enough to be born into it. With that said, I know that many contractors are family-owned, and face very important milestones.
One of the most challenging ones can be the transition period where the founding principals are preparing for retirement and passing on leadership to the next generation. So, how do these family-owned businesses handle this transition and what are the key steps in making sure the transition happens without disruption or conflict?