b'YOUR TOOLKIT FOR BUILDING EXCELENCEa good fit for part owner, and didn\'t even want to be anwe are and what we do to make the company successful," owner. He stuck around for another three or four years." Clancy says. Essentially, a peak profile describes the In the event that a potential new owner does prove to"perfect employee" in terms of how they think and have what it takes, it is important to define what thatperform.person\'s day-to-day role in the business will be. ThisAssess your pipeline. Whom do you already employ that is especially vital when multiple people are slated tocould potentially fill the key roles in the future? Do you take over the business. The last thing a new ownership/ have enough talent in the pipeline or will you need to management team wants is confusion among itself andlook externally for talent? Identify the candidates, assess its employeesmuch less conflict. their capabilities, and then identify where any gaps exist. Develop Potential Successors Early in the Process "Then you can begin addressing those gaps, whether that means training and mentoring of existing candidates, When you look at the top reasons why continuityor additional efforts to recruit externally," Clancy says.planning and management succession fail, most relatePrepare your successors. Training and mentoring are to not having the right people who are prepared tocritical. "Give your successor candidates developmental assume leadership and management of the company.assignments, and then evaluate whether they are getting To avoid this, a current owner must take steps early inthem done the way you would like," Clancy says. "The next the process to begin identifying and developing theirstep is looking for ways to accelerate their development."potential successors.Clarify key roles. According to Clancy, roles such asThere are different tools available including coaching equipment operators and project managers, while vitallyand mentoring, peer groups, and formal education and important, are givens. "We\'re talking about people whotraining programs. "Any combination of these tools can really help drive the business forward," Clancy points out.be used to create an IDP, or individualized development "Maybe that is your chief estimator, business developmentplan," Clancy explains.director or operations manager, for instance." Sometimes construction company owners are afraid of Once those strategically critical roles are identified,investing too much time and money into their people. owners can define what great looks like in each of thoseOwners fear that once these employees are trained, roles. "When someone walks in the door to fill one ofthey will go work somewhere else. While this fear is those positions, what characteristics would they possessunderstandable, it must be overcome.that would compel you to hire them on the spot?" ClancyTransfer of ownership of a construction company is a asks. complex process that requires hours of planning and years Set some standards. Building on the above statement,of careful execution. The odds of a smooth transition what do you need when it comes to successor candidates?skyrocket when the right people are in place to take over Yes, they need certain technical skills and industrythe business. The sooner an owner starts the process of knowledge. But to increase the odds of being a successfulgetting those people in place, the better.successor, the following traits are also important:Compatible with company cultureStrong in communication and networkingOpen to development and coachingFierce commitment to meeting unselfish goals This article is based on a presentation given by Mike Clancy Curious, insightful and engaging at CONEXPO-CON/AGG 2020. Clancy is a principal at Strategic, long-term thinker FMI Corporation, a management consulting firm that works exclusively with the construction industry. He has Clancy refers to something called peak profiles. Peaka strong background in construction operations, bringing profiles align with the company\'s purpose, values, culturea unique focus on operational improvement and strategic and vision. Peak profiles also help differentiate a starthinking.performer from an average one. "Peak profiles drive whoFRAME BUILDER - OCT2020 / 13'