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What happens when the experienced “old” is replaced by a more demanding “new”?
It’s no secret Canadian construction companies are experiencing change at an unprecedented pace – fuelled by (among other factors), changing building standards and bidding processes, compressed margins, and an aging workforce
At the same time, a seismic demographic shift is taking place. Millennials will soon overtake Baby Boomers as the largest generation in the Canadian workforce – with qualities and work styles that may differ from their predecessors. This new generation is demanding a more collaborative, more participative work environment, and it is expected that this trend will only continue.
In fact, the battle to attract and retain capable, motivated people – of any age – is a challenge, particularly in regions where construction activity is robust. Add evolving building and environmental standards, applications of so-called smart technology and the additional intricacies in acquiring contracts and you have an increasingly complex business environment.
The Road to Employee Ownership
A number of these growing concerns are common to construction business owners, including questions such as:
Three Key Questions to Ask – and Answer
Try to focus on solutions based on the answers to three distinct questions:
The answers to these questions will vary depending on your business and owners’ objectives, but foundational to any situation are a few key considerations:
It is possible to combine these outcomes and develop a system that answers all the questions, but any solution, no matter how complex or simple, should specifically address these questions
Tips for a Successful Transition
Employee ownership programs can be autonomous or combined with profit-sharing programs. Generally, they allow for all or only certain qualified employees to become direct owners in the company. Critical factors which lead to successful ESOP’s include:
Both profit and ownership sharing programs have enormous value in the right situations. Spending the time upfront to plan and clarify the needs of the business, its owners and employees, will go a long way to help develop a structure and implementation plan that makes the plans successful.
For more information, contact Eben Louw, CPA, CA, Partner, Business Consulting, Assurance, at 604.853.9471 or [email protected]
Related Topics:Small Business
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