HOUSTON - In some ways, choosing a succession plan that involves a family member can be the most difficult, Stuart Phoenix of FMI, Raleigh, N.C., told the Construction Contractors' Alliance (CCA) at its February meeting. Family emotions, other employees' resentment, lack of communication, and other factors can complicate things.
Here are Phoenix's tips to improve the odds of family member success in the business: Have them work for another company first; Have them get significant and varied experience; Have them report to a non-family member; Provide appropriate compensation; Give promotions based on merit; and Establish a family employment policy.
Phoenix was the keynote speaker at the CCA meeting. For more information about the organization, visit www.phccweb.org/servicegroups/cca.cfm.
Publication date: 02/13/2006