More HVACR contractors are facing pivotal ownership decisions — whether to sell, restructure, or remain independent. Industry voices share what these transitions really look like, what often goes wrong, and how owners are weighing speed, control, liquidity, and legacy.
There are pros, and cons, to selling what many consider to be their family legacy, but there are some key questions to consider that could make the decision to sell a family business easier.
JCI has hired an executive search firm to help evaluate both internal and external candidates in an effort to find a replacement for its current CEO, who has announced his plans to retire from that position.
Steve O’Brien, senior vice president, president, and general manager of A.O. Smith's Lochinvar brand, will succeed Dave Warren, senior vice president, president, and general manager of the North America water heating division, when Warren retires April 1.
To help address the importance of succession and ensure a successful transition of ownership in the future, The Unified Group hosted its first Succession Planning Forum in late March.
While a business owner may have things set up businesswise for when their time comes, preparing a “playbook” with relevant paperwork will help take care of the surviving spouse or family.