Protect Your Pumping Business From Future Threats With a Succession Plan

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Construction is a risky business where passionate entrepreneurs often find success. A lot of focus is on completing the projects at hand, while less time is spent on creating a sustainable business that will survive beyond the life of the current business owners.

“Just 30% of family-owned construction companies continue beyond the second generation,” says Tony Ivener, certified public accountant, founder and managing shareholder of Ivener Management Group. “Just 20% survive through the third generation.”

Working with construction companies throughout his entire career, Ivener has developed a passion and process to help company leaders successfully transition their businesses to the next generation of management or ownership.

Procrastination is the enemy of succession plans. “It’s not a question of if, it’s when, you will be faced with a triggering event such a retirement, death, or disability,” says Ivener, who will be sharing his expertise in a live educational session at CONEXPO-CON/AGG 2023, slated for March 14-18, 2023 in Las Vegas.

“The more time you have, the better chance you have to succeed,” says Ivener. “If you have to do something in a panic, your company will be worth less.”

An investment in the future

Succession Planning for the Construction Industry will cover some of the goals and objectives of succession planning and how they can dramatically impact outcomes. A succession plan details how you plan to transfer ownership, and to whom — whether that’s family, employees or a third party.

“Every company is different,” says Ivener. “One owner may want to remain involved in the company, another may want to walk away completely. Still another owner may be concerned about maintaining family harmony.”

When working with clients, Ivener will typically walk through the various options for business owners and have them pre-experience how each will achieve their goals and objectives.

While there is no one path to successful succession and continuity planning, Ivener will review some of the techniques to ensure a successful succession plan such as:

  • Identifying, recruiting and retaining talent to manage your company;
  • Optimizing liquidity, understanding leverage and managing tax impacts;
  • Examining the financial impact on your business relating to various succession strategies; and
  • Maximizing the company value in transactions.

“It’s important to work with someone who understands the nuances of the construction industry,” says Ivener. “We understand the debt that can be required and the importance of cash flow to a transfer of ownership. We know how banks and surety companies will look at the cash flow, working capital and profitability of a construction company.”

Don’t miss attending this session if you want to future-proof your company and get it on the path to creating a succession plan.


AEM is the North American-based international trade group representing off-road equipment manufacturers and suppliers, with more than 1,000 companies and 200-plus product lines in the agriculture and construction-related sectors worldwide. AEM has an ownership stake in and manages several world-class exhibitions, including CONEXPO-CON/AGG.



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