b'YOUR TOOLKIT FOR BUILDING EXCELLENCEheprobably Curious, insightful and engagingwasn\'t a good Strategic, long-term thinkerfitforpartClancy refers to something called peak profiles. Peak owner,andprofiles align with the company\'s purpose, values, didn\'tevenculture and vision. Peak profiles also help differentiate wanttobea star performer from an average one. "Peak profiles an owner. Hedrive who we are and what we do to make the stuck aroundcompany successful," Clancy says. Essentially, a peak for another three or four years." profile describes the "perfect employee" in terms of In the event that a potential new owner does prove tohow they think and perform.have what it takes, it is important to define what thatAssess your pipeline. Whom do you already employ person\'s day-to-day role in the business will be. This isthat could potentially fill the key roles in the future? especially vital when multiple people are slated to takeDo you have enough talent in the pipeline or will over the business. The last thing a new ownership/ you need to look externally for talent? Identify management team wants is confusion among itselfthe candidates, assess their capabilities, and then and its employeesmuch less conflict. identify where any gaps exist. "Then you can begin Develop Potential Successors Early in the Process addressing those gaps, whether that means training When you look at the top reasons why continuityand mentoring of existing candidates, or additional planning and management succession fail, most relateefforts to recruit externally," Clancy says.to not having the right people who are prepared toPrepare your successors. Training and mentoring assume leadership and management of the company.are critical. "Give your successor candidates To avoid this, a current owner must take steps earlydevelopmental assignments, and then evaluate in the process to begin identifying and developingwhether they are getting them done the way you their potential successors. would like," Clancy says. "The next step is looking Clarify key roles. According to Clancy, roles suchfor ways to accelerate their development."as equipment operators and project managers, whileThere are different tools available including coaching vitally important, are givens. "We\'re talking aboutand mentoring, peer groups, and formal education people who really help drive the business forward,"and training programs. "Any combination of these Clancy points out. "Maybe that is your chief estimator,tools can be used to create an IDP, or individualized business development director or operations manager,development plan," Clancy explains.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 ofOwners fear that once these employees are trained, those roles. "When someone walks in the door to fillthey will go work somewhere else. While this fear is one of those positions, what characteristics wouldunderstandable, it must be overcome.they possess that would compel you to hire them onTransfer of ownership of a construction company is the spot?" Clancy asks. a complex process that requires hours of planning Set some standards. Building on the above statement,and years of careful execution. The odds of a smooth what do you need when it comes to successortransition skyrocket when the right people are in place candidates? Yes, they need certain technical skillsto take over the business. The sooner an owner starts and industry knowledge. But to increase the odds ofthe process of getting those people in place, the better.being a successful successor, the following traits areThis article is based on a presentation given by Mike Clancy also important: at CONEXPO-CON/AGG 2020. Clancy is a principal atCompatible with company culture FMI Corporation, a management consulting firm that worksStrong in communication and networking exclusively with the construction industry. He has a strong background in construction operations, bringing a uniqueOpen to development and coaching focus on operational improvement and strategic thinking. Fierce commitment to meeting unselfish goals FRAME BUILDER - VOL4 6 / 11'