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HARTFORDBUSINESS.COM | AUGUST 7, 2023 11 CORNER OFFICE "There could be a power struggle and that can get dicey," Sheridan said. "Or sometimes, a family member might just be too much in the weeds, and they have to take a step back." Some family members might not want to take over a company and owners might not want to force it, so they may look for a key employee to take over. Another trend in business succes- sion is ESOPs, or employee stock option plans, where employees pool together to buy a company and elect a board of directors, Sheridan said. It helps the founder or previous owner cash out on their work, and helps retain employees who are now their own bosses. He's already seen numerous Baby Boomer business owners starting to age out or seek early retirement, a trend triggered by the pandemic when people wanted to start enjoying their money. Vincent Fortunato fears family succession is a fading tradition among colleagues who are looking to retire from their small businesses. "I don't see the generational transition working for a lot of them. The kids have different ideas on what they want to do, they want to live their own lives, they have other things on the horizon," he said. He also knows that running a small family business might not be the right fit for everyone. "It's hard work, you can't just sit in the big chair and collect a paycheck," he said. Company owners have to be good at their trades and good business managers and leaders. For anyone looking to hand off a company or take one on, Sheridan and Fortunato agree that planning is key. "It's not just a flip of the switch," Sheriden said. Even with qualified new leaders, a proper transition could take three years. The main thing, Fortunato said, is "Make a plan and stick to it, but refine it when you need to; stay current, you need to grow. If you're not looking to grow, the guy behind you is going to pass you out. It's a very competitive industry." *Data is as of June of each year. Source: State of Connecticut Department of Labor, Office of Research CT CONSTRUCTION INDUSTRY EMPLOYMENT* 80,000 70,000 60,000 50,000 40,000 1993 1998 2003 2008 2013 2018 2023 47,100 58,300 61,300 65,800 53,500 58,600 59,800 NUMBERS. PEOPLE. It takes balance. ©2023 CliftonLarsonAllen LLP. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. CPAs | CONSULTANTS | WEALTH ADVISORS 860-561-4000 West Hartford CLAconnect.com We'll get you there.