Hartford Business Journal

10 HARTFORDBUSINESS.COM | AUGUST 7, 2023 Corner Office Lindsey Fortunato is taking over her family's business after recently being named CEO of Berlin-based Fortunato Construction. HBJ PHOTO | BILL MORGAN Breaking Barriers Lindsey Fortunato breaks mold by becoming CEO in male-dominated construction industry By Hanna Snyder Gambini hgambini@hartfordbusiness.com L indsey Fortunato grew up hearing about the family's construction business around the dinner table every night. More than three decades later, she is CEO of Berlin-based Fortu- nato Construction, succeeding her father and company founder Vincent Fortunato, who will stay on as an advisor. As CEO, Lindsey Fortunato said she aims to maintain steady growth while navigating the chal- lenges of today's building industry as a young woman leader in a male-dominated sector. She oversees 27 employees, including superintendents, project managers, an accounting team and a marketing and development director, which is a new position. Fortunato Construction, which generates more than $40 million annually, works exclusively in the commercial private sector, building retail sites, restaurants, office build- ings, medical offices, auto dealerships and private early childhood centers. Its clients range in size, from multimillion-dollar new builds to smaller projects and renovations. It has built corporate spaces for CBS, Gerber Scientific, Dell and Legrand; the Rivers Edge Marina in Portland; Gengras Volvo in East Hartford; and KinderCare in Vernon. "We will do it all. Ground-up work is great, it's a clean slate where we have a lot more control, but renovation work tends to be where we shine," she said. "Our team has great problem-solvers, and you're always going to find unexpected things when renovating." One of Fortunato's largest proj- ects was the $15 million Eric Town Square development in Glastonbury, a 40,000-square-foot mixed-use commercial and retail center with restaurants and office space. Industry challenges Vincent Fortunato said his daughter has already shown capable leader- ship qualities by finding new clients, effectively managing the team, and bringing the company into the digital age through the adoption of new real- time workflow and other technology. The company is currently working on 15 building projects, with several others in either the early planning and bidding stages, or nearing completion. It serves markets in Connecticut, Massachusetts, New Hampshire, New York, New Jersey, Pennsylvania and neighboring states. "We are growing, in a very managed and steady way," she said, adding that "we're turning down work right now," because the company has more job offers than it can handle. A key industry challenge is finding skilled workers, from labor and trades people to professional managers, superintendents and project managers. It dates back to the 2008 economic crisis, when many laborers and professionals left the construction sector. "There were not a lot of projects happening, so people had to find other work. Then, the same thing happened in 2020 with COVID, and the field hasn't been replenished with talent," she said. Over the last three decades, construction industry employment in Connecticut peaked in January 2008 at 69,000. The industry employed 59,000 workers at the end of June 2023, according to state Department of Labor data. Supply chain and rising materials costs also continue to challenge the industry. Building up the new generation To help address the labor shortage, Fortunato has joined efforts to get more young people into the industry, particularly young women. The company this year offered its first $2,500 scholarship to a grad- uating female Berlin High School student entering college or trade school who plans to study in the fields of architecture, engineering or construction. Lindsey Fortunato said she's still surprised at how few women are in the construction industry. She often finds herself the only woman in a meeting, or on a job site. "But I can establish that I belong there," she said. "My approach has always been to show why I'm here, as opposed to asserting myself." Vincent Fortunato said he's seen more women joining the construction industry over the years, but virtually none in top leadership positions. In 2022, women only made up 10.9% of the U.S.' 11.8 million construction industry workforce, according to Bureau of Labor Statis- tics data. A small fraction of those women held leadership roles. "There were very few women at the beginning of my career, and I've seen several project managers, but not a lot of CEOs," he said. "It's a battle she'll have to continue to fight, but she's very capable, she cares about people and is not a pushover." The family business Vincent Fortunato said handing the company over to his daughter was always the plan. She has a twin brother, Gregory, who works in the economics and data science field, but "There's no sibling rivalry; she wanted it, he didn't," their father said. The father-daughter team has been working on the transition since pre-COVID, when thoughts of retirement and succession started brewing. It's a transition that involves more planning than originally thought, the duo said. Shaun Sheriden, a CPA and partner at Hartford-based accounting and advisory firm Whittlesey, said there are pros and cons to family business succession. He sees about an even split of businesses going to family members, or sold to new owners. Keeping it in the family means holding a more vested interest in the company and its capital, and also serves as a sense of pride for many founders. Family succession has benefits, but sometimes a relative might not be the most qualified manager. LINDSEY FORTUNATO CEO Fortunato Construction Education: Wentworth Institute of Technology, Boston Age: 34

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