Each day I receive a slew of emails from marketing companies, equipment magazines, and sales gurus announcing "How to Find New Business in a Slow Economy."  Ninety percent of them say the same old things about the importance of advertising, the value of cold-calling, and how better days are right around the corner.  I'm sick of hearing these pitches so I promise I won't offer secrets on how you can find a 50,000' subdivision or connect with a dozen new developers.

Instead, while things are slow maybe there's something you can do for your future and your company's future that you've brushed aside during busy times.  Have you really given time and consideration to succession planning?  How much longer do you want to work?  Who will take the reigns for you and keep what you've built going?  If you were gone tomorrow, who would run your company?

Over the past 15 years, I've seen and heard from many contractors who struggle with these questions.  Many contractors look forward to turning the company over to a son or daughter who've "grown up in the business" spending time on jobsites since they were toddlers.  We all know that sometimes these folks don't develop the necessary business skills to match their construction knowledge.  I've seen one contractor retire three times only to come back and bail out the company when he found his son incapable of running it.

 There are also the all-too-common problems that can arise when your next generation, siblings, can't get along and cause business problems to explode into family crises.  (See the Carolina Panthers)  Sometimes those problems are caused by incompatible personalities, jealousy, or greed, but they may also be due to a lack of organizational structure.  Have you structured your  business around such a volatile situation?

Finally, we have one customer who's made it clear to his kids that they are not welcome in the business.  For him, it isn't about wishing them an easier way to make a living, but that the business is his retirement.  When he retires, he plans to sell it, maximizing his return without having to give something to family or help them get into the business at a bargain price.

You probably have a little more spare time than two years ago.  For most of you things will really slow in a few months with winter around the corner.  Take some time and give some thought to where your business will go after you leave.  Better yet, bring in a professional to help you devise a plan to ensure that your good name remains, long after you've gone fishing. 

 Special thanks to Regional Sales Manager Steve Milam for contributing to this entry.