In the past, second- and third-generation contractors often assumed the helm of the company because it was all they’d known, and what they were expected to do. They had years of experience in the field, but often had limited decision-making skills and little management experience.
The focus on succession planning has often been on steps the current owner needs to take, with little directing for the generation that will take over. Sometimes things went smoothly, sometimes not—the average lifespan of a family-owned business is less than 25 years.
For today’s up-and-coming contractors, the path is a bit different. Kali Grubaugh of Colorado Springs-based Bradley Excavating knows that she and her brother Zach, along with Jonathan Thorne, the company’s general manager, will run the company someday. However, she’s taken a measured approach to making that decision.
Like many children of construction company owners, Kali and Zach worked every summer for the company, learning to operate equipment and to navigate the ins and outs of the construction industry. Kali wasn’t sure she wanted to be a third-generation contractor, though, and her father encouraged her to follow her own path.
After graduating from Colorado State University, she first was interested in going to law school, and then pursued a teaching career, before coming home to Bradley Excavating. Things clicked, and Kali knew her career was in construction.
“I have a lot of passion and dedication to the business and to our teammates,” she says. “Zach and I are looking forward to taking things to the next level.”
Both Kali and her father Bradley knew the importance of succession planning. When their Caterpillar equipment sales representative, Mike Milyard of Wagner Equipment, recommended the Generation to Generation training program, they jumped at the chance. Partnering with Cat, Wagner offers the program to customers who plan to pass on their company to the next generation.
