Which of the following best describes your company’s ownership?
Among full-line lumberyards who replied to the survey, 75.1% are family-owned; 7.5% are private-equity owned; 13.5% are privately held (other) and 3.0% are publicly held. Among specialty dealers and distributors (e.g., windows and doors, roofing and siding, etc.), 65% reported to be family-owned, with 12.5% private-equity owned, 17.5% privately held (other), and 2.5% publicly held.
Does your company have a succession/transition plan in place to take on the roles and duties handled by current leaders?
For full-line lumberyard respondents, 51.8% said yes, 30.0% said no, and 15.7% don’t know. The percentages were similar for specialty dealers/distributors: 47.5% said yes, 37.5% said no, and 10% don’t know.
“Just getting the owner to pay attention, but we’re a long way from a finished plan.”
“The owners have an ownership succession plan in place. However, it is very vague on specific roles and duty transition.”
“This is a concern for those of use who have been with the company for more than five years. Several of us have more than twenty years and plan to have even more ahead. The next step for us is important to understand; we love the company and family. We consider ourselves part of the family, and we play vital roles. We need the road to be mapped out as clear as possible. The owner might fear key people moving on and hold back info. The plan needs to be discussed.”
“Many of our employees are very nervous. Our owner’s health is in decline. No plans, just ‘it will all work out.’ Scary!”
“We have been planning for 15 years. Just finished updating.”
“I am working on a plan.”
“We have buy/sell agreements, fully funded, but not a formal succession plan.”