Happy Trails: Retiring, Transferring, or Selling Your Construction Business

This course takes builders through the process of retiring, transferring, or selling their construction business. This course is useful for those planning to do so in the near future and provides important things to know now to plan ahead for the distant future. An understanding of builders’ obligations and careful planning can result in a successful business transition and avoid future problems.

Course Outline

WHAT DOES SELLING MEAN?

• What About Letters of Intent?          
• Asset Sale
• Stock Sale
• Seller Financed versus Cash Deal versus Payout Over Time Based Upon Performance
• What is an ESOP?

GETTING YOUR HOUSE IN ORDER

• Good Financial Statements
• Nailing Down Your Key Employees with Contracts
• Having All Your Contracts in Good Order
• Sale of Real Property
• Leasing Back Property

TO WHOM DO YOU SELL?

• Internally – Having a Good Internal Transition Plan
• Selling to a Competitor
• Closing the Doors and Selling your Assets
• Business Only Has Value If It Can Run Without You
• Investment Bankers

CONTINUING LIABILITY

• Statute of Limitations under Minnesota Statutes
• Guarantees and Lines of Credit
• Tail Insurance Coverage
• Under Funded Pension Liability (Usually Only a Union Issue)
• Maintaining Company in Good Standing After Sale

ACTUALLY SELLING THE COMPANY AND TRANSITION

• Expectations For Documenting the Sale/Attorney’s Fees and Costs
• Transitioning

Learner Objectives

• Describe the process of transferring or selling a construction business
• Identify how to limit liability while meeting obligations

Testimonials

"Very helpful in planning ahead," Darold Woessner, Woessner Construction Inc.

"Good information." Rickey Ites, Rickey Ites Construction

"Steve is a great instructor, very knowledgeable and high energy." Peter Bjerke, Quality Home Transformations Inc.

"I liked this course and now have a better understanding." Mark Beckers, CraftPoint Construction 

"Great course. Awesome instructor." Ryan Schultz, Creekwood Construction

"Steven Yoch is a very capable instructor, and his class is easy to follow.  Very good takeaway concepts and ideas.  Strongly recommend him as an instructor." Arno Kahn, Builders Commonwealth

"I met with Steve 30 years ago. He was good then and even better now!" William Nichols, Cornerstone Design Build Inc.    

Quiz Info

In order to receive continuing education credit(s), you will need to take a 10-question quiz following the course. To pass the quiz, you will need to achieve a score of 70% or higher. If you are unsuccessful, you will have an opportunity to repeat the quiz. Once you have successfully completed the quiz, you can download your continuing education certificate(s) showing the credit(s) that you have earned.

Access Info

Your online course is accessible 24/7. The course will be available to you for 180 days from the purchase date.

Credit Info

This course has been approved for one hour of MN residential contractor and remodeler credit by the Minnesota Department of Labor & Industry and is approved for the required business management credit.

If you are eligible to receive continuing education credits, your information will be electronically reported to the appropriate agency within 3 business days of course completion.

Questions and Comments

Questions and comments related to the curriculum for this course may be submitted to the instructor at education@housingfirstmn.org.