By Mark Buckshon
Publisher, Ottawa Construction News
Within a few months, I’ll be handing over ownership of this publication, along with the rest of the titles within our Canadian and businesses, to a team of four company employees.
This transition brings out mixed emotions. One one level, I’m happy that the business has survived more than three-and-a-half decades, and will be in good hands presumably for many decades more. As well, although I’ll giving up all my shareholdings, I will still be engaged with the organization for several years in a consulting/writing rule.
The new arrangements will allow me to enjoy a healthy tax-advantaged retirement income – and since my health is still good, at 71, I will certainly be able to enjoy life.
The process of creating, building and then transitioning a business can be both agonizing and exhilarating. Those of us who have created and sustained businesses know that there are many bumps and challenges along the way – and I’m pretty sure all of us have experienced existential crises, perhaps because of external economic conditions or technological changes or our own mis-management. (I certainly know of several times when my blunders put things at great risk.)
The employee ownership model, I think, is a potentially excellent founder-owner transition option for many construction and related professional services. It preserves the cohesiveness and team and I think helps to infuse the ownership mentality throughout the organization.
Already, as the employees plan for the take-over, they are looking at ideas to reduce costs and waste without sacrificing the business’s core values and objectives. In my case, they have worked hard to ensure that they don’t get stuck replacing my skills with expensive outsourced services.
It will be healthy for me to remain engaged with the business, but it will certainly feel strange (especially at the outset) that I have absolutely no control over its direction, operations, or finances and my relationship will be as a modestly-paid external contractor.
Ultimately I think great businesses survive because of the quality and good-will of employees, suppliers, clients and (perhaps never to be underestimated) plenty of good luck. Ottawa Construction News has successfully adapted to the digital age and I think will do well under its new ownership.
Mark Buckshon (for now) is president of the Construction News and Report Group, which publishes Ottawa Construction News. He can be reached by email at bu******@***gp.com.
