Construction Contractors, Sub-contractors, Engineering, Specialty Trade Firms Growing Fast, Work On Succession Plan or Exit Strategy Now
Construction, Sub-contracting, contracting, engineering, specialty trade contractors etc. are again the fastest growing small businesses. Owners of these cyclical businesses should start planning for their succession plans and exit strategies while the economy is supporting growth. A time of growth is a great time for mergers and acquisitions, M&A – as either a buyer or a seller. After the difficulties of the last four or more years now is the time for construction contractors and related engineers, specialty trades, supply houses and the like to both grow and work on their succession plans, exit strategies, and begin the M&A or business sale process.
Cat Clifford, small business expert at Entreprenuer Magazine, says that Sageworks did a study and found the below list to be the fastest-growth industries.
She writes, “Past performance is no guarantee of future results, as the old business truism says. But you also may have heard that you can’t know where you’re going without knowing where you have been.”
Fastest-Growth Industries for U.S. Small Businesses in 2012
1. Residential building construction: 14.77 percent
2. Building custom software and servers for businesses: 14.29 percent
3. Machinery, equipment, and supplies merchant wholesalers: 13.75 percent
4. Management, scientific, and technical consulting services: 12.31 percent
5. Architectural, engineering, and related services: 11.40 percent
6. Foundation, structure, and building exterior contractors: 11.37 percent
7. Building finishing contractors who make additions, alterations, maintenance and repairs: 11.32 percent
8. General freight trucking: 10.41 percent
9. Services to buildings and dwellings, including pest exterminators, janitorial services, and landscaping: 10.11 percent
10. Other specialty trade contractors, including site preparation activities and other specialized trades: 10.04 percent
To see Cat’s article, Click here