In environments that are characterized by skill shortage, knowledge retention should be a key activity. Our understanding of this knowledge practice, however, is underdeveloped. The purpose of this chapter is to contribute to the further development of this field. The authors are interested in studying how smaller firms approach the retention of critical knowledge. Semi-structured interviews with organization members of five smaller Austrian firms operating in the building and construction industry were conducted. The findings presented in this chapter advance the limited understanding of knowledge retention in general and regarding smaller businesses. They also contribute to the further development of the study of knowledge management in the building and construction sector. Based on the study's findings, suitable measures to better manage the process of knowledge retention in smaller firms are derived. These measures may be useful for smaller firms operating in similar industries as well.