Succession and Growth
The Client: A Family Owned LumberyardBack to Case Studies »
The current management is the second generation and nearing retirement age. The next generation is expected to take over business, but are not sure they want to and are also not prepared to run the business. We were engaged to evaluate the heirs to the business and develop a program to enable personal growth in all facets of the business that would enable a future transition.
In depth meetings and interviews were conducted over several days. The strengths and weaknesses of the current management and the potential heirs of the next generation were thoroughly examined. A vision of succession was documented.
A comprehensive program was developed, which included individual mentoring by Impact 180 Consultants, as well as rolling systematic exposure to all phases of the business - financial, sales, purchasing, operations, HR, and marketing. A structure for regular coaching sessions were established. The heirs were also enrolled in industry associations, and observation visits with non competing yards were facilitated.
The individual growth of the next generation of younger family members is very evident. There is now a structure in place for them to continue their professional development. They are learning the business, and discovering where their individual passions lie. A clearer path to succession is now in sight for the business.