War Story
#15
| Business
Type: |
|
Highway
Construction |
| Challenge: |
|
Family
Business Succession |
| Work
Performed: |
|
Developed
succession plan |
| Benefit
Provided: |
|
Smooth,
conflict-void transition |
| Long-term
Result: |
|
Continuity
into the 3rd generation |
This company was
controlled by two generations of cousins; i.e. one son each from
families of two brothers. The question was how the 3rd set of
cousins would fare in a new era of construction industry
challenges caught in an economic downturn. Things had changed
financially and the interests and capabilities of the 3rd
generation members presented challenges. Leadership skills varied
among the cousins and the fathers had not solidified their
financial "parachutes". There was a definite need to
examine the future and how "ready" the sons would be to
carry "the baton" forward.
We helped to
facilitate the planning and implementation of a transition
strategy that enhanced the working relationships of the sons and
enabled the fathers to eventually step aside towards retirement
"more comfortably".
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