Exit Is Now - Plan Accordingly With Scott Snider The Unique Challenges and Opportunities Facing Next-Gen Business Owners
Jul 20, 2023
Explore the challenges next-generation family business owners face as they prepare for leadership. Rick and Joe share their journey from humble beginnings to manufacturing success, highlighting how trade skills evolve into business acumen. They discuss the impact of parenthood on succession planning and the importance of retaining institutional knowledge. Conflict resolution with the previous generation reveals the dynamics of family-run ventures. Balancing ambitions with life priorities is key for sustainable growth and preserving company culture.
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Health Event Triggered A Real Exit
- Rick recounts his family business transition triggered by a health event that passed the company from grandfather to father and uncle.
- He emphasizes that transfer was effectively exit planning even though they hadn't named it that.
Grandfather Grew A Printing Shop Into Rigging
- Rick tells how his grandfather moved from printing to buying trucks and equipment and built a rigging and machinery-moving business.
- That small-step expansion turned into the family firm Rick now helps run.
Garage Startup Grew Into 60,000 Sq Ft Shop
- Joe describes his grandfather founding a tool-and-die business from a garage after an apprenticeship and steadily expanding.
- That business now occupies a 60,000 sq ft facility Joe helps run.
