Family Business Transition: Transportation Business – Exit of senior partner – Hand-off of operations to younger partner
Improvement in profitably required to support older partner’s retirement. Opportunity exists for growth through acquisition of competitors. Company must reduce costs and involve key employees in operations to assimilate acquisitions into the business.
Approach:
Role / Outcome:
Vision and Values
Focused staff on deliverables and provided strategic messaging for internal and external communications
Human Resources
Development of organizational structure and job descriptions enabled Senior Management Team to take on management responsibilities formerly done by CEO
Internal Communications
Regular team meetings clarified company direction and enabled managers to share best practices
Sales and Marketing
Focus on sales targets and strategic pricing improved year-over-year revenue by 10%
Strategic Plan
Development of the strategic plan enabled company to undertake three successful acquisitions over 16-month period. Combination of reducing costs and improved revenues took company from significant loss to positive EBITDA over 16-month period
Transition Strategy
Older brother successfully stepped back from operations