Succession planning in family-owned businesses in the trucking industry
Summary
“If there is no family member that wants to carry on when the founder wants to leave, then a key employee or younger partner needs to be sought early in the business’ life cycle,” he said. Marcia Taylor, president and CEO of Bennett Family of Companies, agreed and noted that it is key to ensure the next generation is aligned with the business’ purpose, core values and goals. [RELATED: How to sell a trucking company: Maximizing buyer interest requires reducing perceived risk, analysts say] In addition to developing a strategy for succession, a timeline is essential. “This means the successor must become fully trained in all aspects of the business, paying their dues, so that respect will be earned.” Having the right work ethic and attitude is important, Roberts added. “A successor is under the microscope as the owner’s child, meaning the employees are expecting that person to not earn their position, rather have it handed to them.” Equally important is having a consensus on the competitive landscape and the best way to compete, said Del Pilar.