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Managing Transition through Succession Planning

Posted on Monday, November 16th, 2020

By Dan Beenken

There is a reason we devote one of our breakfast sessions each year to Succession Planning.  Regardless of your family business situation, transition is inevitable. And the odds are not always in your favor.  Only about 13% of companies make it to the third generation.  

There are several “best practices” you can glean from others who have been there, but it really comes down to two things: Plan and Communicate.  Stock photo succession planning

Louis Pasteur famously said “Chance favors the prepared mind....From my experience, Chance also favors the prepared family.”  Plan and Communicate.

This month, we have amazing speakers who are going to share their experiences and advice on business transition.  Lori Shaefer-Wheaton is the second generation CEO of Agri-Industrial Plastics in Fairfield, Mary Lisle Landuis is the third generation CEO of Lisle Corporation in Clarinda.  Joining them will be Jon Keimig, the Director of the St. Thomas Family Business Center in Minneapolis.  

It’s going to be a great opportunity to hear first-hand how Iowa companies are currently defying the odds. We’ll hear a ton of great advice and ideas on how to move from one generation to the next – but at the core of it all will be two words: Plan and Communicate.

Take two seconds and get it on your calendar:https://advanceiowa.com/breakfast-series

I hope you will Plan to join us at 8 AM on November 20th, and I also hope you will Communicate this message with the rest of your family (see what I did there?).