Webinar Summary: Leadership Transition Changes During COVID-19

Platinum’s Tom Hubler recently moderated a panel discussion about changes in a succession plan between the owner and president of King Technology, a Hopkins-based manufacturer, in the midst of the current pandemic.

Key take-away advice from the family owner and non-family successor was helpful for other family businesses:

  1. Communication, communication, and communication — is needed, especially around values between the owner(dad) and the non-family president.
  2. Address and resolve differences through discussion of values versus “who's right or wrong.”
  3. Treat the next generation as employees rather than as family members.
  4. Make it clear that the non-family president is in charge of the professional development of the next generation, including their compensation.
  5. Consistency, consistency and consistency — between the values and messages from the owner(dad) and the non-family president.
  6. Teach the next generation that this is more than a job — it's your responsibility to perpetuate the values and legacy of the family and legacy of the previous generation.
  7. Gradually teach the next generation what it means to be owners.
  8. Be grateful to the employees, in every instance, for their support and commitment to the family and company.

For questions or comments, email Tom.