Family Business Uses Executive Coaching To Develop Their 4th-Generation Leaders & Successfully Navigate Their Succession Planning Process
Company Profile:
- Third-generation family business established nearly 100 years ago as the first licensed public cold storage warehouse in the State of Minnesota
- With approximately 40 employees spread across its corporate office and 2 warehouse locations, company continues to provide high-quality cold storage and logistics services to its customers throughout the Upper Midwest
Business Challenge:
- Third-generation President was preparing to retire and needed to transfer his management responsibilities to his 2 much younger sons
- Board of Directors were uncertain if these next-generation leaders would be able to lead the company moving forward or if they would have to sell
Leadership Development, Succession Planning and Strategic Planning solutions provided include:
- Developed step-by-step process and 18-month plan for managing this critical leadership transition
- Administered 360-degree surveys, DiSC® Profiles, and other assessment tools to evaluate leadership capabilities and identify individual development needs
- Provided one-on-one and group coaching to President in transition and his 2 sons to enhance their existing leadership skills and improve their overall communications with the Board
- Conducted multiple working sessions with the President and his successors to clearly define individual roles and responsibilities (RASCIs) and determine how best to transfer these management responsibilities over time
- Facilitated several critical alignment sessions with the Board to gain their support for the transition process and de-escalate their dysfunctional dynamics and minimize their personal differences from the past
- Developed Presidential position profile and designed organization of the future along with specific compensation strategies for the new leadership
- Facilitated strategic planning process with the 2 4th-generation leaders to clarify their strategic intentions and ideal future for the company
- Performed final readiness assessment to confirm next-generation leader was prepared to take over as President for his retiring father
- Continue to facilitate Company’s strategic sales and marketing efforts as well as various targeted talent management initiatives
Key Business Results: - Designed and delivered customized executive coaching programs for both next-generation leaders to build their confidence and help them develop the leadership skills required to perform at the next level
- Coached President in transition, his brothers, and fellow Board members to turn around their relationships and establish a more functional governing Board
Enabled this family to become part of the elite 3% of family businesses in the US that successfully transition to 4th-generation leadership rather than selling
