Succession Stories

Laurie Barkman speaks with Ann Dugan, former Executive Director and Founder of the Institute for Entrepreneurial Excellence. Her expertise in succession, Board governance, and family philanthropy stems from her relationships with thousands of family businesses over 30 years. Ann shared insights how families can break the tradition of "shirtsleeves to shirtsleeves in three generations" by innovating and embracing change.

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Show Notes:

• Ann Dugan LinkedIn
• Institute for Entrepreneurial Excellence, University of Pittsburgh
• More Money Than God, by Rabbi Steven Leder
• Family Business Magazine
• Family Office Exchange
• Efficiency or Innovation? Balance Both To Emerge as a Leader Post Recession," article by Laurie Barkman
• Izhak Adizes - Corporate Lifecycle

On the Season 1 Finale, Bradley Franc, author of The Succession Solution, joins Laurie Barkman to discuss how business owners can bring the future into the present by including transition planning as part of strategic planning. Listen in as they discuss Bradley's framework to identify obstacles and develop a roadmap forward. Bradley also shares succession stories where obstacles broke up the company and the family.

Show Links:

• Bradley Franc Bio
• The Succession Solution website
• The Succession Solution book on Amazon

Mary Richter is a Shareholder at Schneider Downs, one of the 60 largest accounting and business advisory firms in the United States. Mary was a catalyst for formalizing a practice group for exit planning and succession advisory services to help clients control their destiny. When it comes to succession, it takes a realistic and objective approach to getting the oars in the same direction at the same speed. Listen in as Laurie Barkman speaks with Mary about successful transitions and common pain points, helpful insights if you're starting to think about the process for your business. Show Links:

• Mary Richter LinkedIn
• Schneider Downs website
• Schneider Downs Exit Planning & Succession Assessment
• Exit Planning Institute

James Austin company was a fourth generation family business without a succession plan. After 130 years, the company sold to a competitor in 2018. Laurie Barkman spoke with one of the family members, Doug Austin, about his experience before and after the sale. Doug was an ex-prosecutor, ex-litigator and ex-street salesman for years. His mantra was it's all about the "sale." Now two years later, the sale has been an emotional letdown. Doug shares the ups and downs about what it feels like to sell the family business.

Show Links:

• Doug Austin LinkedIn
• KIK Custom Products
• Burton Folsom, The Myth of The Robber Barons, on Amazon

Dawn Fuchs Coleman is the former CEO of Weavertown Environmental Group, a 2nd generation company. Dawn shared her decision to join the family business, getting the keys to the company when she didn't expect it, leading a turnaround and growth, and selling the business to a strategic buyer. And that was just the beginning of her story. Five years after the sale, Dawn is living her entrepreneurial mantra, "If you're not going, you're not growing." Listen in as Laurie Barkman speaks with Dawn about leadership and ways to build value in difficult economic times.

Show Links:

Dawn Fuchs Coleman LinkedIn

We Guide, You Grow website

Get Your Game F.A.C.E. On: The Secret to Growing Your Company in Any Economy by Dawn Fuchs Coleman, on Amazon

Weavertown Environmental Group

It's a topic on the mind of many business owners, what to do when family members are not interested or not able to run the company going forward. Listen in as Laurie Barkman speaks with Jamie Van Buren, Managing Director at Generational Transfer Entrepreneurs about his search fund that acquires legacy businesses and places energetic operators as CEOs. Jamie shares his strategies for successful transitions and managing in uncertain times. GTE business transitions typically unfold with minimal changes in the first year. But this has been a time when strategic plans last just a few days and managing unforeseen challenges is the new normal. Jamie's mantra that hope is inspirational, but it is not a strategy, and that fuels them forward.

Show Notes:

Jamie Van Buren LinkedIn

Generational Transfer Entrepreneurs (GTE) website

8th US President Martin Van Buren

Tepper School of Business at Carnegie Mellon University

Swartz Center for Entrepreneurship

Laurie Barkman speaks with Will Knecht, Chairman of Wendell August, America's oldest and largest forge, producing hand-wrought metal giftware since 1923. In March 2010, two days after receiving its largest order ever, a fire nearly destroyed their company. Will shares his leadership lessons for resilience and transformation in the face of disaster. It's a great Made in America comeback story with a special assist from the Pittsburgh Penguins.

Show Links:

Will Knecht LinkedIn

Wendell August Forge website

Dave Morehouse, Dave Soltesz, and The Pittsburgh Penguins Foundation

Christian Werner LinkedIn

Laurie Barkman speaks with Bobby Zappala and Andy Ellis, Managing Partners of Localize Capital. This episode highlights an innovative financing approach for family owned businesses that supports long-term growth and the independence of emerging entrepreneurs. It's a strategy that may resonate with legacy businesses, technology creators, and anyone who believes it is possible for companies to grow without financial returns being dependent on a liquidity event.

Show Notes:

Bobby Zappala LinkedIn

Andy Ellis LinkedIn

Localize Capital Management website

Carlota Perez innovation wave theory

Edelweiss Holdings Company

Succession Stories Podcast LinkedIn Community

Len Caric acquired Uncle Charlie's Sausage in 2014 after the company faced a tragic business succession. Just six weeks after acquiring the company as the new CEO, he faced a significant industry challenge. Listen in as Laurie Barkman speaks with Len about how he overcame these crises and the parallels to today with COVID-19. Len also shared his passion for teaching entrepreneurial alternatives and mentoring students at Carnegie Mellon. His insights for entrepreneurial resilience are sure to inspire.

Show Links:

Len Caric LinkedIn

Uncle Charley's Sausage

Succession Stories E08: Addressing the Transition Dilemma, Joe Bute, Hollymead Capital

Carnegie Mellon University Swartz Center for Entrepreneurship

How prepared is your business to operate without you? Do you have a structured plan in place that can be implemented, or is it only in your head? Listen in as Laurie Barkman talks with Jason Seltzer about worst-case scenarios where privately held companies weren't prepared for unexpected transitions. If you're a business owner that has not yet formalized a transition plan, this episode is for you.

Show Links:

Jason Seltzer LinkedIn

EHD Insurance