Succession Stories

When there is no successor within the family, how do owners move to the next level of finding someone to buy and operate the business?

On this episode, listen in as Laurie Barkman speaks with Joe Bute, Managing Partner of Hollymead Capital, as he shares his strategies for investing in family-owned companies, considering liquidity options, avoiding ownership transition pitfalls, and staying resilient through challenging times.

Show Links:

• Joe Bute LinkedIn
• Hollymead Capital
• Tomanetti Food Products
• Uncle Charley's Sausage Company

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Recorded on SquadCast.fm

Listen in as Laurie Barkman speaks with Brian Baum, President of The Business Transitions Group. For business owners not yet familiar with exit planning, Brian de-mystifies how financial succession planning works so you can take a proactive approach for your future.

Show content:

• phases of transition and exit planning
• fundamentals of business valuation
• de-risking the business
• role of external advisors

Episode links:

• Brian Baum LinkedIn
• Business Transition Group
• Exit Planning Institute Pittsburgh Chapter

Recorded on Squadcast.fm

On this episode, Laurie Barkman was joined by Michael Schoedinger, President of Schoedinger Funeral and Cremation Service, a 6th generation company; and Jill Hofmans, Executive Director of The Conway Center for Family Business in Columbus, Ohio.

Some takeaways:

- It's never too early to start succession planning. Succession is going to happen and the process can take 3-7 years to put everything into place.

- Leadership succession and financial succession are equally important, but totally different from a succession perspective.

- The succession journey regarding relationships and authority is the hardest part, especially if you have to fire your grandpa.

- Look for opportunities to innovate when there's a market opportunity to build upon your legacy business.

Show Links:

Jill Hofmans LinkedIn

The Conway Center for Family Business

Michael Schoedinger LinkedIn

Schoedinger Funeral and Cremation Service

YPO Young Presidents Organization

Grantor Retained Annuity Trust (GRAT)

Recorded on SquadCast.fm

On this episode, listen in as Laurie Barkman explores next generation entrepreneurship from a different angle with Rick Terrien, author of Ageless Startup.

After selling his last company, Rick pondered the question of what's next. His experience became the inspiration for a book encouraging entrepreneurship at any age.

If you've been contemplating your next, you'll enjoy this discussion about ageless entrepreneurship.

Show Links:

Rick Terrien LinkedIn

Ageless Startup: Start a Business at any Age

Food21.org

Recorded on SquadCast.fm

Laurie Barkman interviews Chris Cynkar, Adjunct Professor of Entrepreneurship through Acquisition at the Tepper School of Business at Carnegie Mellon. Chris has acquired six small businesses in four industries. He shared his first success as a next generation business owner when he acquired a mature printing company from its founder. In taking over the business, Chris fulfilled the owner's intent of a succession plan even though he wasn't family. This episode provides insights for people considering a different path, transitioning from employee to business owner.

Show Links:

Chris Cynkar LinkedIn

chriscynkar.com

Carnegie Mellon University Swartz Center for Entrepreneurship

Acknowledgements:

Recorded in studio at Carney marketing agency in Pittsburgh, PA

This episode features Shelley Taylor, a family business advisor and expert on navigating family succession. Shelley has worked with multi-generational companies for more than 20 years, and she is the Family Council Chair for ABARTA, a 3rd and 4th generation company running one of the largest Coca-Cola distributors in the US.

Shelley shared best practices for succession, and ways to develop the next generation of leaders. For her family, next generation succession is not only about employment, it's about ownership and stewardship of the business and what it means to be an owner.

Show Links:

Shelley Taylor LinkedIn

Aspen Family Business Group

Jim Rooney is an entrepreneur and author of, A Different Way to Win: Dan Rooney's Story from the Super Bowl to the Rooney Rule.

Jim discusses his father's family succession with the Pittsburgh Steelers, innovations, and leadership ethos:

- Run a successful business that has meaning beyond the bottom line

- Take the long view, even if others focus on short term gain

- Sometimes it has to get worse before it gets better

- Demonstrate how a culture has to change to support a new view, the legacy of the Rooney Rule

Even if you're not a football or a Steelers fan, Dan Rooney's legacy of leadership is sure to inspire.

Show Links:

adifferentwaytowin.com

Jim Rooney LinkedIn

"A Different Way to Win" on Facebook

On this episode of Succession Stories, Laurie Barkman is joined by Tony Uphoff, President and CEO of Thomas. Thomas is a family-owned, 5th generation 122-year old company that successfully transformed its business model, technology, and culture. Three years ago, Tony joined Thomas to continue its digital innovation.

They discussed key lessons Tony has learned about mature industries mobilizing for change, ways to drive innovation while also leveraging the core competencies of the past, and having an entrepreneurial culture in a legacy company.

If you're thinking about ways to innovate and drive change, you may find these insights beneficial for your business.

Show Links:

Tony Uphoff LinkedIn

Thomas Industry Podcast

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig, providing insights for next generation entrepreneurs. The show features interviews with multi-generational business experts discussing succession, innovation, and culture. If you are a next generation entrepreneur looking for inspiration to grow and thrive, or an owner who can't figure out the best way to transition their closely held company, this podcast is for you.

Listen to the trailer to get a sample of the valuable insights Laurie and her guests have to offer.