Strategic Succession Planning: Secure Your Family's Business Future

Paychex THRIVE, a Business Podcast

American Crane in Pennsylvania is a perfect example of succession planning done right. President and CEO Karen Norheim shares the ins and outs of how the company she co-owns with her sister maneuvered from her late father to his daughters, and how they are now supporting and fostering the third generation. In her conversation with Gene Marks on Paychex THRIVE, a Business Podcast, she talks about the importance of preserving company culture, establishing a family council, being a mentor, and the value of acknowledging emotions at work. Watch or listen to the podcast.

Topics Include:

00:00:00: Episode Preview

00:02:00: Introduction of Karen Norheim

00:03:00: What does American Crane do?

00:08:00: Karen's journey joining the family business

00:10:00: Succession planning details

00:12:42: The importance of preserving the company's culture

00:13:23: Creating a family council

00:15:53: Role of expert consultants in success planning

00:18:28: How the family council meeting support success

00:22:35: Transitioning leadership in a male-dominated industry

00:25:18: The importance of mentorship

00:27:45: Shared experience in women's business groups

00:29:02: Finding customers, common ground, and role models

00:32:58: Encouraging the next generation's involvement

00:34:20: Acknowledging and understanding emotions in business life

00:35:51: Wrap-up and thank you

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.