Succession Planning Family Style Indiana

It should not be news that the majority of printing companies in the United States are small, closely held businesses. Many have been owned by successive generations of family members. Understanding their evolution in business from foundation to date is most intriguing. You can bet there is a good war story somewhere along the path. Ironically, the family trust and namesake that has been the foundation for many successful printers is a big challenge when it comes time to pass the torch.

It is something special to see offspring take an interest in the family business. It is another to find they have learned the tricks of the trade, and watch them come into their own. As an owner, you will need to consider succession planning. Even though your health is good, you will find that Father Time inevitably will push you past your prime. The beauty of youth is that leadership can be perpetuated if a good succession plan is in place.

There are many variations of family-run businesses. For instance, there is the husband-and-wife team that has children, where some or all of them have been working for the company. What is typically found is that the company consumes the parents' schedule, and the children start helping out after school hours. Dealing with the struggles of running a business in a capital-intensive and competitive environment aside, printers tend to persevere and provide a good status of life for their family.

It should not be too shocking, then, when it dawns on the younger generation, who want to provide the same or better position for their family. Sometimes, successive generations ride the coattails of the past, while others take it to a new level and may even cause a shift in the business culture. Either way, the result is a family tradition that forms the backbone of American printers.

There are situations where the father is the mainstay of the company, and the mother is the matriarch and keeper of the books. The children usual gravitate to different business functions such as sales, production, estimating, or finance.

When the children develop a strong grasp in different areas and become the master of their domain, the management team begins to grow. Inevitably, the next generation forges its own path on the business legacy. Succession planning, sometimes referred to as family planning, is a critical step in embracing a transition for future management. Even though individuals can have different styles of management, implementation should be a planned event to allow for a smooth transition and a sustained company culture.

MargolisBecker, LLC is a financial and management advisory firm specializing in the graphic arts industry. If you have comments or questions, you can reach Stuart Margolis or Brian Enverso at (610) 667-4310 or (888) 577-1717 or e-mail, smargolis@margolisbecker.com or benverso@margolisbecker.com.