Laurie Barkman, host of ‘Succession Stories’ was joined by Jill Hofmans, Executive Director of the Conway Center for Family Business, and Michael Schoedinger, President of Schoedinger Funeral and Cremation Service, a 6th generation company, to talk about succession planning from two key standpoints: leadership and financial succession and innovating as a legacy business.
Key Takeaways from ‘succession Story’ Interview
Barkman writes of her most recent Succession Stories interview:
- “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.”