Case Study: From Sudden Loss to Generational Success
Industry and Description: Commercial Services, 45yrs old $42M business in office products.
Owner Challenge: After the unexpected death of the founder, his wife and two children (in their 20s) faced grief and the sudden burden of leadership—without a succession plan, strategic direction, or aligned family vision.
Noted issues: There was no clear leadership structure, and the owner was a significant factor in the business, there was no succession plan, no real business strategy, and the family was understandably overwhelmed by both grief and responsibility. There had been family discussions about the path forward, but they were general conversations around succession/sell/legacy and if the kids were interested, with no action plan.
To compound the issues, the family and leadership team had different views of how the business should be run.
Solution: iBridge was introduced to the family by their lawyer roughly one year after the founder passed away. The family and leadership were in chaos, which of course was impacting the business in every way. We stabilized the family and leadership chaos, based on a number of factors, discussions and desire, the daughter took over the companies daily operations with assistance from iBridge. We helped both siblings process the shift from “the kids” to leaders and owners.
Together, we defined operational and governance roles, built trust with the management team, and designed a strategic direction for the company. We designed both family and business governance, taught daughter and son how to be board members, added two independent BOD members, and with the strategic direction we professionalized, optimized, and streamlined the company to maximize its performance, working with family and key non-family executives.
End Result: Within 3 years, the company was running with a well-defined structure, a clear plan and direction for the company, and an optimized company built to achieve their goals. Operational improvements grew profits and EBITDA by 16% and 32% respectively. The siblings became confident leaders, owners, with a robust oversight team to help guide them. On the family side, the governance created a framework to maintain unity, educate and guide current & future generations, complete with a family constitution, cadenced family meetings, and talent planning designed to last for five generations.
Contact iBridge Global Partners Today
Thank you for exploring how iBridge Global Partners can contribute to the success of your family business. For more detailed information or to discuss your specific needs, feel free to reach out to us at (502) 741-7852.
Alternatively, you can click here to set up an appointment with one of our experienced business consultants. We look forward to the opportunity to support and elevate your family business to new heights.
Let’s build a prosperous future together!