Case Study: Colorado, The Everything Founder Into the Relaxed Leader
Industry and Description: Manufacture, 32+yr old, $200M, Auto Industry Supplier.
Owner Challenge: Founder owned business, after 32yrs owner was still in the details, no time to focus on bigger issues like growth and future planning, wanted to start stepping back, didn’t know how, and didn’t have any children.
Noted issues: The Owner didn’t understand management, had trust issues, knew he wanted to do something with the business, but didn’t know what or how to get there, the business was being held back because of lack of internal professionalization and lack of decentralized control.
Solution: We took the time to clarify his life and business goals, what he was going to do next, when (conferring with his financial advisor), and what was his goal for the business he built. Creating targets to build into. And, through some very honest conversations we aligned our thoughts on his leadership and trust challenges and discussed his leadership bench strength.
End Result: We overhauled and professionalized the business from top to bottom. Created a Trust to own the business, placed his cousin who had worked in the business as CEO, created a BOD and Trust advisory panel, created a family counsel for the family governance side and ensure business education, conflict resolution, and talent pipeline. This took care of the owner’s biggest concern, how to retain his business in the family for generations to come.
In the business we created a formal decision-making/organizational structure for the leaders and empowered them to actually start owning their areas, started pulling the owner out of the details, optimized and standardized processes throughout each department which ended up reducing cost by 17%. Using that springboard, with a new product and pricing adjustments, we increased revenue the last two yrs of the engagement by $93M.
All this allowed the owner who had been grinding for 32yrs to start to relax and enjoy life, knowing his business was setup for success that would outlive him.
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