May 19, 2020
On this episode, Laurie Barkman was joined by Michael Schoedinger, President of Schoedinger Funeral and Cremation Service, a 6th generation company; and Jill Hofmans, Executive Director of The Conway Center for Family Business in Columbus, Ohio.
Some takeaways:
- 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.
Show Links:
Jill Hofmans LinkedIn
The Conway Center for Family Business
Michael Schoedinger LinkedIn
Schoedinger Funeral and Cremation Service
YPO Young Presidents Organization
Grantor Retained Annuity Trust (GRAT)
Recorded on SquadCast.fm