PANEL DISCUSSION: Succession Planning
– Carl Detering, Jr., president & CEO, The Detering Company
– Geoff Yates, president/owner, Texas Plywood
– Ann Chapman, CEO, Woodson Lumber
– Rick Lierz, president & CEO, Franklin Building Supply
Of all the lumberyards across the country, only 15% of these companies successfully succeed to the third generation. Geoff Yates’ theory in succession planning that has helped sustain Texas Plywood’s family legacy is simple: Make decisions that allow everyone to still get together for Thanksgiving. While each of the panelists took their own paths to taking the reins of the family business, not all of them knew at a young age that they would follow in their fathers’ footsteps. Detering shared with the audience his company’s conscious effort to try to recruit more young people to the business outside of his own family and management, to help shape the entire organization for the next generation of leaders.
PANEL DISCUSSION: Talent Management
– Gary Poulos, president, Mill Creek Lumber & Supply
– Allan Breidenbach, vice president, Wisconsin Building Supply
– Russ Kathrein, president, Alexander Lumber
Moderated by Tony Misura, president of The Misura Group, this panel addressed the reality that building talent is a full time job for many organizations. While executives are steering their companies toward the future, too often they are spending more time recruiting talent than they would like. Briedenbach says 50% of his time is spent recruiting. Even at the LBM Distribution Conference, the panelists agreed it was on their personal agendas to build their network by making new and refreshing old connections. While Breidenbach said that LinkedIn is a useful recruiting tool for his firm, Kathrein reminded attendees to always be on the looking for good talent, but be careful to not always bring in someone too much like yourself. Poulos adds, that if you run across great talent but you don’t have space for them, then make the space.