“My future with company is not good. I am an excellent employee, but I believe the company is looking at getting rid of the most qualified people and professionals and replace them with younger kids.”
“Accounting for the transition to the next generation that recently became involved in the business.”
“Current ownership is private. Based on the amount of cash it would take to buy the company, it will likely be sold to a chain yard or an investment group as the current owner nears retirement. This will change the dynamic of the employees and therefore our personality, which is who we are.”
“Family demands for dissolution of the business and divestment of the property.”
“Training the next generation that is not related to the family (owners). Would like to maintain majority ownership through semiretirement.”
“We are evaluating the talent and interest among the next generation of family members, and looking at the company’s longterm market positioning.”
“Fairness in valuing shares as some family members exit and others come in.” “Whether the next generation (the children) will be ready to take over.”
“Expansion, competition, my health.”
“How to exit the business in 2-3 years while keeping it strong and sellable.”
“We are concerned about growing the company to a large enough size to buy right to sell right. We must grow to size and generate the net profits that will allow us to invest in the latest IT and other capital expenses to meet the needs of our customers and employees.”
“Recruiting the right people at the right time, inventory control, cash flow. We are extending more credit than ever before, which puts us at greater risk. As a result, monthly cash flow is difficult to manage.”
“I would like to build a more balanced team of sales v. operations, v. administration. I have the physical infrastructure to handle growth, but need to ensure a balanced approach.”
“With regard to succession planning, I know the family desire to maintain the business and grow, but am unsure of the specific plan that will take us to the next level.”
“We have an aging workforce both in leadership and staff. We have engaged a consulting group to assist us develop current leaders (training, mentoring) and the next generation. This is the single most important thing that the organization needs to accomplish over the next 2-5 years.”
“Proper training of people to keep them.”
“Obviously every company wants growth. What this industry has been through the last few years is holding on and maintaining an even balance sheet. Cautiously adding capitol and building sales has always been first. Controlling expenses etc. But this industry faces an even bigger challenge in attracting new people. We are an aging workforce and not a lot of younger generations coming on board.”