Issue link: http://cp.revolio.com/i/1059224
OWN IT | AD Today 2018 | 43 Business Psychologist and Executive Coach Richard Marcus, Ph.D. understands the unique experience associated with being part of a family-owned business. According to Marcus, "working with family-owned businesses represents a unique set of challenges, including balancing the needs of family members with the requirements of growing a sustainable and profitable business enterprise. This needs to be done while remaining cognizant of the owner's legacy and the needs of key constituencies, including family member owners, management, employees and customers." "As with all business coaching," Marcus continued, "every situation is different. But when working with family-owned businesses, the challenges are more layered and complex. Successful succession plans balance individual and family group needs while at the same time setting clear business objectives and goals for the company." Having clear communication, sound planning, and steadfast commitment are crucial when it comes to making a seamless transition to the next generation of leadership. Several next- generation owners of independent distributors share their experiences and the advice they would give to other future owners. Continued on page 44 I n sigh t s f r o m N ex t- G en er a tio n O w n er s TAKING THE REINS Since the company was first founded in 1897 by her great- grandfather, Henry Poehling, and his father-in-law, "First Supply, LLC. has been passed through four generations of the Poehling family over 121 years to today, with my father, Joe Poehling, serving as our current chairman," shared Kathryn Poehling Seymour, COO - Kitchen & Bath Stores at Madison, WI-based First Supply, LLC. According to Poehling Seymour, her grandfather understood the importance of a smooth transition between generations and began establishing the company's succession plan in the 1960s. "As an executive leadership team, my father Joe, my cousin (and CFO) Todd, our President, and myself, along with our board of directors, have been working on the specifics of a succession plan for the past few years to ensure that we build confidence not only for our 650 employees but also for our customers and vendors," she said. At Puget Sound Pipe & Supply in Kent, WA, which was launched by his great-grandfather in 1917, CEO Matt Stratiner has been quick to learn from the bare- bones transition process of his predecessors. "One day shortly after WWII, my grandfather, Phil Stratiner, was literally thrown the keys from his father – that Kathryn Poehling Seymour COO - Kitchen & Bath Stores First Supply, LLC was the extent of an ownership transition in those days!" Stratiner said. Run by his grandfather, uncle, aunt, and father until his grandfather's passing in 2015, the older generation of leaders used that turning point to transition the company to Stratiner, his two brothers, and two cousins. "The five of us are now the proud owners of Puget Sound Pipe & Supply and we've spent the last two years acclimating to our new positions running the company," he said. "As far as the ownership was concerned, much of that was tied up in different trusts, so it had been discussed long in advance of anything happening," Stratiner said of his family's succession planning process. "In terms of running the company, my brothers, cousins, and I fell into certain office responsibilities naturally, though managing the overlap of past and current duties among us