20 WESTERN PALLET
What's Next? Preparing the business for the Next Generation
Succession planning can be an emotionally charged and complex process. It involves not just a change in leadership, but also carries the weight of family legacies, relationships, and the future of the business.
In WPA’s July 2023 Master Learning Group (MLG), the topic of discussion was business succession. In an insight-packed session, attendees enjoyed the perspectives of younger family members transitioning into executive roles, as well as that of business founders navigating the transition to the next generation. You did not need to be in the direct line of succession to benefit from the MLG, however. There is something in WPA’s online sessions for everyone. Some attendees were non-family members looking to expand their understanding of succession to build on their professional development and to better support their employer companies.
WPA MLGs always offer supportive and honest dialogue among participants at various stages of their careers and including companies both small and large. As is usually the case in summarizing comments from our MLGs, the identities of participants are not revealed, and comments are edited for brevity. Here were some of the key takeaways:
Jumping into the deep end or gradual transition: different paths to business leadership
For many businesses, the transition to leadership roles is designed to be a gradual one. It may involve rotating between departments to learn the overall business, and increasing levels of responsibility.
Comment: “My first job here was answering phone calls, learning how to take orders, and file. I learned the whole invoicing process as well as a bit more about pallets.”
Other next-generation owners have not had lengthy succession trajectories and have had to learn on the fly. In such cases, reaching out to others for help and networking is critical.
Comment: “I really struggled with pricing, lumber, the grades, you know, the length, the size and thickness and all of that stuff… I was blessed to have a lot of great resources and people around me and then I joined the WPA early on and that was an amazing experience for me. I met a lot of terrific people and having those connections
really helped… You have to go to different people and find a great community that can really help you and give you the support that you need.”