Strategic Succession Planning Can Secure Your Family's Business Future

Strategic Succession Planning Can Secure Your Family's Business Future
Do you have a family-owned company and have you thought about how you want to create a seamless transition for the next generation? President, CEO, and co-owner Karen Norheim of American Crane shares her experience working in his father’s business, working up through the ranks, having proper mentorship and support, and how she and her sister carried that forward in a succession plan. Watch her interview on Paychex THRIVE, a Business Podcast.
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Topics Include:
00:00:00: Episode Preview
00:02:00: Introduction of Karen Norheim
00:03:00: What does American Crane do?
00:08:00: Karen's journey joining the family business
00:10:00: Succession planning details
00:12:42: The importance of preserving the company's culture
00:13:23: Creating a family council
00:15:53: Role of expert consultants in success planning
00:18:28: How the family council meeting supports success
00:22:35: Transitioning leadership in a male-dominated industry
00:25:18: The importance of mentorship
00:27:45: Shared experience in women's business groups
00:29:02: Finding customers, common ground, and role models
00:32:58: Encouraging the next generation's involvement
00:34:20: Acknowledging and understanding emotions in business life
00:35:51: Wrap-up and thank you