American Crane in Pennsylvania is a perfect example of succession planning done right. President and CEO Karen Norheim shares the ins and outs of how the company she co-owns with her sister maneuvered from her late father to his daughters, and how they are now supporting and fostering the third generation. In her conversation with Gene Marks on Paychex THRIVE, a Business Podcast, she talks about the importance of preserving company culture, establishing a family council, being a mentor, and the value of acknowledging emotions at work. Watch or listen to the podcast.
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 support 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
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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