Develop and implement a succession plan and exit strategy for the next generation to take over a highly successful family owned printing company specializing in servicing the book publishing industry.
The father’s dream upon retirement was to turn his $62 million business over to his son. The son had been a successful salesperson in the E-Book and self-publishing areas of business, which was just emerging. He had never been in a management position. The son-in-law successfully managed the customer service department. Mom was the bookkeeper and the sister, who had a law degree, oversaw the manufacturing operations.
- CPC recommended creating a separate E-Book division. The son was trained and mentored by CPC on how to be the President of this $1 million company before he could become the President of a $62 million organization.
- Three months into the project, the father suffered a heart attack. Working with all of the family members, CPC facilitated a series of Courageous Conversations regarding the future of the company.
- The outcome of these conversations was to have CPC executive partners conduct a business evaluation of the company and to handle the sale. CPC also worked with the son to create a separate company for E -Books and self publishing.
Business sold for three times EBITDA and the son continues to operate his own successful business.