01.
The Business Profile
Established in the 1980s, the engineering firm (confidential) has been serving clients across Massachusetts and Rhode Island for almost four decades. Operating out of multiple offices, they have built a strong reputation for delivering high-quality engineering solutions across many specialties.
02.
The Challenge
Transitioning ownership within a family business can be a daunting task, especially when the successor has limited business operations experience. In our case, the current owner, who has led the company for the past 25 years, desires to pass the reins to his son, who has been working within the business. However, the father and son have not engaged in conversations regarding this critical transfer of leadership.
The son, while involved in the business, lacks the necessary experience to be perceived as a suitable candidate for ownership. This gap in experience poses a significant challenge to the seamless transition of the company’s ownership.
03.
The Solution
Recognizing the need for open dialogue and strategic planning, our firm proposed a comprehensive solution to facilitate the transition process smoothly:
Our team initiated structured conversations between the father and son to convey the significance of legacy and the responsibilities associated with ownership. These discussions aimed to align their visions for the future while also assessing the son’s readiness to assume ownership responsibilities.
PVG designed a tailored training and coaching program covering essential aspects of running an engineering firm. This program encompassed lessons on financial analysis, sales and customer relationships, operational management, human resources, and general business systems. Through personalized coaching sessions, we provided guidance and support to enhance the son's skills and confidence.
04.
The Results
After implementing our solutions, the following outcomes were achieved:
The father and son, equipped with a shared understanding of the company's legacy and future direction, formed a prepared ownership group ready to navigate the transition process.
