Insights
- Two decades prior, two professional service providers joined efforts and built a successful and profitable art design and services company
- The company conceived, designed and oversaw installation of large-scale art projects in public spaces, especially in the healthcare and hospital areas
- The company was too dependent on its two founding principals for it to scale and achieve lasting success
- Furthermore, the two founding principals wanted to reduce their level of activity in the company
Action
- Two Newport partners were engaged and quickly identified key challenges faced by the business
- An assessment was conducted on the company’s financial condition and human capital systems
- The partners developed a transition plan allowing the founding principals to begin to transition portions of their roles to others, while continuing to apply their expertise and guidance to the company on a more strategic level
Results
- A specific vision was created for the company to guide its future endeavors
- Key focus areas for improvement were identified
- A multi-year transition plan was developed that allowed the founding principals to affect the desired changes (including a transition to an enhanced leadership role for one of the founder’s children) in a manner that complimented the existing business
