Case Study

New Start With A New Generation — Retooling a Family Business For The Future

Door handle with key in lock

Insights

  • A well-established 35-year-old family-owned chemical distribution company (with approximately $12M annual revenues) had a successful commodity business with a national footprint and was known for quality and service
  • Despite this success, the founder did not have a structured succession plan
  • As a result of his death, the transition from the founding generation to the second generation occurred and the business passed to the founder’s children, with his daughter stepping in to be the controlling shareholder and CEO
  • The daughter soon realized that the business was not well-positioned to move forward
  • Existing business systems and tools and employee discipline required improvement, and the company had stagnated while the competitive environment had intensified

Action

  • The Newport partner was retained to assess the business and assist the CEO and her leadership team to identify and articulate a vision for the future
  • Following a complete company assessment, action plans were crafted to achieve the CEO’s vision for the future
  • The Newport partner worked directly with the company’s leadership team to develop and implement the necessary commercial, financial and human capital plans

Results

  • The company continued to apply the new plans to its operations and employees
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