Insights
- A profitable distributor and manufacturer of oilfield equipment including fittings, flanges, pipes and related products was contemplating a generational leadership transition
- A third-generation family member, but one with no business or management experience, joined the business and was being groomed to take the helm once the 60+ year old owner and CEO retired
Action
- The Newport partner was retained to assist in the succession transition
- A suitable and comprehensive succession transition plan was developed and implemented
- The plan included training for the next generation and the addition of professional staff
- The partner also conducted more broad-based assessments of the company’s operations
Results
- The Newport partner identified multiple opportunities to improve productivity, quality control and customer satisfaction
- A cloud-based enterprise management system was implemented, coupled with appropriate process changes
- HR and payroll functions were enhanced, resulting in administrative improvements
- Additional focus was achieved on recruiting, hiring and retention of employees, as well as ongoing employee relations and leadership development
- The company became a much stronger and resilient company, which are essential qualities to thrive within its niche in the oil industry