Case Study

Succession Planning Plus — Family Transition In The Oil Patch

Oil equipment

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
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