Preserving Profitability and a Family Legacy
CHALLENGE: A very successful family-owned manufacturing business had experienced impressive growth over the last 20-plus years. The company, started by the first generation, was transitioning in many respects: expanding the breadth of its sales territory, increasing the portfolio of products, and involving the second generation in the management of the company. However, revenue growth began to stagnate, and the owners had to focus on day-to-day operational issues as opposed to planning for future opportunities. Additionally, there was a deficiency in the resources required to allow the company to grow as it had in the past.