A common strategy for businesses undergoing internal transitions is to bring in a partner. This approach is especially relevant when shifting from family management to a partnership. For instance, consider a high-end manufacturing business specializing in defense contracts, particularly for the U.S. Navy. Working with the Department of Defense (DoD) requires security clearance, which adds significant complexity to operations.
This particular business had been family-run for three generations, and the owners had planned to pass it down to a fourth generation. However, the grandchildren of the original founder, who had started the company after World War II, weren’t interested in taking the reins. Recognizing the need for change, the current owners acknowledged that they needed external support to move the company forward.
The company’s CEO, a sharp and accomplished woman in her early 40s, had hired an engineer to help manage the day-to-day operations. Although she had successfully built a career as an attorney and made partner at her firm, her focus was elsewhere. With no intention of shifting her career focus, the CEO and the rest of the leadership agreed that the business would be sold to the engineer, ensuring its continued success and a smooth transition.
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