The Unthinkable Happened to These Manufacturing Owners…and What They Did About It
By Leslie Boyd, Managing Principal of Industry, Manufacturing; and Heather Parbst, Director, Ownership Transition Advisory, CLA
I had a client share this week, “I have a lot to be thankful for. Hope you do also.” How often do you stop and think about that? Well I absolutely do have a lot to be thankful for. My family, my health, my friends. My list could go on, when I really stop and think about it.
This comment also struck me because I recently listened to a really intense podcast: An Important Update on Jason Zenger and the Leadership Lessons We Learned from It, 394 (makingchips.com)
This particular episode of Making Chips made me re-think my life for a moment, and reflect on personal and professional relationships.
It’s an episode about three young guys in #metalworking nation. They are young, hip and fit. They all run their own businesses. One of the owners worked out 7-9 times a week (definitely more that I can say although I am working on my health and wellness). Anyway, it came as a complete surprise, when this particular 46 year-old owner suffered a heart attack on December 7th. He woke up in the middle of the night and told his wife he wasn’t feeling well. He barely survived the ambulance ride to the hospital. They did two hours of CPR on him. He wound up needing a heart transplant and miraculously got a match a few days later. It’s a story of miracles, the power of people, and gratitude.
I don’t share to scare anyone…it was actually incredibly uplifting.
Later in the podcast, Jason Zenger described how he lost his hands from a loss of blood flow. He is grateful to be alive and to share his story to help others. Jason and his team said they wanted the world to know:
- Take care of your health or you can’t take care of anyone. Even when you do, life throws you curveballs.
- Find opportunities to improve the knowledge of your health – control what you can control.
- Get your estate plan taken care of. Your family depends on what you have built. People push this off – but it is so important.
- Succession plan in your business. It is important for owners to build a team that can run the company if the owner cannot. This was vital for both owners above. Are you digging deep and asking vulnerable questions? Do you have a contingency plan in case of emergency?
- Don’t take relationships for granted.
The bottom line
The personal benefits of this introspection far outweigh the economic benefits but the latter are potentially there. In our humble experience, a business that can run well without the owner usually gets an additional EBITDA turn on a transaction. It’s a safer bet for customers to do business with. It’s culturally a better place to work. It’s a legacy any owner and his or her family would be proud of.
I hope this podcast can help you live your best life and help ask important questions. Here’s a few to get started.
- What is your transition plan for yourself? What does that mean for your family?
- Is your personal financial plan up to date?
- In the event of an emergency, do you know who would step in for you?
- What is your business worth?
If you’re an owner and you have all of this handled, who could you share this with who needs help? Tell them you’re thinking about them and how important it is to protect their family and all they’ve worked so had for?
Consider sharing this invitation to upcoming roundtables:
If you’d like to speak privately with a professional who will come along side you, get to know you, and care deeply about your personal transition journey —Let’s Talk.
Jennifer Clement is an executive sales and marketing leader specializing in value creation for the C-suite. In her current role at CLA, Jennifer collaborates on strategy with executives of global manufacturing and distribution companies to accelerate results. Previously Jennifer served as a Global Business Acceleration Leader for Complete Manufacturing and Distribution (CMD). During her time with CMD, Jennifer lived and worked in Asia from 2015-2019. Prior to CMD, she spent 10 years in senior care technology. Jennifer started her career at Johnson Controls (JCI) and spent nine years in leadership roles; followed by five years at Rockwell Automation (ROK) leading c-suite strategy and marketing operations.
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