Board Converting News, August 17, 2026

BoardConverting Serving the North American Corrugated and Folding Carton Industries Since 1985 August 17, 2026 VOL. 42 NO. 33

Family Business Succession: Plan For Tomorrow's Leaders BY PHIL PERRY At some point, every family-owned business has to answer the same question: who's going to lead it next? In the independent corrugated industry, this is often an ongoing discussion. Wherever you may be in your succession planning journey, this article presents some common dynamics involved when considering the continuation of your family business, and how to navigate them.

AICC: Recent C’Board Price Increases Are Without Merit AICC, The Independent Packaging Associ- ation represents and protects the business interests of our members in the independent sector of the corrugated, folding carton, and rigid box industries. There have been three price increase an- nouncements by the majority producers of containerboard in just five months; most re- cently PCA’s announcement of a $140/ton (lin- er and medium) increase effective September 1, 2026; IP announced $80/ton for September 1, 2026, and Smurfit Westrock announced $100/ton. These latest announcements all took place within three days of each other. AICC believes these increases are without economic justification based on current raw material inputs and economic data. Produc- ers cite (as they have, again without objective justification, and unconvincingly in such a rel- atively short period of time in between them) economic need, high operating rates (e.g., In- flation, fuel, labor, insurance), and tight supply to justify these increases. AICC is skeptical of these reasons in the current containerboard and corrugated mar- ket. Arguably, the increases are reflective of a

For over twenty years, George had promised his two sons they would take over the family business. But when the time arrived for the patriarch to hand over the reins to Henry and Steven, he just couldn't bring himself to let go. Itching to assume leadership, the sons were se- riously considering jumping ship and starting their own company. But they were reluctant to do so because their departure would leave the beloved family enterprise foundering. “In situations like this, it’s often useful to break the solution down into stages,” said Sam Brownell, CEO of Stratus Business Advisors ( stratusbusinessadvisors.com ). “The first stage is to have private con- versations with each of the parties involved. What are their goals? What do they expect their roles to be after the transition?” The answers to those questions will help determine where every- body’s coming from and what motivates them, said Brownell. The sec- ond stage is to use these insights to determine how the business can be structured to meet everyone’s needs. CONTINUED ON PAGE 22

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WHAT’S INSIDE

10 Balemaster Recognizes AES For 36 Years Of Service 12 Key Container Corporation Forms Advisory Board 14 PPC Announces Finalists For 2026 Student Design Challenge 18 Stafford Corrugated Products Expands NC Facility

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Price Increases (CONT’D FROM PAGE 1)

and Europe was expected, i.e., anticipated (and, thus, pre- sumably considered in the first or the first and second in- creases). Silvernail continued in his market and economic assessment suggesting that what's going on with inflation and affordability mutes the overall market. His conclusion, based on the analysis in his presenta- tion, was going into the second half of the year, the ex- pected pickup of about a point has been downgraded to effectively being flat in the second half of the year in North America and up modestly in Europe, in the second half of the year. Market Data Three increases in the same year are unusual, but not unprecedented. Three increases happened in 1994 and 2010. However, economic conditions were different, more severe and unpredictable, in both. In 1994, the financial sector faced notable turbulence. The Federal Reserve surprised markets by aggressively raising interest rates, which triggered a severe global bond market crash known as the “Great Bond Massacre.” 2010 was a period of linger- ing economic turmoil and a fragile, slow recovery follow- ing the Great Recession of 2007–2009. Notwithstanding these data points, neither of those “three increase years: were of the magnitude announced in the 2026 combination. All 3 suppliers continue to export 400K/tons/month at a price >/= $600/ton. Domestic consumption of board is av-

small group of producers having market dominance. Industry Overview PCA, Smurfit Westrock, International Paper comprise approximately 63 percent of the containerboard/liner- board supply market (Note: There is no knowledge at this time as to whether the producers of the remaining 37 per- cent will also increase price). PCA is 95 percent vertically integrated, which means they only sell five percent of their mill capacity on the open market. IP and Smurfit Westrock have major open market sales, but keep in mind that Independents only comprise about 10-12 percent of the marketplace. It is noteworthy that producers’ prices have risen in the past five years in down market. Announced increases are imposed on, and disproportionately impact, independent box makers. ‘Tight’ Supply? Various sources have reported that 10 percent of mill capacity has been removed from the market in the past year. However, half of the removed capacity was mills pro- ducing exclusively for export. Additionally, some mill out- ages are temporary due to natural causes, e.g., IP’s Louisi- ana mill suffered damage due to a natural disaster. IP’s Andrew Silvernail, on an earnings call last week, stated that the increase was a “supply story.” But when asked about demand the response suggested the modest increase in the second half of the year in the United States

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Price Increases (CONT’D FROM PAGE 3)

independent converters in North America. While we rec- ognize the need for all our suppliers to operate profitably, it should not be at the expense and long-term health and viability of another distinct market player, the indepen- dent sector. These announced increases came without the normal justifications relating to input costs or market dynamics and thus they are unjustified at this time. AICC, INSCO Offer Specialty Training At Corrugated Week AICC, in partnership with INSCO, has announced a spe- cialized training program to be offered during Corrugated Week 2026: Corrugator Defects: How Sheet Quality Im- pacts Converting Performance. Held Wednesday, September 30th, the program will examine the relationship between corrugator sheet quali- ty and downstream converting operations. Instruction will be led by Freerk van der Laan, an in- ternational corrugating process specialist and consultant with more than 38 years of experience in process opti- mization, including over 30 years dedicated to the paper and board industry. This program is ideal for corrugator operators and su- pervisors, converting supervisors, production managers, plant managers, and quality managers and technicians. Register for the course at corrugatedweek.org .

eraging around $750/ton in July (+/- depending on grade). The two earlier in the year announced $50/ton price in- creases (March 1/June 1) are not yet fully absorbed into the marketplace, as stated by the suppliers themselves, and confirmed by many converters. None of the three increases appear to be related to box demand which is at 2016 levels. OCC pricing (for recycled boxes) has hardly moved at all and certainly in no way in lock step with the magnitude of these three price increas- es. RISI and Bloomberg, the two published indexes in the marketplace have not agreed, been in parallel, or even close to each other all year. With the latest increase, paper would be up 45 percent compared to Q1 of 2024. Demand has plummeted since Covid. Conclusion History has shown that producers announce large in- creases with the hopes of ultimately obtaining a meaning- ful, but lesser rise in the transacted prices. In essence, they are testing the resolve of the market. The first two prior increases were not warranted, as ex- plained above, by demand but “stuck”. This leads to the reasonable conclusion that these prior price increases mathematically preemptively anticipated subsequent de- mand increase. Thus, the most recent increase is not justi- fied by traditional supply and demand metrics. AICC members constitute a majority of privately held

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Balemaster Recognizes AES For 36 Years Of Service

Crown Point, Indiana based Balemaster recently recog- nized Advanced Equipment Sales (AES) for 36 years of dedicated service as an authorized dealer of the compa- ny’s waste management and recycling equipment. The recognition was presented during Balemaster’s Dealer Days, where the Crown Point, Indiana-based manufacturer honored long-standing dealers whose contributions have helped drive the company’s continued success. For more than three decades, AES has sold, installed and serviced Balemaster equipment for customers across North America. The recognition reflects AES’s long-stand- ing commitment to providing dependable equipment solu- tions, technical expertise and ongoing customer support.

“We are proud of our 36-year relationship with Balemaster and grateful for this recognition,” said Jeff Dietterich, Pres- ident of AES. “This milestone represents the dedication of our entire team and the trust our customers have placed in AES over the years. We look forward to continuing this valued partnership.” From left, Jeff Dietterich, President, AES; Jeffrey Burnley, Vice President, AES; and Josh Rykard, Commercial Director, Bale- master.

A.G. Stacker Expands East Coast Regional Sales Team Weyers Cave, Virginia based A.G. Stacker is expanding its East Coast sales organi- zation with the addition of two Regional Sales Managers, strengthening customer support and increasing regional coverage throughout the eastern United States. Korey May has joined A.G. as Southeast Regional Sales Manager, serving custom-

ers across the southeast- ern U.S. May brings eight years of experience in the corrugated industry, having held engineering and sales positions with a focus on conveyor

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systems. His technical expertise and indus- try knowledge will help customers identify solutions that improve productivity, effi- ciency, and long-term operational success. Jacob Smith has joined A.G. as North- east Regional Sales Manager, represent-

ing customers in the northeastern U.S. Smith brings seven years of experience in electrical controls, machinery inte- gration, and automation within the corrugated

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industry. Throughout his career, he has worked closely with customers on new equipment development, machine integra- tion, safety systems, technical support, and project quoting, providing a strong techni- cal foundation for helping customers eval- uate and implement automation solutions.

10 August 17, 2026

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Key Container Corporation Forms Advisory Board

Quebecor World and President and CEO of Arriscraft International. • Matt Kaplan, former President and CEO of KapStone Paper & Packaging, which he co-founded with Rog- er Stone. Under his leadership, KapStone grew into a leading North American producer of containerboard, corrugated products and specialty papers, evolving into a large publicly traded packaging platform before its approximately $4.9 billion acquisition by WestRock. He brings extensive experience in packaging industry consolidation and strategic acquisitions. • Jose Maria Rodriguez Meis, President and COO of GPA Global. Previously, he held multiple senior leadership roles at International Paper, overseeing packaging businesses ranging from approximately $5 million to $2.7 billion in revenue, including serving as General Manager of Latin America Packaging and Area Vice President & General Manager of the U.S. Packaging Platform. • Mark Wilde, one of the packaging and paper industry’s longest tenured Wall Street analysts, with more than 30 years covering paper, packaging and forest products. He is currently Senior Advisor at McKinsey & Company and previously served on the Board of Directors of Syl- vamo as well as Managing Director at BMO and Deut- sche Bank. “As Key Container continues to grow, we're committed CONTINUED ON PAGE 14

Pawtucket, Rhode Island based Key Container Corpora- tion, a leading corrugated box manufacturer in New En- gland, has announced the formation of its advisory board, bringing together four packaging industry experts to pro- vide strategic guidance that will help the company better meet evolving customer needs while supporting its next phase of growth. The announcement builds on the company's continued momentum following Altamont Capital Partners' invest- ment in Key Container earlier this year. Through its partnership with Altamont, Key Container looks to accelerate its growth strategy, working alongside the firm's operational and investment professionals to build a scaled corrugated packaging platform focused on serving customers through strategic expansion and oper- ational excellence. The Advisory Board Includes: • Dave Boles, former President and Vice Chairman of Atlantic Packaging Products, where he managed the company's successful expansion into the U.S. market and drove sustained, meaningful growth. His experi- ence spans commercial strategy, operations and busi- ness transformation within the global packaging indus- try including serving as former North America COO of

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PPC Announces Finalists For 2026 Student Design Challenge What does the next generation of packaging designers envision for the future of paperboard packaging? This fall, three student teams will have the opportunity to show the industry. The Paperboard Packaging Alliance (PPA), a joint initia- tive of the American Forest & Paper Association (AF&PA) and PPC, has announced the finalists of its 2026 Student Design Challenge. The annual competition gives college students the op- portunity to apply their classroom learning to a real-world packaging challenge, combining creativity, structural de- sign, sustainability, and the practical demands of bringing a package to life. Meet The 2026 Finalists This year’s finalists are: • Dāt — California Polytechnic State University • Tempus — California Polytechnic State University • Pacha Cacao — Rochester Institute of Technology For the 2026 challenge, students were asked to create an influencer PR box for a new luxury confectionery brand. Their designs needed to do more than simply contain and protect the product. Students were challenged to use pa- per-based packaging to create an engaging, memorable

Key Container (CONT’D FROM PAGE 12)

to building a business that delivers exceptional value for our customers and partners,” said Billy Medof, Executive Chairman of Key Container. “The collective experience of our four advisory board members will be invaluable as we continue expanding our platform, identifying new oppor- tunities and strengthening our position in the corrugated packaging market.” Members of the Advisory Board will work alongside the Key Container Board of Directors, which includes Mark Burgess and Tonya Kowa-Morelli. Burgess is CEO of Maus- er Packaging solutions and a global packaging executive with a proven track record of scaling and exiting leading packaging platforms, and Kowa-Morelli was previously President and COO of Huston Patterson/Lewisburg Print- ing and is an experienced family-owned packaging opera- tor with expertise in integration, operations and organiza- tional development. The Advisory Board will also work closely with Key Container's leadership team and Altamont to provide stra- tegic guidance as the company continues building its cor- rugated packaging platform. Members will support value creation by facilitating introductions to new business op- portunities, customers, suppliers and industry talent, while sharing competitive and operational insights to inform key business decisions. Visit: keycontainercorp.com .

CONTINUED ON PAGE 16

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unboxing experience worthy of a premium brand. “The Student Design Challenge pushes students across North America to reimagine packaging through a sustainability lens,” said Heidi Brock, President and CEO of AF&PA. “It connects classroom learning with real-world innovation, transforming creative ideas into recyclable, pa- per-based solutions.” From The Classroom To The Industry Stage The competition culminates at PPC’s 2026 Fall Meet- ing, September 30–October 2 in Orlando, where the final-

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ist teams will present their designs live before folding car- ton manufacturers, executives, and other industry leaders from across North America. For the students, the experience offers something that goes well beyond the competition itself: direct exposure to the people and companies shaping the industry they may soon enter. “One of the most inspiring moments of our PPC Fall Meeting is watching the next generation take the main stage to present their work to an audience of industry leaders and potential future employers,” said Emily Leon- czyk, President of PPC. “What makes this opportunity so meaningful is the two- way dialogue. Students engage directly with manufac- turers, executives, and innovators, while our industry has the opportunity to celebrate their creativity, listen to fresh perspectives, and better understand how we can attract, inspire, and develop the next generation of talent.” Celebrating The Next Generation Of Packaging Talent The stakes are significant. The first-place team will re- ceive $10,500, with an additional $10,000 awarded to its school. Second- and third-place teams will also receive cash prizes. Winners will be announced at PPC's Fall Meet- ing in Orlando, September 30-October 2. But the broader value of the Student Design Challenge is the connection it creates between education and indus- try. Students gain firsthand experience solving the struc- tural, sustainability, branding, and consumer-experience challenges that packaging professionals encounter every day. At the same time, the industry gets an early look at the creativity and perspectives of emerging talent. “We look forward to welcoming these outstanding fi- nalists to Orlando this fall and showcasing them alongside the leaders shaping the future of paperboard packaging,” Leonczyk said.

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Industry Articles ( May be hiding in plain view )

If spotted in your organization, approach with extreme excitement and report to BCN immediately!

Share the story of your company’s success with an ARTICLE in Board Converting News. The corrugated and folding carton industries are waiting! Brand Owners, Converters & Decision-Makers READ BCN Don’t keep it a secret! Articles generate leads for converters and suppliers!

Len Prazych at 518-366-9017 lprazych@nvpublications.com

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Stafford Corrugated Products Expands NC Facility

company supplies consumable and replacement parts, machine upgrades and services, and technical support to box plants throughout the country. Stafford’s core product line includes die cutting sup- plies, doctor blades, Flexo Cleaner and end seals, feed wheels, no-crush wheels and a complete line of RODICUT Die Cut Anvil Covers - the largest inventory of anvil covers

Indian Trail, North Carolina-based Stafford Corrugated Products has broken ground on an 18,000-square-foot ex- pansion to its recently opened facility.

In 2022, Stafford commissioned a new 50,000-square- foot facility encompassing its executive offices, manufac- turing operations and warehousing. The latest expansion will provide additional space to better serve customers. The added space will allow Stafford to carry even more in- ventory. Greater inventory equals greater availability, and our customers are the beneficiaries. Founder and President Tony D’Aprile says: “No one has our customers covered better than Stafford Corrugated!” The new addition reflects Stafford’s continued focus on reliability and service to the corrugated industry. The

in the U.S.. including industry leading green and orange Rodicut anvils as well as the new red Policart anvils. Stafford regularly stocks an average of 25,000 anvils and expects to increase that inventory to 40,000 with the new expansion. Male and female slotter knives are also available for all makes of machinery. The company’s upgrade and service offerings include SHOK BLOK Glue Tab Systems, rotary die cylinder resto- rations and complete reconditioning of free-wheeling die cut anvil systems. For more information, visit www.go2stafford.com .

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Koenig & Bauer (US/CA) Names New Sales Manager for Digital & Webfed Koenig & Bauer (US/CA) has announced the addition of Justin Green in a new role as sales manager for the firm’s digital and webfed machinery. He will be representing the

sales manager, director of sales, and director of flexible packaging. “I’m honored to be joining Koenig & Bauer as its new sales manager for digital & webfed products,” says Green. “Koenig & Bauer has such an incredible legacy of inno- vation and deep commitment to its customers. In this new role, I look forward to expanding the firm’s footprint in packaging printing by delivering Koenig & Bauer's cut- ting-edge technology and its commitment to being a trust- ed advisor to its clients and partners.” Green brings executive expertise in various areas, in- cluding direct sales, sales processes, sales management, account management, key account management, busi- ness development, channel partnerships, and product management. His education includes a master’s degree from Clemson University in graphic communication, a bachelor’s degree in graphic communication from Chow- an University, and an associates degree in print produc- tion & imaging technology from Central Piedmont Com- munity College. Green is a well-known presence within the industry for his leadership among many notable associations. These include chairperson of the Flexographic Technical Associ- ation Sustainability Committee, a member of the Flexible Packaging Association Emerging Leadership Council, and an international speaker on flexographic plates, workflow, and sustainability. Visit: koenig-bauer-celmacch.com .

firm’s important digital and flexo prod- ucts including the new XD Pro CI flexo press, as well as Koenig & Bauer’s dig- ital inkjet web press portfolio. “We welcome Justin to our Koenig & Bauer family,” says Jeff Dietz, senior vice president of sales at Koenig &

Justin Green

Bauer (US/CA). “His deep experience and understanding of these two critical areas within our company will allow us to continue our strong relationships with our current customers while expanding into new markets. He will be working closely with Preston Neetzel and our entire sales and service team demonstrating our commitment and will- ingness to grow and support existing and new customers.” With over 15 years of experience as a sales profes- sional and knowledgeable technical expert in the flexible packaging and label printing industry, Green has consis- tently assisted clients in identifying optimal solutions for their printing and converting requirements. He has con- sistently progressed forward into positions with increased responsibilities at previous employers and titles as digital

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Succession Planning (CONT’D FROM PAGE 1)

Plan Ahead How did that approach work in the case of Henry and Steven? We’ll reveal the answer later in this article. First, though, let’s cover the lessons learned from the story. Foremost among them is the importance of moving the succession topic off the back burner. “The biggest mistake family businesses make is not proactively bringing the next generation into conver- sations about who will take over the reins of leadership before they really have to,” said Tim Vorhoff, Senior Vice President of CreoValo, a merger and acquisition advisory ( creovalo.com ). “That’s an easy trap to fall into when you get caught up in the daily tasks of running a business.”

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The result is a company with operations entirely depen- dent on one person. “Too many family businesses fall into the habit of operating completely through the owner,” said Joe Anto, Managing Director at PCE Investment Bankers ( pcecompanies.com ). “That individual maintains all the relationships with customers and vendors.” When an un- expected event throws a monkey wrench into operations, the result can threaten business survival. “The most common unexpected disasters in business are what I call the five Ds: death, divorce, disability, dis- agreement, and displacement,” said Vorhoff. “The last re- fers to such things as sudden shifts in the market, or the loss of a long-term lease.” When there’s no obvious person to take charge at the onset of such an event, the result can be deteriorating customer support, lower employee morale, and a resulting nosedive in financial performance. In the worst-case sce- nario, the family will be forced to sell the business—often at a fire sale price because of the need to raise cash for in- heritance taxes. Buyers, too, will be reluctant to purchase a rudderless operation with no visible leadership in place. Start Early Adequate preparation takes time. “Family businesses often think of a transition as the passing of a baton in a race,” said Devin DeCiantis, Managing Partner at Lansberg Gersick Advisors ( lga.global ). “In their imagination, one person is slowing down and another is speeding up. At a singular moment in time there is a tradeoff and the busi- ness is off to the races with a new leader.”

Follow Board Converting News on LinkedIn and Facebook to get the most current news and information for the corrugated and folding carton industries.

Len Prazych at 518-366-9017 lprazych@nvpublications.com

CONTINUED ON PAGE 24

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Succession Planning (CONT’D FROM PAGE 22)

suggests avoiding misunderstandings down the road by establishing ground rules for family participation, includ- ing pay and performance expectations. “Will you bring in a family member only when a position is available, or will a job be created for them? Will you treat them differently from other job applicants by making it easier or harder for them to be employed? How will they be paid and how will they be fired if they don’t perform to standards?” Too often, families avoid addressing such questions, laying the groundwork for arguments among siblings down the road, as well as resentments among the compa- ny’s nonfamily personnel. Address Interests The second most common error is putting kids in the wrong roles, said Vorhoff. “You need to figure out where each individual thrives. What type of work do they do ex- ceptionally well? How can you put them in roles where they're happy with what they’re doing, as opposed to those that you need filled?” Maybe Sam has an analytical mind and likes working with numbers. Linda, on the other hand, wants to avoid cli- ent-facing duties. Joe may be more comfortable in sales. It’s important to utilize each person where their skills and desires are appropriate. “We find that often one sibling will be placed in charge of operations, another of sales, and another of controlling and accounting,” said Vorhoff. Absent honest conversations, unrealistic expectations

The reality is that succession is a marathon, not a sprint. And it’s a journey that is best started well in advance of the actual moment of power transfer. “Future leaders need time to incubate,” said DeCitanis. “They need to absorb not just the expertise relevant to the particular enterprise, but also the leadership skills and social capital necessary to be effective in the role.”

For their part, the retiring generation wants to know their baby will be managed well, noted Amy Wirtz, Senior Consultant at the Family Business Consulting Group ( thef- bcg.com ). “Trust needs to be built in the incoming lead- ership team. The idea is to gradually scale up the next leaders so they are seen as able to meet the needs of the business when a transfer is required.” Expertise is required, but so is accountability. Wirtz

CONTINUED ON PAGE 26

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skills with customers and vendors. “When the transition takes place you don’t want the new CEO to be saying hello to key individuals for the first time,” said Anto. Share The Burden Suppose two or more siblings seem equally qualified for the CEO role. Can they share the top job? “Co-presidencies happen more often than I ever thought possible when I entered this field,” said Wirtz. “Sometimes it works and sometimes it's a disaster.” Success and failure, added Wirtz, often hinges on care- ful preparation. “A co-presidency can succeed when there are very defined roles and responsibilities for each party, and understandable definitions of success.” The siblings must also be willing to work together and have a history of doing so. In contrast, if there’s already a kind of long-stand- ing rivalry among the siblings, sharing the reins of power can lead to conflict and costly misunderstandings. A cooperative management dynamic may come about even without a formal designation of a co-presidency, not- ed Wirtz. “Maybe Andrew stays heavily involved in sales while Elizabeth ends up as his right-hand person, handling the requisite data analysis.” Whatever the nature of the final decision about who will fill the top role, an active and carefully selected team of advisers can be an invaluable assist. “At the time of tran- sition, the company’s retiring executives might move into positions on the board of directors,” noted Vorhoff. “That

can create tensions that threaten to scuttle the family busi- ness survival plan. “We tend to make up stories about what we think someone else is thinking,” said Kevin D. Quinn, President of Legacy Counsellors ( legacycounsellors.com ). “Mom and Dad might be saying, ‘Our oldest son's going to be devastated if we tell him we really think his young- er sister is more suited for the role of president.’ On the contrary, their son might welcome being relieved of the responsibility of running the company because he finds the required work overwhelming or uninspiring.” When multiple siblings are involved, the more success- ful transitions are characterized by equitable rather than equal dynamics. “Fair treatment takes into account each person’s track record with the business,” said John Frank, CEO of Third Road Management, a fractional financial ser- vices firm ( thirdroadmgmt.com ). “Maybe one sibling has sweated it out for the company every single day for the last 20 years, while another has never worked a day in their life. Succession decisions should recognize these disparate histories.” The business should ensure that the sibling chosen for the CEO role has ample opportunity to learn the parts of the business they have not yet been involved in. Maybe they already have a fairly senior role in sales, for example, but they need to get a good handle in operations and ful- fillment. Too, the nascent CEO must be given time to hone

CONTINUED ON PAGE 28

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Henry and Steven Now let’s return to our opening story. Brothers Henry and Steven were thinking of leaving the family business because father George was reluctant to move on. What was the solution? By having a private conversa- tion with George, Brownell found that the patriarch was afraid of losing control over an operation he had spent a lifetime building. On the other hand, conversations with the brothers uncovered a different mindset: They were largely concerned about finances, wanting some payback for the years they had spent with the company and some recognition of their accumulated expertise. The solution was to create a new ownership structure. “We moved Dad from 100 percent stock ownership to 10 percent, assigning him Class A shares having 90 votes each,” said Brownell. “The sons received 90 percent stock ownership with Class B shares having one vote each.” Dad retained much of his control since he could outvote the sons on major initiatives. The sons received the financial benefits of healthy dividend distributions, while enjoying the career development advantages of being the face of the business to customers, banks and investors. “When George was finally convinced after three or four years that his sons could run the business, he was will- ing to gift the last 10 percent of stock to the kids,” said Brownell. “Then he took a paid position on the board so he could provide strategic oversight and budgeting.” The

allows them to collaborate and provide critical insights while the primary responsibility for running the company shifts to the next generation.” Pinch Hitters Suppose two siblings are eager to take over the top job, but neither seems completely prepared for the role. In such cases, a non-family executive, called an interim man- ager, may take the company reins until the next genera- tion is ready. “A temporary CEO might carry the company for a number of years while helping the next generation evolve,” said Frank. An interim manager is to be distinguished from a frac- tional manager. While the former fills the gap between the departure of an executive and the arrival of another, the latter works on a part-time basis for an extended period of time, commonly at from one to five different businesses. A fractional manager might be just the thing for a family business not yet large enough to hire a full-time executive for one of the top slots, or if the next generation requires additional training. “It often happens that the founders have passed along institutional knowledge to the next generation, but skills in a certain area, say finance, may not be present,” said Frank. “A fractional CFO might step in and conduct the re- quired duties while helping train the sibling who will even- tually move into that position.”

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Succession Planning (CONT’D FROM PAGE 28)

Board Converting NEWS INTERNET DIRECTORY

sons appreciated their father’s knowledge about the in- dustry and his trusted relationships with customers, and the father appreciated a continuing opportunity for intel- lectual stimulation and company involvement. As our story of Henry and Steven suggests, costly dis- ruptions in the family business dynamic can be avoided by assessing the skills and desires of each sibling and em- ploying that knowledge to plan for their productive role in the company. An early start on a transition plan will obviate a crisis situation that threatens business survival, while al- lowing enough breathing space to grapple with unantici- pated crimps in the family dynamic. In the final analysis, transition planning is more an art than a science. “I wish there were a magic wand we could wave and guarantee that if families did these five things the future would unfold in just the way they had predicted,” said DeCiantis. “In our experience, though, that rarely if ever happens. In fact, the best we can hope for is to put in place some policies and systems that will enhance the possibilities of multi-generational success.” How prepared is your family business for leadership succession? Here are some questions to consider in order to gain clarity around your unique situation. • Have we begun discussing leadership succession well before anyone plans to retire? • Have we identified the strengths, interests, and lead- ership potential of each family member involved in the business? • Are future leaders receiving greater management re- sponsibilities and decision-making authority? • Do we have written policies governing the employ- ment, compensation, and performance expectations of family members? • Have we developed contingency plans for unexpected events such as illness, disability, death, or family dis- agreements? • Have key customer, vendor, and financial relationships been shared with the next generation rather than re- maining with a single owner? • Have we considered whether outside advisers, board members, interim executives, or fractional managers could strengthen our transition plan? • Have we openly discussed expectations so everyone understands why specific roles are being assigned? • Does our succession plan emphasize fairness based on experience and contribution? Phillip M. Perry is an

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