How to Successfully Transfer a Family-Owned Business
Transitioning a business successfully is an inherently challenging process – but it can be made even more difficult when you throw a dash of family in the mix.
That’s the topic for this episode of Like It’s Your Job, a podcast by The Shields Group. Hosts Matt and David Shields invited Eric Beichler, Managing Principal, Mohr Partners, to the show to discuss the challenges surrounding the transfer of a family-owned business.
Beichler has firsthand experience with these situations, as he recently took part in the transition of Mohr Partners, which was previously owned by Bob Mohr. The company went through the management buyout process, giving the hosts and Beichler a chance to explore what makes those specific cases unique.
The trio also dove into how companies can rebrand and pivot in a way that both ensures a clean transition to the new owners’ vision and mission, yet also ensures stability.
“When we went through the management buyout, we started to run the company a little differently than when we were running it, truly, as a family-owned business,” Beichler said. “There are benefits of both, but, when you transition like that, I had to make some alterations on, ‘Who are my new partners? Who are my new shareholders?’
“It’s that collaboration that’s really important.”
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