October 18, 2017
The Detroit Athletic Club
"Next Gen" Panel: Developing Entrepreneurs in Every Generation.
- Adam Blanck, Chief of Staff, Wallside Windows.
- Kevin Coffman, President, Champion Screw Machine Engineering, Inc.
- Jennifer Jackson, Vice President of Development, Hungry Howie's Pizza, Inc.
- Duncan Smith, Vice President of Operations, All Star Services.
Break-out discussion groups and report-outs
NOTES FROM SMALL GROUP DISCUSSIONS
Next Gens: Entrepreneurs, Innovators and Reinventors
From the EY Global
Survey of the World’s Largest Family Businesses -- Staying power: how do family businesses create lasting success? “Family businesses and their leaders are the
ultimate entrepreneurs. They must continually innovate to grow and pass on a thriving business from one generation to the next. Our survey demonstrates how this entrepreneurial thinking across
generations results in business success and strong family ties.”
Stories of Next Gen Entrepreneurs, Innovators and Reinventors
- Trying it your own way to save
- Getting everyone on-board to understand the
- Using it to full potential.
- Resistance but being forceful.
- Educate and be patient.
- Open mind – force them to see the
- Consistent message.
- Have a plan – communication.
- Clear expectations.
- Clear vision/goals/company
- Direction of industry
- Technology; online; data.
- Proactive change to business
- Order fulfillment process
- Knowledge from prior work.
- CRM system.
- Increase efficiencies and
- Lesson: success in “change” starts at the
- Tenured employees.
- “Why do we need to re-invent?”
Family Businesses Develop Next Gens as Entrepreneurs, Innovators and Reinventors?
- Interests lead to ideas.
- Other employees
- Outside training.
- Cultural: explore outside business
- Work first outside the family
- Control bleeding with “hats.”
- Trust decision-making.
- Don’t undermine through other
the Senior Generation Help (or Hinder) this Development?
- Senior generation needs to get out of the way.
Loosen reins. Delegate.
- Teach decision making process – and then be
- Let next gen get involved in
- Be open minded – don’t limit because of age or
- Allow next gens to make mistake – and improve
- Executive coach.