CI Premium: How To Properly Plan for Business Succession
There’s not always a child to become the next leader of your company. How you pass the baton — and to whom it’s passed — can determine the success of the business for generations.
About eight months before Crestron Electronics founder George Feldstein died in November, he stepped away from day-to-day control of the company he founded 45 years ago, and turned control over to Randy Klein, who was named CEO.
As part of Feldstein’s decision, he elevated his son Dan to vice chairman and COO.
In the weeks that followed Feldstein’s death, the succession plan he set in motion was viewed as another master stroke for the family-owned company that revolutionized the industry since he started it 45 years ago.
“When you have one driving force, like Crestron had with George, there’s always a possibility of some sort of drift after he’s gone, but it’s good that he stepped aside because that gave [Klein and Dan Feldstein] the opportunity to lead the company before they needed to,” noted Dawn Meade of Net-AV during a discussion on AV Nation’s “AV Week” shortly after Feldstein’s death.
Among commercial integrators, there are some shining examples of effective succession plans too. Examining how they came about can provide integrators some insights and thoughts about how they too can prepare for the future.
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