Issue link: http://read.dmtmag.com/i/146868
Best Practices for them to find their own way. For a succession plan to work Archer believes it must be nonconfrontational and done in total agreement. "It has to be a win-win situation for both the outgoing generation and the incoming generation. It takes some process work on both sides to gain agreement." Begin Early According to Hampton, one common problem among businesses is that they don't start thinking about a succession plan early enough. "The process of generational continuity takes years," she said. "You should start working on it 10 years before you think about getting ready to retire. People don't want to think about it that far ahead." Business succession is a complicated process involving business, ownership and family issues that can take years to resolve. This is especially true if there are many family members whose interests must be considered. Since Peter M. Holt took over the business in 1984, the company has gone from being the smallest Caterpillar dealer in the world, to the largest in the U.S. HOLT CAT currently employs more than 2,000 people throughout Texas and Arkansas. In addition to the Texas Caterpillar dealership, the company owns Holt Crane and Equipment, an authorized dealer of LinkBelt Cranes, and Holt AgriBusiness, which represents Challenger farm equipment and Lexion Combines in portions of Texas and Arkansas. Many challenges lie ahead for the fifth generation leaders. They joined the company at a time of tremendous growth. HOLT CAT plans to open an additional 10 facilities throughout Texas in the next three to four years, and the new leaders have a big responsibility in making that a success. While Corinna and Peter have committed themselves to doing what they need to do to prepare for future ownership, the timetable for ownership transfer at this point isn't finalized. "Ultimately it is up to all the stakeholders involved, especially the current owners, Caterpillar and all the brands we represent," said Peter John. And while Peter M. Holt has provided his children with the training and support needed to succeed, perhaps the greatest gift to these future owners is a strong company culture nurtured by practicing its mission, vision and values, day-in and day-out. n A RETURN ON INVESTMENT SHOULDN'T INCLUDE your kid moving back in with you after college. Are you looking for a sweet ride that just screams OCD? Get a load of this. From sidewalks to stadiums, the Sweepmaster 400 is one mean cleaning machine that never backs downfrom a good mess. Visit www.laymor.com or call 800.323.0135. August 2013 | Construction Equipment Distribution | www.cedmag.com | 51 48_Best_Practices_Feature_KP.indd 51 7/25/13 12:58 PM