Issue link: https://read.dmtmag.com/i/585738
23 Oil Prophets "I can't get the old man out from behind the desk." "I am not sure my son/daughter has the skills necessary to run this business." As an association primarily representing family businesses, these types of comments are often heard. Successfully transitioning a family business to the next generation presents one of the more important and unique challenges many P&CMA members will face. Having the necessary family dynamic in place; having the business in a healthy position so that the transfer has the most chance of being successful; and perhaps most importantly, ensuring that those letting go of the reins, as well as those taking the reins, are mentally prepared for the changes ahead are of upmost importance. Recently a task force of P&CMA members met in Montgomery to discuss the idea of the association forming a "NextGen Learning Group." Consisting of both a Legacy (parent) and NextGen (children) component, this group would require a three year commitment to ongoing learning in a "peer to peer" learning environment. The group heard from facilitator Dr. Jan Flynn; Mr. Jim Moody, Executive Director of the Construction Suppliers Association; and Ms. Ida Ross (Swift) Hicks from Swift Lumber in Atmore, AL, all of whom have either lead or participated in NextGen learning groups over the past seven years. This session was not designed to provide details, but instead to allow the task force to offer input and suggestions as to whether or not this type of group would be beneficial to P&CMA members. Following the half- day presentation it was clear this was an idea the association should pursue. Watch for information in early 2016 about how your family might participate in a "NextGen" learning group. "NextGen" Taskforce Meets in Montgomery 23 Oil Prophets