CEO OFFERS SUCCESSION PLANNING TIPS FOR FAMILY-RUN BUSINESS
Michael Cadden Troy Strategizes Towards a Seamless Management Transition
One of the greatest challenges for a small business or family-run enterprise is preparing for the next generation of management to take the helm and ensure the company’s vitality. For nearly three decades, Michael Cadden Troy, CEO and founder of Troy Container Line, has been cultivating its next generation of leaders.
Below are tips from Troy that explain how to seamlessly transition a family-run business to a new generation of leaders without disruption to work flow:
- Plan for the ‘what-ifs.’ What if someone does not show up for work? What if something happens to the CEO? What if the economy falls into recession? Founded more than 28 years ago, Troy Container Line identifies its ‘what-ifs’ on a daily basis. These are questions that must be addressed at every stage of business, from its infancy through its succession.
- Seek career-oriented staff. In lieu of hiring 9-to-5 employees, recruit people who are motivated to bring something to the table that the CEO does not. This hiring policy will ensure employee turnover remains low and makes it easier to identify managerial candidates and future leaders.
- Cross-train managers. A CEO cannot ask someone to do something that s/he has not done. Having a thorough understanding of the intricacies of each department gives managers the tools necessary to understand the individual functions of what should be a well-oiled machine. Every manager at Troy Container Line is mandated to have the knowledge of his or her department in its entirety and work every job in it for a period of time. In addition, managers are trained to work in nearly all of the company departments and are capable of performing all of the necessary functions in every division. Even though the company outsources items such as payroll services and insurance, all managers are taught to perform each of these tasks in case of an emergency.
- Invest in leadership training and foster ownership of company policies and initiatives. Taking the time necessary to train management properly is essential to the development of confident, well-equipped leaders. Troy Container Line’s management team meets with CEO Michael Cadden Troy regularly to discuss company-wide I.T. needs and managers have 100 percent say in the design of our programs.
To learn more about CEO Michael Cadden Troy or Troy Container Line, please visit www.TroyLines.com.
About Troy Container Line
Founded in 1984 as a Non-Vessel Operating Common Carrier, Troy has become one of the largest companies in its industry. From 21 strategically placed warehouses, Troy Container Line serves the needs of thousands of customers with 700 destinations on six continents. Since its inception, founder Michael Troy realized the level of service his company, as an NVOCC, could provide individual shippers over that of steamship lines. For the past 28 years, this has become the driving force behind every facet of Troy Container Line’s operations. This is exemplified in the company’s mission statement, which is to provide the ultimate in personalized customer service. Please visit www.TroyLines.com or call 1-800-331-0058 for additional information.