06: Succession and Innovation as 6th Gen Entrepreneur with Michael Schoedinger and Jill Hofmans

On this episode, Laurie Barkman was joined by Michael Schoedinger, President of Schoedinger Funeral and Cremation Service, a 6th generation company; and Jill Hofmans, Executive Director of The Conway Center for Family Business in Columbus, Ohio.

Some takeaways:

- It’s never too early to start succession planning. Succession is going to happen and the process can take 3-7 years to put everything into place.

- Leadership succession and financial succession are equally important, but totally different from a succession perspective.

- The succession journey regarding relationships and authority is the hardest part, especially if you have to fire your grandpa.

- Look for opportunities to innovate when there’s a market opportunity to build upon your legacy business.

Show Links:

Jill Hofmans LinkedIn

The Conway Center for Family Business

Michael Schoedinger LinkedIn

Schoedinger Funeral and Cremation Service

YPO Young Presidents Organization

Grantor Retained Annuity Trust (GRAT) 

Recorded on SquadCast.fm