A Father and Daughter Talk about How Their Family Business Successfully Managed Succession | Meghan & Dave Juday | Episode 031

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Theme: A Father and Daughter Discuss Succession

Summary: Meghan Juday and Dave Juday discuss the lessons learned from focusing on succession in a deliberate and thoughtful way.

Featured Guest: Meghan Juday, family council chair and board member of Ideal Industries, family business consultant, and director of the family business center at St. Joseph’s University. Dave Juday: Retired 3rd generation chairman of Ideal Industries

Key Quotes:

  • Dave: “The trick is not to not make mistakes; the trick is to recover with alacrity.”
  • Dave: “We had to talk very specifically about managing the transition not only of management, but also of the family, the board of directors, and ownership. We went through a pretty elaborate process. We discovered that these were tough transitions, and we had to change our outlook a number of times.”
  • Meghan: We had very open conflict…and no process for dealing with it. Most of what we’ve done with family governance has been learning how to deal with open conflict. One branch of the family was asking questions we hadn’t considered-really good questions. They brought huge value to the discussion. It took six years of full time work, but it was well worth it.”

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