News & Events

Don’t Let Your Company’s Succession Plan Go Down the Drain.

One of the most critical aspects of creating a succession plan is not only the transfer of control over a company, but the transfer of knowledge within the company. Without effective knowledge management plans, many manufacturers and distributors are losing valuable knowledge as owners and workers retire.

Manufacturing Newsletter Fall 11 14This “brain drain” has become increasing problematic for the manufacturing and distribution industries as many owners, top management and skilled workers (engineers and toolmakers) in these industries are members of the Baby Boomer generation and in many cases 15 to 20 years older than their potential successors. The loss of these individuals’ knowledge and experience can be devastating to a company, resulting in lost profits and customers taking years to recover. [read more]