At TempWorks I’ve seen the passing of the baton take place at staffing companies many times, usually from father to son or from founder to COO, but not always with the best of results.
Nevertheless, success stories are there. My Dad for example passed control of our family’s staffing company to my brother Mike with great success. A client in Wisconsin passed ownership to the COO in a buyout that saw the company flourish into a powerful regional player.
I’ve written in the past about my son David and the phenomenal growth at TempWorks over the last several years, but few outside the company understand the important role that Maria, my daughter who is even younger than David, has played in the process.
Maria has single-handedly rewritten the accounting modules that I wrote and that my father wrote before me. Her innovations played a big part in the conversion to TempWorks of a public bank earlier this month. She is not just a coder though. Unlike me, she organizes like Jennifer Lopez in the Wedding Planner and now oversees our back office payroll processing and funding operations.
Maria is married to Michael Bracy, a very familiar figure to TempWorks clients. Bracy, who goes by his last name, has been travelling the country doing implementations for us and now manages our multi-tenant implementations. His winning personality would do Dale Carnegie proud, and my wife and I couldn’t be happier for Maria.
At the end of the day there is no magic formula. The best planning can result in ruin and shooting-from-the-hip succession-management as I’ve largely done can turn out great.
Nevertheless, staffing companies that carefully plan succession as my father did with his company are going to enjoy the best chance of success.