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