Industrial Talk is chatting with Troy Roberts, CEO at Beanstalk Collaborative Community Wealth about “The needed tools to Navigating the journey of industrial succession planning”. The following is a summary of our conversation:
- Succession planning in industrial businesses with Troy Roberts. 0:03
- Scott Mackenzie welcomes listeners to Industrial Talk and thanks them for their support, emphasizing the importance of education, collaboration, and innovation in the industrial world.
- Troy Roberts joins the podcast to discuss succession planning from an industrial perspective, sharing valuable insights and advice.
- Scott MacKenzie highlights the value of Industrial Talk, a platform with valuable insights and resources for industrial professionals.
- Troy Roberts joins the show to discuss strategies for succession planning in manufacturing and industrial businesses.
- Succession planning for small businesses in the manufacturing industry. 5:39
- Troy, CEO of a company Beanstalk Collaborative Community Wealth, discusses succession planning for small businesses in the manufacturing industry.
- Troy highlights the importance of succession planning for business owners, as they often struggle to balance running the business with planning for its future.
- Examples of succession planning include passing the business to family members or partners, developing employees to succeed the business, or selling it to a strategic buyer.
- Succession planning for small businesses. 10:19
- Troy emphasizes the importance of planning ahead for business succession, suggesting a 5-10 year timeline for preparation.
- Sellers must assess buyer's capability and risk appetite before transferring business.
- Troy discusses challenges with internal succession planning, including managing risk and finding financing options.
- Scott MacKenzie agrees and suggests starting the process early to avoid potential roadblocks.
- Buying and selling businesses with a focus on employee development. 17:09
- Troy discusses the importance of developing a good management team to increase the value of a business before selling it.
- Troy provides an example of a company they acquired in St. Paul, Minnesota, which grew from $4 million in sales to $5 million in sales after the sellers promoted two employees to leadership positions.
- Strategic buyers prioritize maintaining the seller's legacy and investing in employees for long-term growth.
- Acquiring and partnering with small to medium-sized plastic injection molding companies. 21:36
- Scott MacKenzie and his partners are strategic buyers in the injection molding industry, looking to acquire businesses and work with the sellers to grow the company over 10 years.
- Tom Hoffer, one of the partners, is a consultant for the company and helps approach other injection molded builders as a potential partner, offering a 10-year growth plan.
- Troy is evolving Beanstalk to help smaller businesses in succession planning and financial literacy by leveraging their experience and network in the American mold Builders Association.
- Troy is actively networking and educating members of the association, including those with sales
