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Handing Over The Keys To A Material Handling Distributorship
Albert Stohr Jr. gives some tips about succession planning at a caster company.
Albert Stohr Sr. started Conveyer & Caster in 1961. In 1963 he fell ill, and his son, Albert Stohr Jr., was forced to take over the company at the age of 23. Now, as the company enters its 50th year, Stohr Jr. offers some advice for succession planning in a material handling company.
“I’m a firm believer that you have to experience self-made success,” says Stohr. “Nothing is more important; I feared that just hiring my sons and eventually giving them the business would lead, ultimately, to failure.” Stohr decided that his sons, Jeff and Trevor, would have to graduate college and work successfully for another company for three to five years before he would hire them.
“When they joined the firm, I made it clear that they were just the same as everyone else. If they didn’t pull their weight, they’d get fired,” Stohr told them. “Sometimes it was hard, being a dad and a boss. I wanted to help them. As a father I should, but as a boss I shouldn’t. It really tore me up sometimes but I’m glad I made the decisions that I did.”
That hard-line strategy paid off and in 2003, Jeff and Trevor took over the company. To learn more, read the full article, titled “Handing Over the Keys,” on The MHEDA Journal Online http://www.themhedajournal.org/
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Founded in 1954, the Material Handling Equipment Distributors Association (MHEDA) is the premier source for manufacturing knowledge, education and networking. Through its member journals (www.TheMhedaJournal.org)