In this episode of The Small Biz Ahead Podcast, host Gene Marks speaks with Karla Trotman, MBA, President and Chief Executive Officer of Electro Soft, Incorporated (ESI) to discuss how she became the CEO of the manufacturing company her family founded and her key takeaways from the succession planning process. Karla also shares with business owners how her family reached a final agreement and how they utilized a third party to help them do so.

Chapters:
00:00 Introduction
00:40 Founding of Electro Soft
03:43 Succession planning process
09:43 Third party assistance with succession planning
10:20 Family dynamics and succession agreements
15:41 Karla’s family reaching an agreement
17:52 Determining a purchase price and final agreements
21:28 Transitioning CEOs, company culture and leadership styles
27:15 Benefits of organizational consultants
29:07 Closing thoughts

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The Small Biz Ahead podcast is dedicated to helping small business owners succeed. Each episode focuses on specific topics that can help you bring your small business to the next level. Gene Marks, an author and business owner, offers insight on how to make your business more efficient with tips, interviews and conversations with business owners and thought leaders.

The views and opinions expressed on this podcast are for informational purposes only, and solely those of the podcast participants, contributors, and guests, and do not constitute an endorsement by or necessarily represent the views of The Hartford or its affiliates.

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