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Editor's Note: This is the third article in a series on professional development opportunities for potential family business successors. The first article considered the value of outside experience, discussing career paths inside and outside of the family business; the second discussed the importance of onboarding. This article addresses individual development planning based on a potential successor’s strengths, weaknesses, opportunities and threats.

Liam Stevens was third generation in the Stevens Corporation, started by his grandfather and expanded by his father, and located in a small upstate New York town. They invented the narrow isle forklifts used in most warehouses. At a recent family business conference, I heard him tell the story of his family business being sold, 3 times in total. The first two involved the Stevens Corporation going public, and then going private to BT Technologies.


Published in the March/April 2019 issue of Shoe Retailing Today, Copyright © 2019, National Shoe Retailers Association, Tucson, AZ, All rights reserved

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