Specialty Fabrics Review March 2020 - 55

REGISTER
KEEPING THE FAMILY BUSINESS ALIVE BY
TEACHING FUTURE GENERATIONS THE
SACRIFICES, THE VALUES AND THE CULTURE
OF THE FOUNDER'S GENERATION WILL INSTILL
PRINCIPLES OF STEWARDSHIP.

Grow Your

RICHARD SEAMAN, SEAMAN CORP.

As the company grew, Seaman recognized it
was time to professionalize business functions.
First among these efforts was formalizing the
human resource function. Then, succession
planning called for creating the second-incommand position of chief operations officer.
A commitment was also made to developing
the company's human capital, because, as
Seaman writes, "growth will be dependent
on the quality of people who work in the
business." All employees were trained on the
quality principles of Dr. W. Edwards Deming.
Employees later received training on Lean
Six Sigma principles, resulting in improved
quality, flexibility and capability, providing
significant improvements in areas such as
on-time delivery and inventory turns.
GOVERNANCE AND
SHAREHOLDER EDUCATION
Governance is a big issue in family
businesses. Seaman writes, "Today, family
businesses of all sizes are still burdened by
the dominance of family members on the
board, adversely impacting the true role
that governance should play in growing a
business." In the decade following his father's
death, Seaman built an effective outside
independent board of directors to help set
the expectations for family shareholders
and motivate himself as the CEO/owner
to a higher level of performance.
Shareholder education is also taken
seriously at Seaman Corp. "Keeping the
family business alive by teaching future
generations the sacrifices, the values and the
culture of the founder's generation will instill
principles of stewardship," writes Seaman.

TODAY!

An emphasis is put on helping young family
shareholders understand the value of a work
ethic, the economics of making a living and
the responsibility of stewardship.
WORK-LIFE BALANCE
When Seaman was in his twenties and
thirties, he lost significant business and
personal influences in his life, including
his father, to early deaths. "I never took for
granted that I would survive to the age of 60,"
says Seaman. He realized he had to make his
personal health a priority, and he cultivated
hobbies like photography, snow skiing and
water recreation.
He writes, "I decided that if I were the
most successful businessman in the country,
but that success came at the expense of my
health, of my marriage and my family
relationships, or if my children did not grow
up to be responsible and accountable, then
I would consider myself a failure in life."

FABRICATION
SKILLS
Register now for the
Spring 2020 Fabricators
Conference and Showcase
in Jacksonville, FL USA.
Join us at this 1.5 day
conference at the Sheraton
Jacksonville Hotel from
April 30-May 1, 2020 to:
* Grow your industry
knowledge with
educational sessions
* Network with fabricators
and industry suppliers
* Participate in round table
discussions that get the
conversation started
* Discover what's new at the
showcase tabletops with
products and services

Rebecca Post is the editorial director at IFAI.

WANT MORE? WE HAVE IT!

Search "family business" at
www.SpecialtyFabricsReview.com

FABRICATORS
Conference and Showcase
Learn more at

IFAI.com/FabricatorsConference/Spring
Limited Space Available

www.SpecialtyFabricsReview.com 55

0320RV_p50-59.indd 55

2/13/20 2:24 PM


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Specialty Fabrics Review March 2020

Table of Contents for the Digital Edition of Specialty Fabrics Review March 2020

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