Insights - July/August 2018 - 26
"A visionary, innovative leader who is
also a steady hand and strong steward
of the business is key to long term
success, and we are so very fortunate
to have had that far longer than the
majority of businesses of our size."
CHANGE
foundation for long term success with those individuals."
In Hub's case, the company's culture has been formed
over 47 years, since Yeager's grandfather, also named Phil, and
wife Joyce founded the company with a core commitment to
intermodal.
The family focus continues today, with Dave Yeager, son of
the elder Phil, in the CEO position for the past 22 years.
"A visionary, innovative leader who is also a steady hand and
strong steward of the business is key to long term success, and
we are so very fortunate to have had that far longer than the
majority of businesses of our size," said the younger Phil, who is
Dave's son.
- Phil Yeager, chief commercial officer, Hub Group
How Critical Is Culture?
"Most deals fall apart ultimately if all of the culture considerations are not anticipated, addressed and well managed," said
Norris Beren, Risk Reward Consulting's chief executive advisor to
CEOs.
Culture embraces every part of a company, he said, stretching beyond people to include activities such as processes, core
values, operations and a focus on whether to create value or
profit.
"A New York or Chicago-based company buying or being
bought by a company in Mississippi, for example, will have
huge cultural differences that have to be reconciled and aligned
properly."
In addition to culture, careful planning is a must, experts said.
Beren urges potential sellers to plan ahead because there are
so many complicated and extensive questions to consider.
They include whether there are strong internal management
prospects, overall management capabilities in-house, the transferability of IT and financial systems, taxes, financial forecasts
for cash flow and profit, contract and rate agreements, as well as
customer and competitive response.
Whether the seller will stay on for a period after the sale is a
key decision to make, along with how long that period might be
and whether there is a mutually beneficial relationship that can
be developed, said Beren.
Consultant Henry Hutcheson, president of Family Business
USA, said the most important consideration is "for the business
seller(s) to try to get themselves removed from the business as
much as possible. To a buyer, it doesn't do any good to buy a
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26 Intermodal Insights | July/August 2018
Table of Contents for the Digital Edition of Insights - July/August 2018
IANA News
Recommended Practices for Chassis Mechanics to Provide Many Benefits
EXPO Educational Program Offers Wide Variety of Sessions
E-commerce Creates Growth Opportunity for Intermodal
Technology Enhances Intermodal Capacity, Builds Attractiveness
Intermodal Mergers, Acquisitions to Continue
Freight Report
When Change Comes, Focus on Culture, Planning, Leadership
Now Approaching Retirement, AAR’s Hamberger Aided Intermodal’s Emergence
Voice of the Shipper
Intermodal Information Services News
Government News
International Intermodal News
New Members
People News
Intermodal Calendar
Insights - July/August 2018 - Cover1
Insights - July/August 2018 - 2
Insights - July/August 2018 - 3
Insights - July/August 2018 - IANA News
Insights - July/August 2018 - 5
Insights - July/August 2018 - 6
Insights - July/August 2018 - Recommended Practices for Chassis Mechanics to Provide Many Benefits
Insights - July/August 2018 - 8
Insights - July/August 2018 - 9
Insights - July/August 2018 - 10
Insights - July/August 2018 - 11
Insights - July/August 2018 - 12
Insights - July/August 2018 - EXPO Educational Program Offers Wide Variety of Sessions
Insights - July/August 2018 - 14
Insights - July/August 2018 - 15
Insights - July/August 2018 - 16
Insights - July/August 2018 - E-commerce Creates Growth Opportunity for Intermodal
Insights - July/August 2018 - 18
Insights - July/August 2018 - Technology Enhances Intermodal Capacity, Builds Attractiveness
Insights - July/August 2018 - 20
Insights - July/August 2018 - 21
Insights - July/August 2018 - Intermodal Mergers, Acquisitions to Continue
Insights - July/August 2018 - Freight Report
Insights - July/August 2018 - 24
Insights - July/August 2018 - When Change Comes, Focus on Culture, Planning, Leadership
Insights - July/August 2018 - 26
Insights - July/August 2018 - 27
Insights - July/August 2018 - 28
Insights - July/August 2018 - Now Approaching Retirement, AAR’s Hamberger Aided Intermodal’s Emergence
Insights - July/August 2018 - 30
Insights - July/August 2018 - Voice of the Shipper
Insights - July/August 2018 - Intermodal Information Services News
Insights - July/August 2018 - 33
Insights - July/August 2018 - Government News
Insights - July/August 2018 - 35
Insights - July/August 2018 - 36
Insights - July/August 2018 - International Intermodal News
Insights - July/August 2018 - 38
Insights - July/August 2018 - 39
Insights - July/August 2018 - New Members
Insights - July/August 2018 - 41
Insights - July/August 2018 - 42
Insights - July/August 2018 - Intermodal Calendar
Insights - July/August 2018 - Cover4
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