ILMA Compoundings - May 2019 - 34

The Fate of the
Family Tree

Tips for successful
family business
succession planning
By Keith Loria

F

or many people in the lubricant
manufacturing industry, there
are deep family roots behind
the scenes, and leadership often likes
to pass down the business to the next
generation. That's why having a savvy
family business succession plan should
be a priority for every company that
intends to keep the business in the
family. A large number of ILMA's
manufacturing members are family
businesses that have been in business
over multiple generations and have
learned that such a plan is key to keeping an operation running smoothly.
BOSS Lubricants was started by
Murray Flegal in Calgary, Alberta,
as a small, family-owned business in
1992. He had worked for two major oil
companies previously, and his son Jarrett
started working at BOSS part-time,
coming aboard full-time after graduating
from Mount Royal College in 2001.
"I've been working with my dad for
26 years now, and we've grown from
a few employees to over 100," Jarrett
said. His brother Brad came into the
business two years ago as vice president of operations after spending 20
years in the oil and gas business.
"With family, there's a level of trust
that's established, and it's important
to be aligned," Jarrett said. "We've
established a strong culture here.
We have an open-door policy, and
if staff need to leave to go to their
kids' activities, it's a very trusting
give-and-take culture."

34

MAY 2019

| COMPOUNDINGS | ILMA.ORG


http://www.ILMA.ORG

ILMA Compoundings - May 2019

Table of Contents for the Digital Edition of ILMA Compoundings - May 2019

LETTER FROM THE CEO
INSIDE ILMA
WHAT’S COMING UP
INDUSTRY RUNDOWN
TRADE ISSUES, TARIFFS CREATE CONCERNS FOR MANUFACTURERS
EMBRACING THE RAINBOW
THE FATE OF THE FAMILY TREE
BUSINESS HUB
COUNSEL COMPOUND
WASHINGTON LANDSCAPE
IN NETWORK
ILMA Compoundings - May 2019 - Cover1
ILMA Compoundings - May 2019 - Cover2
ILMA Compoundings - May 2019 - 1
ILMA Compoundings - May 2019 - 2
ILMA Compoundings - May 2019 - LETTER FROM THE CEO
ILMA Compoundings - May 2019 - INSIDE ILMA
ILMA Compoundings - May 2019 - 5
ILMA Compoundings - May 2019 - 6
ILMA Compoundings - May 2019 - 7
ILMA Compoundings - May 2019 - 8
ILMA Compoundings - May 2019 - 9
ILMA Compoundings - May 2019 - WHAT’S COMING UP
ILMA Compoundings - May 2019 - 11
ILMA Compoundings - May 2019 - INDUSTRY RUNDOWN
ILMA Compoundings - May 2019 - 13
ILMA Compoundings - May 2019 - 14
ILMA Compoundings - May 2019 - 15
ILMA Compoundings - May 2019 - 16
ILMA Compoundings - May 2019 - 17
ILMA Compoundings - May 2019 - 18
ILMA Compoundings - May 2019 - 19
ILMA Compoundings - May 2019 - 20
ILMA Compoundings - May 2019 - 21
ILMA Compoundings - May 2019 - TRADE ISSUES, TARIFFS CREATE CONCERNS FOR MANUFACTURERS
ILMA Compoundings - May 2019 - 23
ILMA Compoundings - May 2019 - 24
ILMA Compoundings - May 2019 - 25
ILMA Compoundings - May 2019 - 26
ILMA Compoundings - May 2019 - 27
ILMA Compoundings - May 2019 - EMBRACING THE RAINBOW
ILMA Compoundings - May 2019 - 29
ILMA Compoundings - May 2019 - 30
ILMA Compoundings - May 2019 - 31
ILMA Compoundings - May 2019 - 32
ILMA Compoundings - May 2019 - 33
ILMA Compoundings - May 2019 - THE FATE OF THE FAMILY TREE
ILMA Compoundings - May 2019 - 35
ILMA Compoundings - May 2019 - 36
ILMA Compoundings - May 2019 - 37
ILMA Compoundings - May 2019 - BUSINESS HUB
ILMA Compoundings - May 2019 - 39
ILMA Compoundings - May 2019 - COUNSEL COMPOUND
ILMA Compoundings - May 2019 - 41
ILMA Compoundings - May 2019 - 42
ILMA Compoundings - May 2019 - 43
ILMA Compoundings - May 2019 - WASHINGTON LANDSCAPE
ILMA Compoundings - May 2019 - 45
ILMA Compoundings - May 2019 - IN NETWORK
ILMA Compoundings - May 2019 - 47
ILMA Compoundings - May 2019 - 48
ILMA Compoundings - May 2019 - 49
ILMA Compoundings - May 2019 - 50
ILMA Compoundings - May 2019 - 51
ILMA Compoundings - May 2019 - 52
ILMA Compoundings - May 2019 - Cover3
ILMA Compoundings - May 2019 - Cover4
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