Situation

While competing in an increasingly complex and dynamic manufacturing market, Walker Manufacturing retained Cosgrove Partners to develop and manage a comprehensive succession planning and leadership development process. The family sought to maintain private ownership and control of a mid-market manufacturing business by expanding the business acumen and leadership skills of their next generation of leadership.

Cosgrove Partners Action

During the initial engagement, CP collaborated with the CEO and key managers to create a comprehensive management development and rotational program. The program includes distinct rotations and defined competencies in the following areas:

• Sales

• Marketing

• Manufacturing

• Purchasing

• Engineering

• Finance

• Human resources

Once the program was defined, CP provided monthly implementation support, coaching and training for each phase of the rotation.

Outcome

The succession planning process has resulted in the development of a highly skilled and informed management team capable of leading the business into the future. In addition, the company has experienced very strong and consistent profit improvements since the inception of the initiative.