Who’s ready for Catersource in New Orleans? Every year, this conference and everyone who attends it reminds us why so many started a profession in service and hospitality. It’s one of the few places where catering and event professionals can gather under one roof for four whole days to discuss the latest business technology, best practices and pressing topics of our industry.
We were able to connect with Joe Breslin and Roy Dixon, partners of Armstrong Dixon Business & Family Advisors, who will be presenting on family succession continuity planning at Catersource. We picked their brains a little bit, which may provide you with a deeper insight as to why succession planning should be on the radar for many catering companies.
A proper succession plan includes a formal agreement that addresses what should happen in the event of a disability, departure, death or divorce of a shareholder.
“A succession plan also embraces a family wealth mission statement, career path training, ‘a 9-1-1 plan’ and an understanding of how to manage the family dynamic element,” Breslin says. “The best time to make these decisions is while everybody is happy, healthy and wealthy. These sensitive subjects can be difficult in the best of environments and nearly impossible to navigate after an emotionally charged event.”
Without a solid plan in place, Breslin and Dixon say, not only is a company’s financial being at stake, but so is the harmony of the actual family unit. Some companies in our industry are starting to experience or are all too familiar with the crossroads.
“Ask yourself what defines success for a family and you are likely to think of terms like love, harmony, self-esteem and unity,” Breslin says. “Ask yourself what defines success for a business and words like profit, production, efficiency, and growth come to mind. Many view ‘family business’ as an oxymoron. It does not mean a family business is better or worse; it is just different, and this dynamic needs to be addressed.”
If succession planning is important to you, be sure to learn more during this session at Catersource! Maybe you’re all set and have a fully packed schedule planned for the conference this year. But if you have room, here are some more ICA sponsored sessions that might interest you:
• Art of Catering Food Lunch and Learn: Photographable Stations
• Sales Deep Dive in Four Parts (Catersource side)
• 30 Hors D’oeuvres in 30 Minutes (AOCF)
• Tastings: The Show Must Go On—So Love It! (Catersource side)
• Management Is Not a Dirty Word! (Catersource side)
• The Economics of Working from the Heart (Catersource side)
Don’t miss Joe and Ray’s succession session at Catersource on: Sunday, February 24 at 10:00 am and visit Catersource online for a complete listing of ICA sponsored events as well as many others! Have a great show!