BROOKINGS Taking time to plan for the future is something most people do to one degree or another, but for the Bender family of Falcon Plastics fame, its incredibly important so much so that theyll be sharing their succession story on Wednesday morning in Brookings.
The event, hosted by Prairie Family Business Association at Dacotah Bank Center, is free and open to the public. People can attend in person or virtually, with the live broadcast via Zoom kicking off at 10 a.m.
The Bender family, and its experience with succession planning, will be the centerpiece of the event, which is titled, Success Journey: From Founders to Siblings to Cousins.
The Bender family has successfully made two family business transitions and are now in their third generation of leadership. They have a great story, Stephanie Larscheid, executive director of the association, said in a news release.
In an interview with the Register, Kyle Bender and Jay Bender shared their story, providing insights into the challenges and lessons, along with useful tips. Jay is the CEO of Falcon Plastics, while Kyle is the companys executive vice president.
We dedicated a lot of time, as a family, talking and planning about succession, Kyle said, noting that the family attended webinars, retreats, conferences, placed itself in peer groups and worked with consultants to make sure its succession plan would succeed. The most important part was that we were always communicating with each other and everyone was on-board with the plan and each one of us had a desire to reach the finish line.
Jay said the family spent time educating itself and learning how other families were succeeded in changing generational hands.
There is no one perfect solution, but we learned a lot from the successes and challenges of other families, he said. We had the experience of making it from G1 to G2. We started the process early in the transition from G2 to G3. We split the process into two parts; leadership transition first and then ownership transition. They are distinctly different and we wanted to make sure we were successful in the leadership transition before we made any significant transitions with ownership.
Generational succession is a complex brew as it is, so maybe it shouldnt come as a surprise that the Bender family encountered an unexpected additional hurdle or two. Say, for example, riding out a certain pandemic.
The most unique challenge we faced with transitioning from second to third generation would have to be the timing of it, in my opinion, Kyle said. The leadership transition really started to take place in the late spring of 2020, right when COVID started becoming something that needed to be dealt with. Navigating through that period presented a lot of unique challenges that Falcon had never had to deal with before.
Jay concurred. COVID threw a curveball at us, but we used it as a way for Kyle and Jenn (Barlund) to step up as leaders and really gel with our senior leadership team at a time when everyone really needed to come together, he said. It was a crazy time, but it really helped with the leadership transition from G2 to G3.
Other lessons were learned as well, including the importance of using time to your advantage, the asset that a strong leadership team is and, well, what plain old talking can accomplish.
Two of the most important lessons were the importance and power of communication, not only within the family, but with members of our Falcon family as well, Kyle pointed out. This transition could have been abrupt and a surprise, but it really wasnt. It was well thought out and communicated well throughout the process.
The other major lesson we learned was the importance of a strong leadership team. We always knew this was important, but we truly felt the power of having a team like this throughout this transition, Kyle continued.
Take advantage of time to do the job right, Jay advised. We spent several years with the leadership transition. Giving Kyle and Jenn different experiences to prepare them. Bringing outside members on our board to hold us accountable and give all of us, including our executive and senior leadership teams, perspectives and experiences we did not have.
He added, We also used industry groups and the Prairie Family Business Association as ways to learn and grow with this process.
Both were positive about the transition and what it holds for the Falcon Plastics and its more than 300 employees.
The transition has been a great experience for me. I have the best business partner in the world in my cousin, Jenn Barlund, Kyle said. I believe I can speak for her in saying that we both have a strong passion for our industry, the communities we operate in, the people we work with, and the legacy created by our grandparents, Don and Carol Bender, which was continued by each of our fathers, Jay and Guy Bender. We are both proud and honored to be a part of Falcon Plastics and are excited for what the future holds.
Jays sentiments were similar. Both Guy and I are very proud of Kyle and Jenn as well as the rest of our Falcon Family. The leadership transition has gone very smoothly and I am very excited about the direction of the company and how the entire team is performing, he said. I feel blessed that we have such capable G3 members in Kyle and Jenn to not just carry on the legacy my parents started, but to really take the company and our Falcon family to a whole new level of excellence.
Contact Mondell Keck at [email protected].
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