P&L: Priorities & Lifestyle Episode 22 – Family Transitions from the Perspective of the Next Generation with Chad Bruce

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Chad Bruce is the President of GluDown, a business that serves the construction adhesives market through aerosol and canister adhesives, epoxies, sealants, foam tapes, and more. As President, Chad is responsible for keeping the company up-to-date with the latest in adhesive technologies to ensure their customers get the best possible solutions for their adhesive needs. Chad graduated from The University of Kansas with a Bachelor of Science degree in Mathematics and Education, Secondary Mathematics. He obtained his Master of Business Administration degree from Naveen Jindal School of Management, UT Dallas.

Chad joins me today to discuss what a family transition looks like from the perspective of the second generation. He describes the gaps he saw during the process. He explains what GluDown is, the industry they serve, and the advantages of construction adhesives over standard nuts, bolts, and nails. He shares why having the end in mind of a transition encourages commitment. Chad also discusses how the senior and next generations should align goals.

“That conflict of ‘this is mine’ has always been the most difficult thing when transitioning.” – Chad Bruce

This week on Priorities Lifestyle:

 

  • The differences and similarities between senior and second-generation leaders
  • The gap Chad realized when the company was transitioning leadership
  • What GluDown is, the services they offer, and how Covid positively impacted their business
  • Why using adhesives doesn’t compromise building integrity
  • The complexities involved in family business transitions
  • Minimizing conflicts between senior and second-generation transitions
  • Why starting with the end in mind can make a transition smoother
  • Conflicts of interest and building relationships with the next generation
  • Determining how much the senior generation should sell their businesses for
  • Aligning the goals of the senior and second generations during transition

Our Favorite Quotes:

  • “The child’s view of the parent, even in the working space, is still as a parent.” – Chad Bruce
  • “Communication: just talking through stuff solves all sorts of problems. In a family business, you have the opportunity to do that more than any transaction.” – Rob Schulz
  • “As a parent, we don’t want to talk about money as much as we should. In a business you’re trying to transition, that becomes an even more major issue.” – Rob Schulz

Connect with Chad Bruce:

About Rob Schulz and P&L Podcast

The P&L Podcast is a show for business owners. In each episode, host and financial planner Rob Schulz sits down with business owners and the professionals that serve them to talk about business building, life, money — and the all-important transition out of the business, which inevitably happens to everyone who has ever founded a company. 

Email Rob at rob.schulz@schulzwealth.com with questions, comments, and to schedule a one-on-one conversation. 

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