In this episode of The Disruptive Successor Show, Jonathan speaks with Maggie Bender-Johnson, a third-generation family member and CEO of Bender Insurance Solutions. She discusses the evolution and growth of the company from a team of 4 to a team of 55 strong today. One of their key moves recently was the choice to become an ESOP. Doing so introduced a lot of processes but allowed the team members to retain their identity without having to sell externally. However, Maggie clarifies that the financial incentives are not the best and that moving to an ESOP framework is done with people in mind, not profits. Maggie talks about the difference in leadership styles between her and her father, and how to navigate switching different hats when talking to her father who was also her boss before she became CEO. Mentorship has also been critical in Maggie's growth and she shares the guidance she received both from her father and from an outside coach, both of which proved to be essential. Jonathan also recommends a couple of books for disruptive successors like Maggie: The Great Game of Business by Jack Stack with Bo Birlingham which teaches financial literacy, a critical skill for ESOPs, and Hats Off to You by Ernest A. Doud, Jr. and Lee Hausner Ph.D. which helps successors manage their complicated relationships with older generations. HIGHLIGHT QUOTES MAGGIE: ADAPT COMPANY VALUES TO MODERN TIMES "We're allowing our employees to work from home because that's what they want to do. And so, with our old values, it didn't work, and so now, connection is huge for us because we have to be more intentional about having connections with people because I'm not going to run into them on the way to the restroom. And so, how do we, as an organization, create those opportunities without falling back into the oh, it was so much easier when everybody was in person, let's just do it that way?" MAGGIE: SUCCESSION IS A FACTOR IN MOVING TO AN ESOP SETUP "We spent so much time talking about perpetuating dad's equity that I knew that I would have that same struggle in another 15 years for myself. And if I'm not having children and my nephews are such young boys, it's a lot of pressure to put on an unknown and so... the clouds parted and the ESOP looked like the right path." Connect with Maggie through the following links: About Maggie Website If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com
In this episode of The Disruptive Successor Show, Jonathan speaks with Maggie Bender-Johnson, a third-generation family member and CEO of Bender Insurance Solutions. She discusses the evolution and growth of the company from a team of 4 to a team of 55 strong today.
One of their key moves recently was the choice to become an ESOP. Doing so introduced a lot of processes but allowed the team members to retain their identity without having to sell externally. However, Maggie clarifies that the financial incentives are not the best and that moving to an ESOP framework is done with people in mind, not profits.
Maggie talks about the difference in leadership styles between her and her father, and how to navigate switching different hats when talking to her father who was also her boss before she became CEO. Mentorship has also been critical in Maggie's growth and she shares the guidance she received both from her father and from an outside coach, both of which proved to be essential.
Jonathan also recommends a couple of books for disruptive successors like Maggie: The Great Game of Business by Jack Stack with Bo Birlingham which teaches financial literacy, a critical skill for ESOPs, and Hats Off to You by Ernest A. Doud, Jr. and Lee Hausner Ph.D. which helps successors manage their complicated relationships with older generations.
HIGHLIGHT QUOTES
MAGGIE: ADAPT COMPANY VALUES TO MODERN TIMES
"We're allowing our employees to work from home because that's what they want to do. And so, with our old values, it didn't work, and so now, connection is huge for us because we have to be more intentional about having connections with people because I'm not going to run into them on the way to the restroom. And so, how do we, as an organization, create those opportunities without falling back into the oh, it was so much easier when everybody was in person, let's just do it that way?"
MAGGIE: SUCCESSION IS A FACTOR IN MOVING TO AN ESOP SETUP
"We spent so much time talking about perpetuating dad's equity that I knew that I would have that same struggle in another 15 years for myself. And if I'm not having children and my nephews are such young boys, it's a lot of pressure to put on an unknown and so... the clouds parted and the ESOP looked like the right path."
Connect with Maggie through the following links:
If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com