Gibbs & Soell enjoyed a remarkably fluid succession to its third generation, supported by a carefully crafted and respected shareholders’ agreement. Because of the nature of the agreement as a “buy-in, sell-out” succession plan, Mallozzi talks about how company shares were flowing in and out throughout the transition. Although everything worked out well, Mallozzi has one regret. He openly identified his successor a year in advance, which caused his final year to be a bit of a “lame duck” experience.
Exit Planning Exchange9 years ago