In this episode, Katy Wilder Schaaf talks balancing her role as vice chair of the board of directors for her family business, E. Ritter & Company, with her career as a licensed clinical psychologist.
She also talks about how the company utilized governance to reengage shareholders after a family rift. Then, Preston Root, fourth-generation steward of Root Glass Co., explains how a family constitution can bring your family together and help to pass its values down through the generations — provided it's presented in a format with a bit more gravitas than a Word doc.
And Katy Kothmann Abraham, president of Construction Cost Management, discusses the unorthodox career path that led her to buy her father’s cost estimation company, as well as how she built confidence and credibility despite not having a traditional technical background.
This episode is brought to you by Deloitte Private: serving family-owned companies, family offices, and privately-held businesses, and advising them on addressing a range of issues, from growth, talent and succession to the potential and perils of AI.
Interested in being a guest or have a topic you'd like to hear us discuss? Contact host Zack Needles, editor-in-chief of Family Business Magazine, at: zneedles@familybusinessmagazine.com.
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Guests
Katy Wilder Schaaf
Katy Wilder Schaaf, Ph.D., works alongside her own family using governance to support the vision and values of E. Ritter & Company (ERC). ERC, founded in 1886, is a 5th generation portfolio company headquartered in Marked Tree, Ark. In her family, Katy has served as Director of Development and Engagement and Chair of the Family Council. Currently, she is the Vice Chair of the ERC Board of Directors and sits on the Ownership Council. As a family shareholder, she is part of an effort to develop a Capital Allocation Framework, a living document reflecting shareholder needs and guidance around risk, dividends, liquidity, and time horizon.
Preston Root
Preston Root has spent 31 years in family enterprise and is a fourth-generation steward of Root Glass Company. He worked for MRN Radio, “The Voice of NASCAR,” for 13 years before rejoining the family business in 2010. A natural communicator from a 30-year career in radio, he is a frequent contributor at family conferences.
Katy Kothmann Abraham
Katy Kothmann Abraham is the president and CEO of Construction Cost Management (CCM), which provides estimating and cost management services to architecture and engineering companies. With no training as an engineer but deep skills in leadership and management, she bought CCM from her father in 2012 and has increased sales by well over 600% since then.
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