Episode 38 - Kurt Palmer on Succession Planning, Family Business Exits, and Industrial Sales Leadership

Industrial Growth Institute

Episode 38 - Kurt Palmer on Succession Planning, Family Business Exits, and Industrial Sales Leadership

Summary

In this episode of the Industrial Growth Institute podcast, Ed Marsh interviews Kurt Palmer, a seasoned professional in the PCB manufacturing industry.

Kurt shares his journey from studying chemistry to leading a family business, discussing the challenges and lessons learned during leadership transitions, the importance of strategic growth, and the impact of automation in manufacturing.

He reflects on succession planning, the complexities of selling a family business, navigating identity post-sale, and the evolving landscape of sales and marketing in the industry.

Kurt's business and sales experience span various industries, but also international cultures from Taiwan to Germany, and experience on the manufacturing side, selling directly and through sales channel, and the distributor side, selling on behalf of a manufacturer. Additionally, he has experience in both capital equipment and consumables sales.

The conversation also touches on the significance of trade shows, leveraging LinkedIn for business relevance, and providing advice for future generations in family businesses.

Takeaways

• Kurt transitioned from chemistry to a family business unexpectedly.
• Leadership transitions in family businesses require clear communication.
• Inorganic growth can lead to painful lessons if not managed well.
• Selling a business brings both relief and a loss of identity.
• Understanding the friction between distribution and manufacturing is crucial.
• Traveling for work requires discipline in maintaining health and productivity.
• Hiring salespeople with industry experience doesn't guarantee success.
• Cultural differences impact sales strategies between regions.
• Automation is becoming essential due to labor shortages in manufacturing.
• Marketing strategies must evolve to engage customers effectively.

Takeaway Quote from Kurt Palmer

• "We needed to start to either grow organically or look at somebody to buy."

Check out Kurt's website

LinkedIn: Kurt Palmer and Ed Marsh

Twitter: Ed Marsh

Instagram: Ed Marsh

YouTube: @EdMarsh

Show Transcript

Chapters

00:00 Introduction to Industrial Growth and Kurt's Journey
02:22 From Chemistry to Family Business
04:40 Transitioning Leadership in Family Business
10:15 Inorganic Growth and Lessons Learned
15:18 Selling the Business: Opportunities and Regrets
17:22 Navigating Identity After Selling
22:23 Understanding Friction Between Distribution and Manufacturing
26:28 Traveling and Maintaining Work-Life Balance
29:13 Hiring Challenges in Sales
35:30 Cultural Differences in Sales Approaches
38:05 Insights from Equipment and Materials Sides
39:45 Trends in Automation and Service Contracts
42:29 Marketing Strategies and Customer Engagement
45:14 The Role of Trade Shows in Lead Generation
46:57 Leveraging LinkedIn for Business Relevance
48:47 Advice for Family Business Transitions
55:13 Future Trends in Manufacturing and Automation When's the right time to prepare your family-owned industrial manufacturing business for sale? Several years in advance. Learn from middle-market industrial M&A expert and investment banker Rudy Scarito. Learn about the system I helped Kurt implement to hire top-producing sales reps. #SuccessionPlanning #FamilyBusiness #SellingABusiness #BusinessTransition #CareerTransition #CapitalEquipmentSales #GermanBusiness #PostTransactionPsychology #FindingPurposeAfterSellingYourBusiness #organicGrowth #MandA #investmentbanker #ChannelSales