Issue link: http://www.insightdigital.biz/i/518838
18 | I NSIGH T • J u n e 2 0 15 w w w . i n s i g h t o n b u s i n e s s . c o m U P F R O N T CONNECTIONS B Y S E A N P. J O H N S O N C hange is hard. Maybe even harder when the change involves people with the same last name changing roles in a family-run business. When Bill Bassett took over Bassett Mechanical in 1974, the transition was less than smooth. No plan had been developed, and Bassett had to struggle with his predecessor remaining active in the company. When it was time for him to pass the torch to the next generation, he was determined there would be a detailed and clear process in place. "e best thing you can do is plan it out and write it down," says Bassett, who along with his daughter Kim described for those attending the Family Business First Awards the succession process Bassett Mechanical implemented when Kim joined the company. e Bassetts were the keynote speakers for 19th-annual Wisconsin Family Business Forum event honoring the 2015 award winners presented by First Business Bank in partnership with the Family Business Forum. e event also honored three family-owned companies with a 2015 Family Business First Award: » Buechel Stone Corporation. In 1964 Francis and Alyce Buechel founded Buechel Stone Corporation by taking their 125-acre farm in the Chilton area and converting it into a working quarry. e quarries now span more than 700 acres of land in east central Wisconsin and produce over 100 types of natural stone. » Faulks Brothers Construction. Faulks Brothers Construction has been shaping central Wisconsin since 1946. Starting as a two-man undertaking by co-founders Syd and Oliver Faulks, the Faulks brothers began what is now one of Waupaca's largest employers. » Perfect Patterns. Perfect Patterns has been a leader in precision tooling in the Waupaca and Fox Valley area for over 60 years. Under the leadership of founder Scott Gauerke, Perfect Patterns operates in four locations with more than 160,000 square feet of modern manufacturing space and more than 50 state-of-the art CNC machining centers. For many family businesses, that transition to the next generation is one of the greatest challenges a business will face, oen because planning for the succession doesn't happen soon enough. In addition to creating a written plan, some of the other lessons the Bassetts learned during the transition from Bill to Kim included accepting that not all department heads will make great coaches for the next generation, communicating the plan and timeline to the existing leadership team and providing numerous opportunities for job shadowing and mentoring. When Kim returned to Bassett in 1996, it would be another 10 years before she reached a level in the company where she worked directly with Bill. In 2006, she became executive vice president at Bassett Mechanical. "I never reported to him for the first 10 years. It wasn't until 2006," Kim says of her experience learning the company from the ground up. "en I had the office next to his and shadowed him. Family affairs Family business initiative celebrates success stories in Northeast Wisconsin Bill and Kim Bassett discuss the lessons they learned transitioning to a new generation of leadership at family-owned Bassett Mechanical. C O U R T E S Y W I FA M I LY B U S I N E S S F O R U M