Fathers, sons and daughters representing distributorships and service shops that have been family run for generations gathered for the first-ever “Next Generation Seminar” at Northwood University’s Midland, Mich., campus last month.
While the program’s topics explored many dynamics at work in the aftermarket, the emphasis was on the nuances and opportunities of passing along business legacies – helping secure that succession stays in the family. The event, sponsored by the university and Randall-Reilly Publishing (publisher of Truck Parts & Service), also served to showcase the campus’ new Sloan Family Building for Aftermarket Studies which opened in May.
In an industry that often cites attracting and retaining quality employees, particularly management, as its top challenge, the “Next Generation Seminar” was a first-of-its kind event.
“This is not only the first ‘Next Generation Seminar,’ it is the first seminar we have ever done in the Sloan Building for the Aftermarket,” says James John, chair of Northwood University’s Aftermarket Management Department. “It’s extremely important to show prospective students that we’ve really put a lot of emphasis on the aftermarket. We built a rather large, state-of-the-art structure to house it, and we like to think it reflects on the importance we place on the industry, and of our importance to it.”
Prospective students – including a pair of brothers and two cousins – as well as parents attended the seminar, which served to both inform about the university and its offerings and cover aftermarket and general business subjects. Additionally, the group participated in roundtable discussions focused on family-run business issues.
Topics covered included:
An overview of the global economy and the role the aftermarket has in it (presented by Dr. Timothy Nash, Northwood’s vice president of Graduate and Special Programs and dean of the Richard DeVos Graduate School of Management);
