b'People need to be working on their strategy, including their successors.know which of those 3 options they are going toeventually bought out).choose when they do make the eventual transition,When it came time to thinking about his eventual they can at least understand what those 3 types ofexit, Buddy chose a non-family member executive, buyers are going to look for, and what theytheT.D. Hughes, to continue to grow the company. ownerneeds to get ready for. If youre going toAs a LaRosas veteran that was trusted by Buddy, sell to a PE firm, its a whole different set of criteriahaving T.D. at the helm provided Buddys sons and and work to be done rather than if its an internaldaughter the opportunity to grow and continue to sale or transition, for example. learn from the business.Once goals are shared and decisions start to beAfter 54 years in business, Buddy was able to made, a plan of action will need to be developed,successfully complete the leadership transition of as Beth also explains. No matter what your exithis business to his son, Michael LaRosa, as CEO, strategy isinternal, strategic buyer or PE firm and to T.D. Hughes as Chairman of the Board. It team members have to know that the strategy iswas a great example of making decisions that going to be a winning, opportunistic strategy forwere healthy for the business and kept the business the future, says Larry. People need to be workinggrowing and prosperous. on their strategy, including their successors. When we think about succession, and what LaRosas, Inc., a chain of pizza restaurants locatedsomebody started or subsequent generations now in Ohio, Kentucky, Indiana and Tennessee, is anlead, its so critical that they think through these example of a company with a business owner,issues, says Larry. Doing so will give them the best Buddy LaRosa, who was able to be proactive andchance to have their company, their employees, forward-looking about his companys successionand what they do in their communities, to all have plan.a successful future.The company, a Goering Center member, was founded in 1954 by Buddy (and partners whom he www.mrca.orgMidwest Roofer 27'