In this episode of The Art of Succession podcast, host Barrett Young interviews Garrett Noach, president of Lamothermic, a casting manufacturer in New York. At age 25, Garrett unexpectedly took over the family business following his father's passing in 2022, offering valuable insights into both emergency succession and intentional business transformation.
Navigating Sudden Succession
Without a formal succession plan in place, Garrett transitioned from manufacturing engineer to company president of the $12 million operation. Despite having no formal business leadership training, he maintained stability by leveraging experienced management teams and focusing on learning critical business operations. Remarkably, the company retained all customers and employees during this challenging transition.
Implementing Strategic Changes
Garrett's first major decision involved a $750,000 investment in modernizing their production facility, requiring a ten-day shutdown. This bold move, though initially stressful, proved successful and established his leadership capability. He's now pursuing ISO 9001 certification and implementing new quality management systems, marking a significant evolution from traditional manufacturing practices.
Building a Culture of Excellence
Under Garrett's leadership, Lamothermic is developing a culture focused on continuous improvement and employee development. His approach emphasizes hiring "hungry, humble, and smart" team members while creating an environment where people want to come to work. This cultural transformation, combined with enhanced customer service standards and strategic planning, positions the company for sustainable growth.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-garrett-noach
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The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
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Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!