Marine Fabricator May/June 2020 - 19

generation of owners. There were different priorities and interests, and a lot
of butting heads. My grandfather put a
lot of effort and thought and prayer in
trying to design an ownership structure
that would work for both the company
and the family. He took it very seriously."

Hoover
1/3 H

Ownership for employees
When the company was passed on to
Peterson's father and uncle, a structure
was set up that prohibited family members from owning part of the business
unless they were employed there. While
some family businesses do it differently,
in this case, Peterson says, "It was really an attempt to unify priorities among
shareholders. There were no silent partners showing up looking for dividends
or payouts."
While the ownership structure was set
when Peterson began running the company, there were some cultural issues
that still needed to be addressed.
"Sometimes family members were put
into management positions they were not
well-suited for," he says. "The thought
was an owner can't report to someone
else-he has to be the top guy. But that's
not good if someone is struggling, isn't
happy and may not really be cut out for
management. It's not good for the company or the employee."
Recently, Peterson explains, the company has brought in some experienced
managers from the outside. "We don't
have to rely only on the experience and
abilities of family members for strategic
decisions and big-picture things," he
says. "It's worked out really well. Their
outside perspectives help us look at
things a little differently."

Roles for family members
According to Miller, the consultant, it
is often a good idea for next-generation
family members to get some outside experience before they go to work at the
family firm.

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Marine Fabricator May/June 2020

Table of Contents for the Digital Edition of Marine Fabricator May/June 2020

Marine Fabricator May/June 2020 - Cover1
Marine Fabricator May/June 2020 - Cover2
Marine Fabricator May/June 2020 - 1
Marine Fabricator May/June 2020 - 2
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Marine Fabricator May/June 2020 - Cover3
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