What This Small Family-Owned Bakery Can Teach Us About Succession Planning [Forbes]
COMPASS GROUP SP/ADR (CMPGY)
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Source: Forbes
Scotch Pie Meat PiegettyEstate Planners have an endless list of horror stories of how family businesses thrive in the first generation, stagnates in the second generation and collapses in the third generation. There is even the saying “shirtsleeves to shirtsleeves in three generations” (though there are many local variations of this saying). It is refreshing, therefore, to hear from one family and one retail business in Detroit Michigan that is thriving under the management of the third generation, despite the odds being against them, the changes in Detroit in the last 70 years and, most recently, Covid-19.Founded in 1949 by two brothers, Ackroyd’s originally provided meat to the Scottish community of Detroit. When they found that there was a high demand for Scotch Pies, pastries with meat fillings, they branched out into making their own pie crusts, which they continue to this day. Because they sell tea cakes, scones, meat pies and other small but luxurious items, they have been able
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