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May/June 2015 19 LED LIGHTS - THE BRILLIANT CHOICE FOR FOODSERVICE LED lights are the energy-efficient, money-saving choice to replace incandescent and fluorescent lights. Component Hardware offers a wide variety of LEDs – all UL and NSF listed, with low wattage, high lumen output and 50,000 hour life. high lumen output and 50,000 hour life. © Copyright 2015, Component Hardware Group, Inc. 02/2015 • 7W Edison-base LED bulb for reach-in refrigerators 7W Edison-base LED bulb for reach-in refrigerators 7W Edison-base LED bulb for reach-in refrigerators • 20W Edison-base LED bulb for canopy hoods 20W Edison-base LED bulb for canopy hoods • 24" and 48" surface mount LED fixtures for walk-in coolers and 24" and 48" surface mount LED fixtures for walk-in coolers and freezers • 24" and 48" recess mount LED fixtures for canopy hoods 24" and 48" recess mount LED fixtures for canopy hoods • T4 linkable light bars for display applications T4 linkable light bars for display applications It's here! 20W Edison-base Passive Infrared MOTION SENSOR bulb for walk-in coolers and freezers. Call or email us for a complete LED Lighting catalog and price list. 800-526-3694 • 732-363-4700 • sales@componenthardware.com. continued on page 26 the business isn't here to serve us." Preparing for Leadership Having lived through the complica- tions that can arise from a potentially lethal mix of family and business, the for- mer investment banker knows first-hand the importance of trudging through all of the specifics. Prior to his father purchasing Edward Don, there were 11 shareholders (all carrying the Don name) and enough drama to land the group in court. Today, there are three shareholders. "We learned from our past," jokes Don. For someone who is seemingly close to the vest, he's surprisingly candid about the crisis and other private strug- gles—the journey to CEO, along with the scrutiny that comes with being the boss' son. "One of the first challenges I encoun- tered when I entered the business was my lack of credibility with longtime employees," he says. "I quickly learned that it can be a burden, as opposed to a benefit, to have your name on the door. Despite my strong educational and work background, people assumed I obtained my job because I was the 'son of the boss.' I imagine that many felt betrayed that I had just entered the company and some day could be their boss." But the reality was that becoming the head of Edward Don was not "a given" and some day was a long way off. In 1992, when Don joined the company as a commissioned sales rep, the family gathered for one of those annual meet- ings—this time to hash out all of the details concerning transition. Bob Don, the president at the time, wanted to retire at 65, giving Steve nine years to fulfill the requirements necessary to step into leadership. Of course, there was the typical initiation into management— year-long stints as district sales manager in the company's Chicago headquarters; operations manager in Atlanta; running the foodservice division and serving as V.P. of Sales. Preparation also included Study Suggests Family Businesses Slow to Look Toward Future According to the Raymond Family Business Institute survey, which polled a little more than 1,000 family-owned businesses on issues such as planning growth and succession, 39 percent of family-owned businesses will change leadership within five years, as CEOs retire or semi-retire. And of the CEOs expected to retire or semi-retire by that time, 42 percent have not chosen a successor. Furthermore, Nearly one-fifth (19 percent) of respondents say they have not completed estate planning, other than to prepare a will, and only a little more than one-third reported having a written strategic plan. Note: Survey Conducted in 2003