Logistics Planning Services moves freight into the next generation

Sunday, August 7, 2011

LPS also gets input from a board of advisers made up of customers, marketing partners, an attorney and a banker. The board meets twice a year, providing feedback on performance and helping to set three- to five-year goals for the company.

The company formed the board nine years ago, acting on a suggestion from consultants at the Family Business Center at the University of St. Thomas' Opus College of Business, Larry Hall said. Justin Hall's entrepreneurship studies at St. Thomas included taking a family business succession class with his parents. Larry Hall said he has taken a couple of years of classes at the school.

Professor Ritch Sorenson, the Opus Endowed Chair in Family Business and the academic director of the Family Business Center at St. Thomas, said the transition to next-generation siblings is one of the toughest challenges that family businesses face.

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Originally published: 08/07/2011, Star Tribune