Like many companies, PWGC is preparing for management changes. As discussed in an earlier post, we have begun a long-term transition plan by promoting our two Senior Vice Presidents, Paul Boyce and Jim Rhodes, to take over the positions of President and Chief Operating Officer from PWGC founder Dr. Paul Grosser.
As discussed in LIBN, this is a transition period not just for PWGC, but for 63% of private companies in the nation, as many Baby Boomer business owners are ready to retire or step back. Many owners are shifting down to a smaller role first in order to smooth the transition.
Thanks to our Employee Stock Ownership Plan (ESOP), PWGC team members can use their 401K to finance the company purchase so that we can avoid selling to an outside party. “We’re transitioning to an internal sale,” Grosser told LIBN. “The success of the firm is not based just on me, but everyone here. Everyone’s been contributing over the years.”
The promotions of our Senior VPs is allowing our company to grow and expand under the leadership of senior associates who have been directly involved with the PWGC’s success for many years, playing key roles in our growth to date.