OG: Twelve companies represent a lot of variation. What did you learn from being involved at various levels and dealing with diverse products and services?
Greg: The most significant lesson was the value of strong, experienced leadership. Effective leaders understand how to guide their teams and navigate challenges regardless of circumstances. By the time I joined the High Companies, many business units were mature and focused on innovation. This intentional focus improved manufacturing processes, service quality, and customer relations, fostering additional growth through synergistic ventures.
OG: That experience exposed you to all sorts of disciplines, but you ended up concentrating on governance. How do you define governance and its evolving role in a company’s growth?
Greg: Besides leadership, good governance is crucial, especially in a family business. It sets the rules for family and business interactions, defines roles and responsibilities, and establishes accountability. If you don’t clarify who is responsible for what, everyone is responsible for everything. Or worse, no one is responsible for anything because they tend to think someone else is doing it, leading to chaos. Good governance ensures that everyone knows and can perform their duties effectively, which is vital for a company's growth and stability.
OG: How did you become so focused on governance in your family business?
Greg: I developed a keen interest in family business governance alongside my regular commitments to the High Companies. I read extensively on the topic and attended numerous seminars. With this knowledge, I realized that our family could achieve much more with a dual governance structure, one for the business and one for the family. I felt this adjustment in approach was vital to ensuring a smooth transition from the 2nd to 3rd generation and beyond.
OG: OK, you have a new concept to implement for your family business; how did you introduce this new direction?
Greg: I began by structuring our family meetings to include governance topics I was learning about. As my hotel development role expanded, so did my interest in governance. While I enjoyed developing hotels, I realized that working on governance structure would have a broader positive impact on the entire organization and on our family. Eventually, I focused full-time on family governance, working with the 2nd and 3rdgenerations to restructure our company’s governance to better handle our growing business and family. The third generation adapted an excellent existing structure and modified it to work for our generation and into the future.
OG: Even with everyone onboard, there must have been some challenges. Was the transition difficult?
Greg: Absolutely! The younger generation essentially had to tell the older generation that while the current structure worked, it might not be the best for the future. This was challenging, as it can be hard to suggest changes to something someone has committed much time to and worked hard on. However, after years of collectively working together, the necessary adjustments came together successfully.
OG: What an incredible journey. Congratulations on achieving that goal! Along the lines of governance, I tend to think of a Board of Directors. In your view, when is the best time to establish a Board of Directors?
Greg: Smaller companies might start with Advisory Boards to ease into the concept of a Board of Directors. No matter how you proceed, having experienced businesspeople on your board offers immense benefits. Despite the common fear from senior owners' of losing control, the right directors serve as invaluable advisors, helping refine ideas and strategies. Based on their experience, board members can confirm your ideas hold merit, or if not, explain why. It’s hard to imagine operating a company without such guidance.
OG: Succession planning is an important part of governance and planning. I imagine succession planning for a multi-generational business has its own challenges.
Greg: There is a lot to sort out. A typical small business will tend to do it on the fly. Larger and more complex organizations often have the luxury of time and resources to help them think through all the important steps. In a family business, there are two considerations for succession: ownership and management. Sometimes those two intersect, and sometimes they don’t. It is important to add clarity to where ownership and management intersect and where they don’t. Hiring an experienced consultant and getting input from your board of directors can be extremely helpful in this area.
OG: Can you expand on the particulars of navigating your family’s process?
Greg: Under the High Companies, we had multiple business units throughout various industries. Unlike publicly traded companies with numerous silent owners, family businesses have a smaller, more involved group of owners across multiple generations. Each family member’s personality, strengths, and interests add complexity. Some work in the business, and others do not. While it took time and effort, this was a rewarding part of the process, as family members found ways to support each other and the business.
OG: While we're on succession planning, you founded a consulting company late in your career. Why did you transition out of the High Companies?
Greg: No one ever asked me that question, so thank you. As I delved deeper into family business governance, I enjoyed sharing my knowledge with others who expressed interest within our regional community. A friend suggested that my advice would be more valued if I charged for it, noting that “no one takes free advice!” which drove me to start my own consulting company.
The timing was also right. My siblings and I had completed years of ownership restructuring and built the S. Dale High Leadership Center in our father’s honor. We were all surprised when, after a big retirement party, he decided to stay and not retire. That wasn’t part of my plan, and I was looking for more of a challenge. Consulting provided a new and stimulating outlet for me.
OG: You decided to retire relatively early after founding your consulting company and navigating the challenging initial development years. Why?
Greg: I was privileged to work with family businesses that were 6 to 8 times larger than ours and in many different industries. While I truly loved working with those families, I lacked the marketing and sponsorship resources that large consulting firms had. This made finding and securing new customers difficult, and then COVID-19 hit. Businesses shifted their focus from long-term planning to simply staying in business. At that point, I was six years into a great consulting career and decided to leave on a very positive note. I had also lost my cousin (my age) to Lou Gehrig’s disease and a high school friend to brain cancer. When my mother got dementia – we had to remove all her possessions and quickly move her to a retirement home. All the physical things she had spent a lifetime collecting suddenly meant nothing to her. This collectively had me thinking about my future and what I truly value. Retirement felt like the right choice.
OG: I’m sorry to hear that. It seems you made the right decision for you and your family. Now, in this new transition, what surprises or lessons have you encountered in retirement?
Greg: Haha (laughing). There are several; I have a list! First, you can’t predict how others will react to your decision to retire. Trust your instincts and retire if the timing feels right for you—it is your life! I’ve been fortunate to accomplish more than I ever thought I would or could. I also don’t struggle with a big ego telling me, “You have more to do.” As I observed others in retirement, I realized that it could be terrible or fantastic, but how it actually went was all up to me.
I now spend time trying to impress myself instead of others. When you’re working, it’s the opposite. Retirement gives me the freedom to move my body more. In fact, the first year I enjoyed moving so much that I got tendonitis in my heel. Instead of being chained to my desk, I’m now free!
I also thought I would have more time, but I’m busier than ever, exploring everything I enjoy.
OG: Greg, thank you for your insight and transparency during our discussion. Do you have any closing thoughts about family business growth that you wish to share?
Greg: Successful family business growth requires the right leaders, a robust governance structure, and owners that support each other and the business. While challenging, achieving this balance is possible. And if the senior generation never retires, it can lead to unexpected and equally exciting opportunities!
I want to thank Greg High for his insight and candor. His emphasis on experienced leadership, clear governance, and family support highlights several keys to success in navigating the complexities of family businesses and their growth journey. Greg's experience underscores that sustainable growth is achievable with exemplary leadership, supportive ownership, and structured governance. — Keith Verner, Founding Partner
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