Family IN Business
Family IN Business
2. Creating a Thoughtful Legacy for Family Business: Meghan Juday of IDEAL INDUSTRIES
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Season 2, Episode 2 of the Family IN Business Podcast

Meghan Juday is among the fourth generation of leaders in her family enterprise, IDEAL INDUSTRIES, an electrical and electronic manufacturing company. Currently the Chairman of the Board, she has faced challenges on a wide spectrum from the isolation of being a lone female Chairman to mitigating the shortage of trades professionals. She has proactively tackled these problems and more while contemplating the legacy of her leadership and of her family enterprise.

Listen as Meghan discusses stewardship, “emotional returns,” and the negative aspects of legacy. Guest experts Jennifer Pendergast and Dave Whorton also lend their takes on sustainability, purpose, and the long view.

Show Notes:

Theme: Purposeful legacy

 

Your host:

Esther Choy, President and Chief Story Facilitator of Leadership Story Lab, author of Let the Story Do the Work (AMACOM)

 

Special thanks to:

Meghan Juday, Chairman of the Board, Ideal Industries, Inc.

Dave Whorton, CEO and Founder, The Tugboat Group

Jennifer Pendergast, Executive Director of John L. Ward Center for Family Enterprises, Kellogg School of Management at Northwestern University

 

Contact us: familyenterprises@kellogg.northwestern.edu

Visit: WardCenter.net

 

Key Moments:

3:26 – Meghan’s business and the meaning of stewardship, with Jennifer Pendergast

5:22 – Why Ideal Industries is responding to the trades professional shortage

9:27 – Why Ideal Industries is partnering with schools and community colleges

16:04 – How purpose differs from mission and vision, with Dave Whorton

19:11 – How Ideal Industries sees “emotional returns”

20:39 – Dealing with a difference of opinion on family enterprise purpose

23:18 – Tension and negative legacy in family enterprise

29:09 – How Meghan dealt with the isolation of being a lone female Chairman of the Board

32:45 – How Meghan sustains her energy

37:15 – Family business success is about much more than profits

42:59 – Evergreen Companies – A hundred-year view, with Dave Whorton

Download “Creating a Thoughtful Legacy for Family Business: Meghan Juday of IDEAL INDUSTRIES” Transcript-Megan-Juday-Final.pdf – Downloaded 14 times – 248 KB

 

Next Episode: 3. Improvising Your Way to Purpose: Enrico Leta of Vitalatte and Yorgus Laticínios

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People forget facts, but they never forget a good story. In her book, Esther Choy shares business storytelling methods, examples and practical tools and templates. It’s your essential leadership storytelling toolkit.

Let the story do the work

People forget facts, but they never forget a good story. In her book, Esther Choy shares business storytelling methods, examples and practical tools and templates. It’s your essential leadership storytelling toolkit.

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