Jordan Papé is the CEO of the Papé Group, an end-to-end capital equipment solutions provider in the construction, forestry, agriculture, warehousing, material handling, and trucking industries. The Papé Group was founded in 1938 and has since grown to over 130 locations and more than 3,500 employees.
From his own experience as a fourth generation business owner, Jordan understands the dynamics of running a family business and navigating ownership transitions. He and Jared Siegel explore topics such as capital allocation decisions, people management, and preparing the next generation for the challenges and complexities of wealth.
Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:
Here are a few highlights from Jared's conversation with Jordan Papé:
- “Most people confuse trust with the ability to believe that somebody is going to do what you want them to do,” Jordan claims. “In the professional world, trust is less about somebody doing what you want them to do and a lot more about ... being able to predict their behavior… Trust is about being authentic.”
- “Your legacy and wealth is only as secure as your family is united,” Jared says. He asks Jordan what measures families should take to foster unity and avoid conflict.
- Jordan describes his father’s strategy to grow the company’s productivity and credibility in difficult times. It’s all about giving the best possible experience to their customers, he tells Jared.
- Customer dissatisfaction is a learning opportunity, according to Jordan
- “By sacrificing today’s cash for tomorrow’s investment, the family members who came before me made opportunistic investments that we can take advantage of today,” Jordan says. “The [decisions my father made] created a footprint that allowed us to grow and diversify our revenue.”
- The leadership at Papé Group focuses on supporting the layer that has the most interaction with their customers. Those in that layer are empowered to make decisions that keep the customers happy, Jordan shares. Those at the top declare a destination, but give their people the tools and flexibility to figure out how to get there.
- Building a great team and empowering them to make decisions can help you get more done in less time than doing it yourself.