The Third Layer

PeopleForward Network
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The Third Layer is crafted for family-owned business leaders who understand the intricacies of navigating a business where family and leadership intersect. Host, Marshall Lockton zeroes in on the greatest leadership lessons.

  1. 23H AGO

    A series of Difficult Conversations: A look into Meghan Juday and Mary Nicoletti's unique long term partnership

    This episode features Meghan Juday, Chairman of the Board, and Mary Nicoletti, Family Council Chair, discussing the evolution of governance and culture within Ideal Industries, a 100-year-old global manufacturing company. As a fourth-generation leader, Ms. Juday recognized that the family's governance structure, while policy-driven, lacked the "heart and soul" necessary to connect the increasingly dispersed family (44 members across G3, G4, and G5) to the business. The conversation details the essential shift from transactional governance to one focused on intentional relationship-building and strategic partnership with the operating company.   Key Themes: Evolving Governance for Engagement Addressing System Dynamics Strategic Board Leadership The Power of the Silent Majority Family as a Cultural Asset Intentional Stewardship   Timestamps: 00:51 - Founding of IDEAL Industries and the commutator stone story 03:53 - IDEAL's elevator pitch: electrical connections and battery charging 04:39 - Family assembly, family council, and education committee overview 06:56 - Board leadership across generations and use of independent CEOs/chairs 09:31 - Meghan's background at St. John's College and consulting at CSC 11:53 - Meghan's first project reshaping family governance to engage Gen 4 12:50 - Shifting from policy driven to strategic, building Gen 4 and Gen 5 connection 26:35 - Recognizing dysfunction and pursuing family therapy alongside governance 31:15 - Selecting a licensed family business therapist with governance expertise 35:59 - Therapy outcomes: addressing transference and empowering the silent majority 38:51 - Tools for healthy voice and hard decisions (task forces, skill building) 53:46 - Reshaping the board for strategic value and higher ROI for management 57:52 - Family's role in employee culture and onboarding, reporting through HR 62:23 - Defining stewardship for Gen 5 as modest sacrifices for future generations   Additional Resources: Meghan Juday,Chairman of he Board, IDEAL INDUSTRIES, INC: https://www.linkedin.com/in/meghanjuday/ Mary Nicoletti, Director, Family Office & Family Council Chair, IDEAL INDUSTRIES, INC: https://www.linkedin.com/in/marycnicoletti/ Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    1h 10m

  2. JAN 1

    Replay: The Trampoline Effect: How Brandon Johnson's journey led to his purpose of building thriving families

    Brandon Johnson's story is a powerful testament to the idea that true success in family wealth lies in cultivating human potential and purpose over mere financial accumulation. His journey, deeply shaped by his family's generational experiences, underscores that a "healthy, thriving, fulfilled family legacy" is ultimately guided by how financial capital supports the "thriving of the human capital" in pursuit of self-actualization. This core message perfectly aligns with The Third Layer's philosophy that performance is directly linked to culture. By focusing on fostering dignity, self-worth, earned legacy, and a clear sense of "why," both within families and organizations, leaders like Brandon demonstrate how intentional cultural stewardship can transform challenges into opportunities for growth, unity, and lasting impact. His work, driven by a desire to leave things "better than I found them" and empower others, exemplifies how a human-centric approach to business and family can lead to exponential value creation beyond financial metrics.   Key Themes Human Capital as Paramount: The "Trampoline Effect" of Wealth Proactive Family Governance and Education: The Power of a Multi-Family Office Model: Purpose-Driven Leadership Culture as a Foundation for Performance   Timestamps: 01:34 - Education, early ventures, and the origins of KD Industries 02:32 - Grandfather's philosophies on work, culture, and leadership writing 02:55 - Memories of his work ethic and making time for family 06:25 - MKT Railroad reverse-merger "SPAC-like" deal and NOL strategy 08:50 - Family makeup and tradition of gathering grandchildren 09:59 - Growing up between modest home life and visible family wealth 14:14 - Dignity and self-worth through work vs. pitfalls of easy money 16:11 - Succession breakdown, lawsuits, and choosing the culinary path 20:49 - Training at Le Cordon Bleu and the intensity of classic technique 24:07 - Being asked to return, conflicted pivot, and entering the family office 33:29 - Shifting to independent, open-architecture investing (away from bank products) 38:13 - Forming a multi-family office "co-op" and elevating human-capital work 47:58 - The "trampoline" model of inheritance to amplify, not replace, effort   Additional Resources: Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network Brandon Johnson, Principal at Johnson Financial Group https://www.linkedin.com/in/brandoncjohnson/

    1h 16m

  3. 12/18/2025

    Team of Teams: How Michael Hoehn led his own way and built a high performance growth culture.

    Michael Hoehn, President or CEO of ASI for over 20 years, shares a compelling narrative of leadership, growth, and the unique dynamics of a family business that builds the "heart of automotive plants" by designing and installing automated handling systems. The company's journey began over 40 years ago when Michael's father, a former GM engineer, acquired it with a partner in 1981, seeing an opportunity for entrepreneurship through acquisition. After selling the business in 1998 during a market peak, they reacquired it in 2002 for "pennies on the dollar" when the buyer decided to divest, aiming to "rescue our team" and "right the ship" from short-term decision-making under public ownership. Michael, initially resistant to joining the family business, brought a background in consulting and restructuring from PwC. He eventually joined ASI, initially for a trial period, to ensure a mutual fit, learning the "business of the business" rather than the engineering specifics. He transitioned into the president's role through a deliberate handover from a predecessor who championed his readiness. Under his leadership, ASI has seen substantial growth, from 125-150 employees to nearly 500, especially after securing a strategic customer project in 2019 that doubled revenue and headcount in two years. This growth was managed by intentionally reinforcing a humble, team-oriented culture and prioritizing people, turning potential challenges into opportunities to strengthen the organization.   Key Themes Strategic Acquisition & Reacquisition Generational Leadership & Succession Culture as a Performance Driver Long-Term vs. Short-Term Thinking Customer-Centricity and Partnership Intentional Talent Development & Mentorship   Timestamp: 00:26 - ASI overview: conveyors, robotics, automation focus 01:04 - Father's path and how he acquired the company 01:52 - Co-owner Mike McKee and the 1981 purchase 02:26 - 1998 sale and 2002 buyback context and rationale 04:08 - Father's leadership style and operating philosophy 05:44 - Michael's Kansas City upbringing and early career interests 06:44 - Turnaround lessons and ERP implementation done right 08:24 - Decision process to join the family business 12:20 - Six to nine month trial plan and learning approach 16:49 - Transition to president under David Clark's servant leadership 22:13 - Company growth trajectory and headcount scale 23:30 - Strategic partnership shift and rapid scaling from 2019 26:18 - Culture and values: teamwork, embracing hard projects 48:53 - Legacy philosophy and building teams that thrive in your absence   Additional Resources: Michael Hoehn, President at Automatic Systems, Inc. Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    52 min

  4. 12/04/2025

    Independent and Interdependent: Dhruv Pandit's families process to understand one another's goals and build their future.

    Dhruv Pandit, a prominent Kenyan family business leader, offers a compelling account of his family's century-long entrepreneurial journey, rooted in his grandparents' immigration from India to East Africa. He details his father's impressive self-made success in banking, insurance, and real estate, emphasizing the founder's outgoing nature, continuous learning, and ability to connect across diverse social strata. The episode delves into the evolution of their enterprise, highlighting the strategic decision to exit the banking and insurance sectors to concentrate on real estate and formalize a family office structure. Dhruv discusses pivotal moments, including navigating strategic disagreements with his elder brother using YPO forum principles, and how the challenges of COVID-19 spurred a critical reevaluation of capital allocation and governance. The family's collaboration with "process consultants" led to the adoption of an "independent but interdependent" framework, enabling diversification and fostering next-generation entrepreneurship through a "family bank" model. Dhruv's narrative underscores the profound impact of intentional communication, cultural adaptability, and structured governance in ensuring both family unity and sustained entrepreneurial success across generations. His ultimate legacy aspiration is simply "to do right by people".   Key Themes: Entrepreneurial Legacy & Multi-Generational Evolution Strategic Business Transitions & Diversification Formalizing Governance & Communication Shift from Family Business to Family Office Cultivating Next-Generation Entrepreneurship Cultural Nuance & Adaptability   Timestamps: 00:50 – Family immigration history and early entrepreneurial beginnings in Kenya 02:23 – Father's first business ventures in banking and real estate 03:44 – Father's personality and approach to people and business 05:02 – Indian community in Kenya and cultural integration 06:24 – Relationship with brothers and early family dynamics 08:16 – Stepping into the family business and generational transition 10:27 – Losing his brother and the emotional impact on the family 11:56 – Family traditions and business discussions at home 13:20 – Early career, merging family businesses, and selling the bank 15:59 – Emotional reflections on selling the family business and lessons learned 18:51 – Real estate focus and creation of a family office structure 21:14 – Family disagreements, communication challenges, and using YPO forum principles 24:55 – COVID-19's impact and the decision to bring in consultants for governance planning 31:34 – Transition to a family office model, creation of a "family bank," and future legacy vision   Additional Resources: Dhruv Pandit, CEO at Fedha Group Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    55 min

  5. 11/20/2025

    Learning With No Playbook: Nike Anani's transition from building a family office in Nigeria to advising next gens on their own stories.

    Nike, an esteemed advisor at Northern Trust and a leader within her own Nigerian family enterprise, shares profound insights into the intricate world of family businesses. Her journey began by managing her family office without a "playbook," a decade she describes as both the most meaningful and challenging of her life. Faced with "drowning in complexity," Nike spearheaded the creation of a family office, establishing a "control tower" designed around family values and vision to manage diverse businesses and investments. She emphasizes the critical need for rising generation leaders to earn trust through persuasion, consistency, and hard work, especially within elder-dominant cultures. Nike's narrative powerfully illustrates that structured governance, open communication, and the development of a strong personal identity are not just beneficial, but essential for the enduring performance and successful intergenerational transition of family enterprises. Her advisory work is driven by a purpose to enhance succession and longevity for family businesses globally, acknowledging the universal nature of these challenges across cultures.   Key Themes: Strategic Evolution of Family Enterprises Next Generation Leadership Development Importance of Governance and Communication Personal Identity and Purpose: Cross-Cultural Relevance of Family Business Challenges: Professionalization of Family Wealth Management   Timestamps: 00:35 – Nike's career journey and role at Northern Trust 01:49 – Family background and her father's entrepreneurial story 03:29 – Transition from medicine to entrepreneurship 04:37 – Childhood memories and realizing her father's success 06:16 – Family enterprises within the Nigerian economy 08:04 – Moving to the UK at age nine and cultural adjustment 11:05 – Early career at Deloitte and lessons from tax accounting 12:27 – Returning to Nigeria and founding the family office 18:14 – Challenges convincing her father and evolving governance 21:19 – Establishing family governance: council, committees, communication 25:22 – Working across family businesses and earning trust as next gen 34:26 – Leaving the family business and relocating to the U.S. 38:07 – Building her next-gen advisory career and global perspective 42:00 – Advice for rising generations: self-awareness, coaching, and legacy   Additional Resources: Nike Anani, Director Next Gen Advisory Services, SVP at Northern Trust Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    45 min

  6. 11/06/2025

    Industrial Heroes: Jeff Cloud shares how IBT commits to making all stakeholders feel like family.

    Jeff Cloud, President and CEO of IBT Industrial Solutions and its parent company, Cumulus Companies Inc., shares the rich history of his family's 77-year-old industrial distribution business, founded by his grandparents in 1949. Born from his grandfather's entrepreneurial spirit after a sales territory dispute, IBT's core "Yes, we can do that" mantra and sales-driven approach fueled its growth from a single shop to a multi-state enterprise with over 400 employees. Jeff discusses the intentional cultivation of a people-first culture, emphasizing respect, internal development, and exceptional customer service, evidenced by their remarkable employee longevity. His personal journey, which included time in the culinary industry before returning to IBT, highlights the value of earning respect and understanding the business from the ground up. The family's commitment to long-term stewardship led to the formation of Cumulus Companies, diversifying investments while intentionally scaling IBT's core cultural values across new acquisitions. This episode offers a compelling case study for family business leaders on nurturing legacy, fostering a resilient culture, and strategically preparing for multi-generational success.   Key Themes: Multi-Generational Legacy and Succession Planning Culture as a Performance Driver Customer-Centricity and "Exceptional Engagement" Strategic Diversification and Value Creation Leadership Development and Humility   Timestamps: 00:41 - What IBT Industrial Solutions does and context for listeners 00:59 - Founding story, sales-first ethos, and "Yes, we can do that" mantra 08:14 - Second-generation leadership succession: Uncle Tree, then Jeff's father as CEO 09:24 - Culture under Jeff's father and extraordinary employee longevity 12:31 - Culinary school and restaurant background shaping work ethic 16:10 - Decision to return to the family business and two-year pact with his father 19:10 - Cross-functional rotations across warehouse, sales, IT, supply chain, and more 20:43 - Transition to CEO and advice for next-gen family leaders 23:40 - Mentorship from President Mark Byrne and their candid-feedback agreement 28:45 - External CEO period after Byrne and eventual transition back to family leadership 30:06 - Communicating the move to family-led, long-term stewardship and private flexibility 32:29 - IBT House and the Four Heroic Pillars (Family & Community, Customer Experience, Leadership, Integrity) 39:51 - Scaling culture via quarterly all-hands for all branches and improved NPS 43:51 - 24/7 exceptional customer service and emergency support examples 57:09 - Jeff's legacy goal: prepare the fourth generation and reach 100 years   Additional Resources: Jeff Cloud, President & CEO at IBT Industrial Solutions: https://www.linkedin.com/in/jcloud/ Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    1h 1m

  7. 10/23/2025

    Building Beyond Holiday Inn: Spence Wilson Jr. on Multi-Gen Success within KWC Management

    Spence Wilson Jr., a principal at KWC Management, a single-family office, shares the compelling journey of his family's entrepreneurial legacy, from his grandfather Kemmons Wilson's founding of Holiday Inn to the current multi-generational operation of KWC Management. The discussion highlights the importance of intentional leadership, robust family governance, and a values-driven culture in sustaining success across generations. Spence details the origins of Holiday Inn, born from a "frustrated experience," leading to innovations like standardized rooms, free stays for kids, pet care, and a nationwide reservation system. He also sheds light on the deliberate transition of the family business, which involved external consultants and a commitment from the second and third generations to stay "better together" under a shared umbrella. KWC Management now primarily focuses on hospitality funds and a collection of consumer brands, with a strategic emphasis on understanding business models and partnering with passionate and competent people. The narrative underscores that sustained performance in a family enterprise is deeply rooted in strong relationships, resilience, and a commitment to stewardship—both within the family and the wider community. Key Themes: Entrepreneurial Legacy and Innovation Multi-Generational Family Business Governance Values-Driven Investment Philosophy Importance of Culture and Relationships Stewardship and Community Impact Resilience and Learning from Mistakes Timestamps: 00:01 - Welcome & family-office focus 00:36 - Kemmons Wilson backstory 02:24 - Road-trip spark and first Holiday Inn (1952) 03:25 - Franchising with home builders and Interstate tailwind 05:26 - Standards that won travelers and Holidex reservations 08:30 - Lessons from missteps: wrong lot and the Elvis rights sale 13:05 - The Wilson family today: generations and headcount 14:31 - Stepping away from Holiday Inn (1978) and timeshare pivot 18:12 - Spence's path: banking, joining KWC, early turnarounds 21:33 - Governance for G3: consultants and the 2014 transition plan 27:17 - Building the platform: board, hotel funds, manager-agnostic model 31:33 - Investment lens and culture: people, simple models, service 41:04 - Next-gen engagement: trips, Sunday dinners, Family Council 46:25 - Memphis impact: foundation focus and neighborhood strategy 51:41 - What's next and personal legacy: hotel funds focus and service across spheres Additional Resources: Spence Wilson Jr. - Chairman & Principal at Kemmons Wilson Companies Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    57 min

  8. 10/09/2025

    Project Ernest: Brittney Ray's leadership of the E. Ritter & Company family council and the journey to re-discover purpose and values

    Brittney Ray, the full-time Family Council Chair for E. Ritter & Company, provides a compelling look into stewarding a 136-year-old family enterprise. As a "married-in," or "outlaw" as they humorously refer to them, Brittney's journey into family leadership underscores the importance of curiosity and inclusivity in family businesses. A pivotal moment for the Ritter family came in 2019 with a significant liquidity event, which prompted an identity shift from owner-operators to owner-investors. This change spurred "Project Ernest," an 18-month initiative to revamp the family's mission, vision, and values, engaging professional consultants for broad family input. The project resulted in a renewed commitment to investing in the family, doubling the family governance budget, and shifting towards proactive, intentional planning. Brittney's role focuses on fostering family unity and engagement, developing future leaders—including a unique educational program for 8-18 year olds—and creating a culture where diverse perspectives and open dialogue are not just tolerated but celebrated, ensuring the family remains bonded beyond shared ownership.   Key Themes: Evolution of Family Governance Inclusive Family Definition & Engagement Intentional Investment in Family Unity Multi-Generational Leadership Development Culture of Openness and Productive Dialogue Philanthropy as a Unifier   Timestamps: 02:43 - Ritter family history, legacy, and founder's entrepreneurial roots 04:48 - Current family size and inclusive definition of family 05:39 - Married-in perspective and first family meeting, the "outlaws" term 06:56 - Liquidity event and shift of ownership to engage younger generation 09:56 - Role and mandate of the Family Council Chair 11:45 - Tenure, path from non-voting member to chair, and move to full-time 17:06 - Post-sale identity shift and Project Ernest to revamp mission, vision, values 21:40 - Three-day Boston summit and family approval to invest more in governance 22:49 - Transition from reactive to intentional, strategic family planning 26:41 - Governance structure overview including Owners and Philanthropy committees and boards 33:01 - Biannual family meetings and fall education experiences 36:30 - Next-gen education program for ages 8 to 18 and custom curriculum 52:27 - Philanthropy as a unifier and next-gen engagement in giving   Additional Resources:  Brittany Ray, Ritter Family Council Chair Connect with Marshall on LinkedIn Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network

    55 min
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5
out of 5
4 Ratings

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The Third Layer is crafted for family-owned business leaders who understand the intricacies of navigating a business where family and leadership intersect. Host, Marshall Lockton zeroes in on the greatest leadership lessons.

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