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18 n e w h a v e n B I Z | N o v e m b e r / D e c e m b e r 2 0 2 0 | n e w h a v e n b i z . c o m E ver since John Lyman bought a 37-acre tract of land in 1741, his descendants have worked to build his farm into what it is today. Lyman Orchards has grown to 1,100 acres in Middlefield, includ- ing a store, golf course and food distribution enterprise, the result of nine generations' hard work. e Lyman family is still directly involved nearly 280 years later, but it now has a non-family member External Influence As Baby Boomer retirement wave nears, family biz weigh pros, cons of outside leadership By Michelle Tuccitto Sullo F a m i l y B u s i n e s s serving as its president and CEO. e decision to bring in an out- side executive is a difficult one that many family businesses will face in the years ahead as Baby Boomer business owners increasingly reach retirement age. Yet, nearly 60% of business own- ers lack a transition plan, according to a 2019 study by financial services firm Wilmington Trust, meaning many companies are uncertain about next-generation leadership. Lyman Orchards' board first hired an outside person to lead the company in 1997, when the founder's descendant, John Lyman Jr., retired. Today, his son, John Lyman III, serves as executive vice president, board member and shareholder, and Gary Jalbert joined a couple years ago to serve as the business' fourth outside president and CEO. According to John Lyman III, the family realized they needed outside expertise. "ey were looking to bring in a fresh perspective, they wanted to make sure we had the best talent to lead the company at the time," Lyman said. One key reason the family hired Jalbert was to help the business figure out how to thrive even in years when the weather was poor, which negatively impacts crops and on-site visitors. Lyman said the decision to bring in outside expertise has served the business, first incorpo- rated in 1949, well. According to Jalbert, the biggest advantage of an outside CEO is having someone with a different base of experience who can im- prove a company's metrics and help it move forward in a profitable way. Outside the fish bowl e Connecticut Business & Industry Association estimates 80% to 90% of all businesses in North America are family owned. Most eventually must ponder whether to bring in outside leadership, says Robin Bienemann, program manager of the UConn School of Business' Family Business Program. Later generations may have differ- ent interests and careers, or believe they need outside help to make the John Lyman III (left) executive vice president of Lyman Orchards, with Gary Jalbert, president and CEO, in front of the Lyman Homestead.

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