WHILE many businesses have risen and fallen, some have endured for over a century, following a proven blueprint for sustained success. Effective succession planning is crucial to a company’s longevity, as its absence often leads to decline or sale due to inadequate planning, or retirement aspirations, or a lack of family involvement. GraceKennedy Limited (GK) has defied the odds, thriving for 102 years since its founding in 1922. Effective succession planning and strategic growth have contributed to its enduring success, with over 60 subsidiaries worldwide. GK’s impressive performance makes it an attractive investment opportunity, showcasing the importance of forward-thinking planning in achieving long-term business longevity.

“My boss always says it’s our main asset [human capital], and it is not on our balance sheet. It’s the people, and if you don’t have the right people to take you forward then you’re going to be in a lot of trouble,” GKFG’s CEO Grace Burnett said in an interview with the Jamaica Observer.

Earlier, Burnett, GKFG’s first female CEO, sat down with the Business Observer to delve into the company’s history. Notably, the conversation highlighted GKFG’s meticulous approach to evaluating team members’ performance, ensuring timely rewards and recognition. The company prioritises identifying and cultivating the qualities essential for driving growth, investing heavily in training and development. This commitment has yielded remarkable results, with numerous staff members progressing from entry-level positions to management roles within the organisation. GKFG’s focused approach to succession planning has been instrumental in fostering a culture of continuous growth and development.

GKFG’s CEO, Burnett, emphasises the importance of defining the ideal team member to drive business success. The company is pinpointing the behaviours, skill sets, and competencies that embody the quintessential GKFG individual. To achieve this, GKFG adopts a comprehensive approach. Recruitment focuses on attracting candidates who exhibit these traits. Performance appraisals assess employees against these benchmarks. Rewards and recognition incentivise those who embody the GKFG spirit.

“We are preparing the next set of leaders for all the roles that we have. You know, it’s something that is a KPI for all of us every year, and it’s how we are doing on our succession planning,” Burnett told the Sunday Finance.

However, being on this plan doesn’t guarantee a specific position. Instead, the company identifies multiple potential candidates, offering comprehensive training and development opportunities. This approach focuses on empowering future leaders and equipping them with valuable skills and expertise. Even if an individual doesn’t ascend to a targeted role, they retain the benefits of their development, enhancing their career prospects within or beyond GKFG.

A testament to GKFG’s commitment to leadership development is the rise of its current leaders. Notably, Chaluk Richards, general manager of GK Insurance, began his journey as a personal officer at GK Financial. Similarly, Tammara Glaves-Hucey, general manager of Key Insurance, started as an executive assistant to CEO Burnett. Amanda Beepat, managing director of Allied Insurance, worked alongside Burnett at Allied before being appointed managing director upon Burnett’s departure.

“A lot of our leaders are home-grown because we set about a deliberate strategy to prepare them for the next level and the next position,” she reinforced. “Every leader knows that it’s very important for their staff to feel engaged, because you can’t make any of this happen without people. Nothing happens without people.”

GKFG’s leadership development model breaks away from traditional family succession, instead rewarding internal talent for driving future growth. This approach is gaining traction as younger generations increasingly diverge from family legacies. Island Grill, a rapidly expanding restaurant chain, exemplifies this shift. Owner Thalia Lyn is integrating her children and grandchildren into the business but her son, Executive Director Michael Lyn, harbours concerns about balancing family involvement with long-term success.

“It isn’t like you kind of wish [your children will take over]; it’s like: ‘Oh, I wish that you’d be a part of this [business].’ Or the other thing is:’You have to come back, and sit down here, and do this [work in the business],’ “ he asserted.

However, Thalia Lyn is confident that her grandchildren understand the importance of preserving the business. They have actively contributed to the Lyn Family Trust and Foundation, demonstrating their commitment. Nevertheless, the family acknowledges that external expertise might be beneficial, showcasing their forward-thinking approach. In 2019
The Gleaner announced Thalia Lyn’s plans to retire, with her daughter-in-law and son poised to take Island Grill global. Fast-forward to 2023: Tania Waldron-Gooden succeeded Lyn as CEO-designate on May 1, 2023. Notably, Waldron-Gooden, a financial sector veteran, was unanimously chosen by the Lyn family and Island Grill’s committee, marking a deliberate departure from traditional family succession.

“When I think about succession and what that is, the culture and that shared purpose are so important to carry you through all of that. It’s, ‘What is this organisation going to be in the future?’ ” Chief Innovation Officer Denise Lyn shared. “It becomes bigger than what is you or me or, you know? It’s something that you can create to move forward so that it creates jobs and stability for generations to come. It’s not just selling chicken. It is selling chicken, but it’s something that gives back — chicken with love.”

Island Grill’s model prioritises treating staff well and fostering a workplace culture akin to a healthy family. After interviewing various CEO prospects, Thalia Lyn sought a candidate who shared this values-driven approach, which she instilled in her son Michael and passed down to his children. She sought a leader who recognised the importance of staff support, particularly post-pandemic. Thalia wanted a CEO who would appreciate and build upon Island Grill’s unique culture, making it a formalised strength. Tania Waldron-Gooden embodied these qualities, securing her appointment after her predecessor, Thalia’s daughter-in-law, Denise, declined, citing a different perspective on succession. Denise noted that succession planning can focus solely on filling a vacancy or, alternatively, consider long-term goals and required skills. Tania’s alignment with Island Grill’s values and vision made her the ideal choice, coinciding with the establishment of a new board as the pandemic began.

“It took a while for us to realise that the company is bigger than us,” Michael told Sunday Finance.

Going forward, Island Grill will adopt a collaborative approach to succession planning, with Waldron-Gooden leading the company in tandem with the Lyn family, ensuring a unified vision and seamless transition.

GKFG’s CEO Grace Burnett (Photo: Naphtali Junior)

Thalia Lyn, Island Grill’s founder, deputy chair, and former CEO (Photo: Garfield Robinson)

Former CEO Thalia Lyn in conversation next to her daughter-in-law, Denise Lyn, chief innovation officer, who was previously designated as her successor.

Thalia Lyn, former CEO, poses alongside her successor Tania Waldron-Gooden who took over as CEO-designate on May 1, 2023.

GraceKennedy’s headquarters on Harbour Street in downtown Kingston.