Meghan Juday: The “IDEAL” Way for a Family-Owned Business

Meghan Juday, chairman of the board at Ideal Industries, a family-owned multinational corporation engaged in diversified industries, describes her firsthand experience of managing a successful family-run business. A key advantage is a long-term perspective, expressed on the company’s website as “seeing our business in generations, not quarters,” which fosters an entrepreneurial culture. However, a company’s legacy can be difficult to maintain over generations in a constantly changing environment. 

Ms. Juday provides glimpses of Ideal’s strategies for maintaining a family environment of inclusion, development, growth, and success. As a speaker, author, and family business and corporate governance advocate, she has a deep understanding of what helps family businesses thrive and survive. Join us to learn more about how she maintains the founding culture and standards, grooms talent in younger generations, and meets the challenges of being a female leader of a manufacturing business.

Discussion Points

• IDEAL Industries’ history since 1916
• The company’s experiences during the Covid crisis 
• Family businesses being more resilient in a down market 
• Trends in the electrical industry and how can family businesses keep up 
• Meghan’s fascinating journey to Chairman of the Board of IDEAL industries
• Advice for families to ensure the continuity of their family enterprises
• Initiatives Meghan launched at IDEAL Industries to increase family engagement and develop the next generation of leaders
• Sustaining the culture at IDEAL that began with J. Walter Becker in 1916
• Meghan’s writing and development of a peer group for women serving on Boards of Directors

Fernweh Insights is brought to you by Fernweh Group. The host of this episode, Nidhi Arora, is Vice President at Fernweh.

This episode is part of Fernweh’s Industrials series which focuses on transformational journeys of companies in the industrials sector, one of the most prominent sectors and the bedrock of the U.S. economy. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create alpha – performance superior to market indices – in the industrial/industrial tech sector.  

For More Information

IDEAL Industries Website: https://www.idealindustries.com/us/en.html 

Meghan Juday on LinkedIn: https://www.linkedin.com/in/meghanjuday/ 

Fernweh Group: https://www.fernweh.com