Episode 172 - Navigating Generational Transfer and Entrepreneurship with Steve Hasty

Disruptive Successor Podcast

Steve Hasty is a dynamic second-generation family business owner and entrepreneur, currently serving as the president and owner of Hasty Awards, a leading company in the awards industry. With over 30 years of experience, Steve has significantly expanded the business, diversifying its product offerings and transforming it into a major player in the market. Beyond his primary business, he co-owns Swimming World, where his strategic leadership has enhanced the company's influence within the swimming community. Demonstrating his entrepreneurial versatility, Steve also holds a majority stake in Smarter Paw, an award-winning pet products company. His commitment to community development and passion for sports governance further underscore his multifaceted career.

SHOW SUMMARY

In this episode of The Disruptive Successor Show, Jonathan Goldhill features Steve Hasty, a second-generation family business leader and owner of Hasty Awards. Steve shares his journey from university student to business owner, elucidating the challenges and successes involved in transitioning leadership from his parents. He discusses his strategic innovations, including the introduction of technology and significant business expansions. The conversation further explores Steve's involvement in Swimming World Magazine and SmarterPaw, highlighting his entrepreneurial spirit across diverse industries. Listeners gain insights into managing family business dynamics, fostering employee loyalty, and identifying future opportunities in the sports sector.

KEY TAKEAWAYS

• Generational Transition: Steve's experience highlights the importance of smooth power transitions within family businesses, emphasizing the balance between respecting legacy and embracing innovation.
• Embracing Technology: The integration of technology was crucial in expanding Hasty Awards' product offerings and improving efficiency, demonstrating the necessity of modernization in business growth.
• Crisis Management: Navigating through the COVID-19 pandemic, Steve’s strategy of investing in equipment and modernizing operations underscores the importance of resilience and adaptability in business.
• Leadership and Mentorship: The value of gaining external work experience before joining a family business is evident in how Steve’s children were prepared for leadership roles, ensuring they brought valuable skills and perspectives.
• Diverse Ventures: Steve’s involvement in various ventures, including Swimming World magazine and Smarter Paw, illustrates the benefits of diversifying interests and leveraging expertise across industries.

QUOTES

• "We were really still all on the same team, whoever was at the head of the company didn’t matter."
• "We took that whole period of time [COVID-19] and invested in our equipment, modernizing, and getting ready for the push we felt would ultimately come."
• "It's tough being a dad and boss, but I wanted my kids to understand the value of working for someone else before joining the family business."
• "Connecting kids with trainers and workout routines via their phones is where I see the biggest opportunity now in the sports sector."

For more details on Steve’s professional activities, you might want to visit the Hasty Awards website: https://www.hastyawards.com/

If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com