Sixth-generation leader Kevin Hancock kept Hancock Lumber going through a crash

Hancock Lumber, founded in 1848 in Maine, was already six generations old when Kevin Hancock was pulled into it. Kevin, a history teacher and coach, joined in 1991 at age 25 after his father was diagnosed with cancer; his father placed a trusted non-family manager in place as a buffer, and by 2000 Kevin was CEO.

The collapse of the housing and subprime markets in 2007 hit the family firm hard, as demand for lumber and building products dried up. At the height of the downturn in 2010, Kevin lost the full use of his voice to spasmodic dysphonia, a condition he linked to the pressure he was under.

Unable to talk freely, Kevin was forced to listen more and give up some control. He decentralised decision-making to employees and leaned on the people on the ground. That shift helped the firm survive the crash and built a culture that made Hancock Lumber a Best Place to Work in Maine for eight straight years.

After the housing crash, Hancock Lumber survived and became a Best Place to Work in Maine for eight straight years.

The father's illness forced the handover earlier and more abruptly than anyone planned.

A non-family manager running the company for a time smoothed an otherwise jarring transition.

Losing his voice pushed Kevin to listen to employees instead of directing everything himself.

Sharing control and adapting to the market made the firm resilient through a severe downturn.

A crisis can force a family leader to share control and listen more, which may be what keeps an old firm going.

Hancock Lumber remained family-owned and in its sixth generation of leadership, with Kevin Hancock as the only family member working in the business. It kept growing, adding sawmills, retail lumberyards, kitchen design showrooms and a truss plant, and its adaptive culture became a case study in how old family firms survive repeated economic shocks.