Five Questions with Meghan Juday

October 24, 2022
In “Five Questions,” we speak with Meghan Juday, chairman of IDEAL Industries, about leading the board as a fourth-generation family member, how she hopes to help other women succeed in similar roles and what she sees as the most important leadership quality.

1. IDEAL Industries is in its fifth generation of family business ownership. How were you introduced to the business?

I learned about the business around the dining room table. It was a very organic introduction. My father was CEO, and I heard more about IDEAL than I ever wanted to. I often felt like I was competing for airtime with the business as much as I was competing for airtime with my siblings.

I never thought I would work there. I pursued medicine and then consulted at a Big Five accounting firm. When I had my son, I was going to stay home with him for his first year. That is when my dad asked me to come on board. They were transitioning from the third to fourth generation and wanted help for a few months. Those few months turned into 19 years. My roles have allowed me to remain present with my family while staying in the workforce – it’s worked well for me.

2. You became board chair at IDEAL Industries after your father held that role for 40 years. How did that transition impact your relationship with your dad, the company and the board?

When I took the reins from my dad, it was the first time in a long time that he was not in charge. There is a time that comes to mind after I became chairman where he and I really disagreed, and he struggled with it. In retrospect, it was hard for him because it was one of the earliest moments where it was clear that I was the boss, and he was in a new role. On the other hand, it wasn’t as hard for me to stand up for myself as I had expected.

In terms of the company, when I was vice chair, I took on the responsibility of looking for a new CEO. The important thing was finding someone who would build a strong strategic direction for the company, focus on innovation and organic growth and truly embrace environmental, social and governance (ESG) factors and diversity, equity and inclusion (DEI). The person we hired joined around when I became chairman, and it turned out that being explicit in finding a CEO who would support those initiatives and having me in this role gave a real boost to the DEI program. I’m very involved in the dialogue about getting women into leadership and the company. DEI is a long project, but we are really making progress, and everyone is excited about it.

With the board, a lot has changed in terms of composition. We went from me being the only female director to having three women and three men on the board, and we will likely add another woman and man. Beyond changing the composition, we have done a lot of work to make sure that as we bring in new directors, they are included in the dialogue from the beginning.

3. You founded an organization called The Lodis Forum for women who are board chairs and vice chairs. Why?

I was named board chair in February 2020 – three weeks before the world shut down due to COVID-19. We are a global business, and it was a very stressful time. I reached out to a few board chairs to talk about some of the problems I was having, and everyone said they had never experienced the issues I was talking about. I realized they were all men, so I decided to reach out to some women board chairs. My original plan was to start a quarterly Zoom call with two or three people. We now have more than 50 women globally.

Our first goal is to make sure that all of our members are great at their jobs. Being a board chair is a lot harder than showing up to a meeting four times a year. There are a lot of complex dynamics that go on. We also want to create a peer network and experience. Women in these board leadership roles are often alone. They don’t know anyone else in that role, let alone another woman in that role. It is nice to learn from one another and focus on creating peer experiences.

4. In your experience, what is the most important skill or characteristic of a leader?

Resilience. You need to have a bottomless well of energy despite all of the pitfalls that befall you. In addition, my rule of thumb for surviving in a family business is having a great sense of humor and a short-term memory. IDEAL is 106 years old. If you were to hold on to everything for 100 years, you wouldn’t be able to function.

5. What advice would you give to your younger self?

Drop that self-doubt! Women find it so difficult to gain access to leadership or the boardroom. A lot is systemic, but some of it is what we do to ourselves. Stop thinking you don’t belong wherever you are and that you don’t deserve that next opportunity. It is one of the most valuable things you can do for yourself.

Up Next
Up Next

Women & Wealth Magazine Summer Issue 2022

In this issue of Women & Wealth Magazine, we focus in on the value of communication as it relates to a range of subjects. We look at the criticality of intergenerational communication around wealth values, cover skills to teach our girls so they can thrive, discuss how to support a grieving friend and share guidance around how we can prepare ourselves to live in a world with more frequent disasters.

Brown Brothers Harriman & Co. (“BBH”) may be used as a generic term to reference the company as a whole and/or its various subsidiaries generally. This material and any products or services may be issued or provided in multiple jurisdictions by duly authorized and regulated subsidiaries. This material is for general information and reference purposes only. This material may not be reproduced, copied or transmitted, or any of the content disclosed to third parties, without the permission of BBH. All trademarks and service marks included are the property of BBH or their respective owners. © Brown Brothers Harriman & Co. 2022. All rights reserved. PB-05733-2022-09-20

As of June 15, 2022 Internet Explorer 11 is not supported by BBH.com.

Important Information for Non-U.S. Residents

You are required to read the following important information, which, in conjunction with the Terms and Conditions, governs your use of this website. Your use of this website and its contents constitute your acceptance of this information and those Terms and Conditions. If you do not agree with this information and the Terms and Conditions, you should immediately cease use of this website. The contents of this website have not been prepared for the benefit of investors outside of the United States. This website is not intended as a solicitation of the purchase or sale of any security or other financial instrument or any investment management services for any investor who resides in a jurisdiction other than the United States1. As a general matter, Brown Brothers Harriman & Co. and its subsidiaries (“BBH”) is not licensed or registered to solicit prospective investors and offer investment advisory services in jurisdictions outside of the United States. The information on this website is not intended to be distributed to, directed at or used by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Persons in respect of whom such prohibitions apply must not access the website.  Under certain circumstances, BBH may provide services to investors located outside of the United States in accordance with applicable law. The conditions under which such services may be provided will be analyzed on a case-by-case basis by BBH. BBH will only accept investors from such jurisdictions or countries where it has made a determination that such an arrangement or relationship is permissible under the laws of that jurisdiction or country. The existence of this website is not intended to be a substitute for the type of analysis described above and is not intended as a solicitation of or recommendation to any prospective investor, including those located outside of the United States. Certain BBH products or services may not be available in certain jurisdictions. By choosing to access this website from any location other than the United States, you accept full responsibility for compliance with all local laws. The website contains content that has been obtained from sources that BBH believes to be reliable as of the date presented; however, BBH cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. The content contained herein is current as of the date of issuance and is subject to change without notice. The website’s content does not constitute investment advice and should not be used as the basis for any investment decision. There is no guarantee that any investment objectives, expectations, targets described in this website or the  performance or profitability of any investment will be achieved. You understand that investing in securities and other financial instruments involves risks that may affect the value of the securities and may result in losses, including the potential loss of the principal invested, and you assume and are able to bear all such risks.  In no event shall BBH or any other affiliated party be liable for any direct, incidental, special, consequential, indirect, lost profits, loss of business or data, or punitive damages arising out of your use of this website. By clicking accept, you confirm that you accept  to the above Important Information along with Terms and Conditions.

 
1BBH sponsors UCITS Funds registered in Luxembourg, in certain jurisdictions. For information on those funds, please see bbhluxembourgfunds.com


captcha image

Type in the word seen on the picture

I am a current investor in another jurisdiction