The following is an excerpt from a conversation that took place at MLR Media’s The Private Company Governance Summit 2025.
SPEAKERS: Peter Begalla, conference chair, MLR Media; Dave Henderson, owner and director, Cilker Henderson Properties; Greg Henderson, president and CEO, Cilker Henderson Properties
PETER BEGALLA: Dave, tell us about the origins of the business and what led you to prepare for a transition.
DAVE HENDERSON: When I took over leadership 35 years ago, the challenges were very different. We were still finding our footing in the medical real estate market. Over time, we grew into a more formalized enterprise: building a board, putting governance in place and professionalizing our management structure.
The decision to transition didn’t happen overnight. It was a long runway, but the timing was right. I wanted Greg to have the right experience and the confidence of our stakeholders without me staying longer than necessary.
BEGALLA: Greg, did you always know you’d take on the CEO role?
GREG HENDERSON: Not at all. I wasn’t groomed for it in a direct way. I had a career outside the company before joining, and I think that was important. I started as an assistant leasing manager with the goal of earning the right to move up.
What made the transition work was my dad giving me the space to prove myself to our partners, board, owners and staff. That built trust and confidence between me and our key personnel.
BEGALLA: Dave, what role did the board play in shaping the transition?
DAVE HENDERSON: Given my tenure, I knew I had to drive the decision to step back. The board was critical in supporting the transition and eager to come alongside Greg as he stepped into leadership.
One of the most important decisions we made was for me not to become chairman. Greg had learned what he needed from me, and it was time for someone else to partner with him in that role. This wasn’t just a father handing the reins to his son. It was a strategic move the board fully embraced.
BEGALLA: Greg, what was your experience with the board during this period?
GREG HENDERSON: I had built a strong relationship with the board over my first decade with the company. Early on, my dad encouraged me to attend board meetings and coordinate presentations. Over time, I began presenting the content and fielding questions. By the time the transition happened, I was leading most of the discussions in those meetings.
That familiarity made the board incredibly supportive of my move into the CEO role. They knew me and my capabilities.
BEGALLA: Dave, was it difficult to let go?
DAVE HENDERSON: Absolutely. I loved the mission of our group, but I was convinced the timing was right. The company was in a great place and Greg had already taken on significant leadership. I knew he still had things to learn, but with the support of the board, owners and staff, he would get there. I also had other interests I wanted to devote my time to.
BEGALLA: Greg, how did the management team respond?
GREG HENDERSON: With excitement. They knew it was coming and had already seen leadership shifts internally. Many long-tenured employees had deep loyalty to my dad and I’m grateful they supported the transition and became my biggest advocates.
DAVE HENDERSON: Greg deserves credit for not trying to be me. He brought his own leadership style — one that’s better suited for where the company is headed. The organization is more complex now, and his approach has created cohesion across multiple entities. He’s worked hard to professionalize what started as a family business.
BEGALLA: Any lessons you’d share with other families preparing for a transition?
DAVE HENDERSON: Start earlier than you think. Give the next leader opportunities to demonstrate their abilities to the people who will need to support the change. They become partners in the process.
GREG HENDERSON: Earn it. Let your discipline, skill and decision-making prove you’re ready — not your last name. Carry yourself with humility. My opportunity to lead was built on the work of those who came before me. Find the balance between honoring them and using your talents to move the organization forward.
BEGALLA: Looking back, what are you most proud of?
DAVE HENDERSON: That the company didn’t miss a beat. No one blinked. That’s a credit to Greg and to the process we put in place.
GREG HENDERSON: For me, it’s how we balanced family and business. I loved working with my dad and still miss it sometimes. But we did it the right way — with mutual respect and admiration. Some conversations were easy, some were hard, but all were rooted in love.