“Luck is what happens when preparation meets opportunity," said Seneca.
It is tricky, tireless work to ensure a #familybusiness has the governance needed to preserve family harmony, AND run a great, enduring business for generations. It's a lot lot easier to align when the business is small, because those who needs to know are either in the break room or at the kitchen table.
When you have grown into the #1 Refrigerated Tea Brand in America and the fastest growing lemonade like we have at Milo's Tea Company, Inc., it takes a thriving ecosystem of remarkable coaches, advisors, independent directors, and thoughtful TEAm members to drive exceptional governance.
One big piece of governance is education and succession planning for NextGens and spouses that married in. So, when we were all in #Birmingham for Thanksgiving a few weeks ago, we hosted a Family Meeting with owners, spouses, and kids led by advisors and key TEAmmates.
What do you do at a Family Meeting? Business, first, of course. We educate about our company, industry, and governance. This meeting, we enjoyed a plant tour of our #Homewood manufacturing and distribution center. Then, we met about the duties and responsibilities of ownership. We acknowledged that the duties for family members to interact with the business are even greater that other associates. And, we shared the reality that it's not just going to be "inherit," there has to be merit, hard work, and contribution to be ready, and to overcome assumptions that DNA got you a job, an internship, or an opportunity.
Next up, had to be a little fun too so we headed to Topgolf for a some healthy competition on the course. (Yes, I lost 🤣 ).
It's important to talk to kids early about family business because this is a very long journey. I'm not sure what will happen with my kiddos. But I am sure that it's the right thing to educate loudly, repeatedly, and early-on that with great opportunity comes even greater responsibility. If you're not ready when that opportunity comes, it will fly past you, especially if it is on a rocket ship like Milo's.
What do you do to help yourself or others be game day ready if that opportunity comes?
#BrewingALegacy #DrinkMilos Carlton Wallwork
Woah! Panache™