Mitzi likes nothing better than to share insider tips for successful family businesses. Her family of origin (the one that started the Sheraton Hotels) began with the family business, Henderson Estate Company, in 1840, and her Perdue family started in 1920 in the poultry business. These two families have a combined tradition of 276 years of staying together as a family.

Standout Quotes:

• "The odds of a family business lasting 100 years are 1 in 1000" - [Mitzi]
• "The families who put a lot of effort into designing their cultures are the ones that survive, the ones that let things happen as they may, that rarely supports keeping the family business together over the generations" - [Mitzi]
• "70% of family businesses won't make it to the next generation, so if you want your family to last, put a lot of intentionality into letting the family members know from the youngest age that they're part of something bigger than themselves" - [Mitzi]
• "The biggest reason families don't last is family quarrels" - [Mitzi]
• "So a big piece of advice I'd have for every family is, deal with the problems, get them out, come to a resolution but don't go the press, don't go to adversarial lawyers" - [Mitzi]
• "We're measured by what you can give, not what you can get" - [Mitzi]
• "I don't think you can be happy if you're not part of something bigger than yourself...
• If you want to be happy, think what you can do for somebody else, if you really want to be miserable, think what's owed to you" - [Mitzi]
• "In general, your family will be better functioning the more it knows its stories" - [Mitzi]
• "If your children turn out right, nothing else matters, if your children turn out wrong, nothing else matters" - [Mitzi]

Key Takeaways:

• Mitzi is a part of two multi-generational business families, each of which has lasted for over 100years and over 5 generations.
• Mitzi explains that a lot of conscious effort was put into strengthening the families over the years, noting in particular one of the strategies being the "Service to the Family" award.
• Every single family that exists has a culture, but is it a culture that came about by accident or by design?
• It is critical to be intentional about designing and maintaining family culture as it plays a major role in the success of a family business over generations, rather than just allowing things to happen as they may.
• People need a lot of guidance to be steered away from selfishness, and that takes intentionality.
• Separating Ownership and Control helps create a perspective of the family as an entity bigger than any one person, and consequently gives a better understanding of the role of stewardship.
• Mitzi explains her innovative idea to inculcate the family values in family members, right from childhood.
• Noting the importance of knowing how to handle family quarrels, Mitzi strongly emphasizes avoiding the press or lawyers but rather encourages outspokenness within the family.
• Three ways that a family can intentionally stay together: Family Newsletters, Family Reunions, and Philanthropy.
• Mitzi highlights the positive effects of connecting with both present and past members of the family on the well-being, physically and mentally, of the family.
• As a personal preference, Mitzi would rather use books as a means to archive family history compared to other forms of technology, as it may be difficult to access the archive in the future if the technology used to archive it is outdated by that time.
• Mitzi recommends entering a new family with humility, observing them, noting what gains you points and what doesn't, also pointing out that while the two families had very different values, the values were very compatible.
• Mitzi's letter to her kids: Be generous, be kind, be honest, work hard but be a good steward.

Episode Timeline:

• [00:49] Introducing Mitzi Perdue, to discuss actionable advice on how her family has maintained their businesses and family dynamics for generations.
• [02:28] Mitzi shares the origin stories of both business families she is a part of.
• [04:46] What generation are you in each of these families and what generation are these families up to?
• [10:08] Every family has a culture.
• [13:22] About the family values and how they are inculcated with other members of the family.
• [25:53]How big was the business when it went from family control to external control?
• [34:02] How has the endowment grown to keep up with the growing size of the family?
• [35:34] The 'What It Means To Be Us' book.
• [38:35] Do you have a process or value system around how you keep records for the family?
• [52:50] How was the process of assimilating two different value systems upon joining another family and what differences did you observe?
• [57:15] Is there a constitution for the family?
• [01:00:43] A letter from Mitzi to her children.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Mitzi Perdue.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Mitzi Perdue — Mitzi Perdue is a Businesswoman, speaker, writer, Founder of the Sheraton Hotel chain
• International Hotels & Resorts | Sheraton Hotels & Resorts — Mitzi perdue's father founded the Sheraton Hotel Chain
• How to Communicate Values to Children — Book by Mitzi Perdue
• How to Make Your Family Business Last — Book by Mitzi Perdue
• How to Keep Your Family Connected: Templates, Techniques and Resources for Strengthening Your Legacy - Book by Mitzi Perdue
• Home Page | PERDUE® Chicken
• Frank Perdue - Wikipedia
• TOUGH MAN, TENDER CHICKEN: Business and Life Lessons From Frank Perdue - Book by Mitzi Perdue — This is the story of how Frank Perdue built his chicken and grain company from a father and son operation to an international company that today employs 19,000 people and sells to more than 100 countries.

A small angel investment that Dave made in 2005 opened his eyes to an alternative way of supporting seasoned entrepreneurs who wanted to build large, profitable, innovative businesses that they would run privately for their lifetimes. In 2013 he founded The Tugboat Institute, a membership organisation designed to support Evergreen leaders and their companies over the very long term.

"We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe." - Tugboat Institute

Standout Quotes

• "How do you help a company have good hygiene? A very important component of that is how you develop the family members into the business" - Dave Whorton [31:44]
• "If you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think naturally about it from a standpoint of stewardship" - Dave Whorton [34:04]
• "How can I take this incredible asset and move it forward before handing it over to the next steward?" - Dave Whorton [34:16]
• "I think it's really important to develop a work ethic in your kids, I don't care what level of wealth you have" - Dave Whorton [45:50]

Key Takeaways

• The 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation [21:44]
• Entrepreneurs have to be very clear with CEOs about what they want from their investing partners [39:37]
• Dave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility [23:46]
• Developing a work ethic at a young age is critically important and also exposing them to the importance of saving [46:11]

Episode Timeline:

• [00:48] Mike introduces Dave and tells us a little about him
• [02:06] Dave shares his backstory and work background in more detail
• [17:20] The Tugboat group and how it's evolved over time.
• [21:44] The 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation
• [23:46] Dave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility
• [30:18] How does Tugboat support generational transitions of family members or other closely held businesses?
• [34:04] if you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think about naturally about it from a standpoint of stewardship; How can I take this incredible asset and move it forward before handing it over to the next steward?
• [39:37] Entrepreneurs have to be very clear with CEOs about what they want from their investing partners
• [45:33] Dave shares his thoughts on generational wealth and legacy building in contrast to a focus on the children developing a work ethic and inheriting nothing.
• [49:29] The failure Dave faced that eventually took him on a journey to where he is today.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Dave Whorton.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Seed The Future - Evergreen Movement | Dave Whorton with Tom Bilyeu (IQ50) - YouTube
• Tugboat Institute — We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe.
• The Tugboat Group — An Alternative Path to Growing Lasting, Private Companies.
• How to Build a Company That Will Last for 100 Years | Inc.com — A growing number of entrepreneurs are ditching the steroid-like growth that comes with outside investment, and building their companies to last.
• Dave Whorton | LinkedIn
• Book: How to Be Rich: Getty, J. Paul — There are plenty of books on making money by men who haven't made much. But if J. Paul Getty, who Fortune magazine called “the richest man in the world,” doesn't know how, who does?
• Book: In Search of Excellence: Lessons from America's Best-Run Companies (Collins Business Essentials) eBook: Peters, Tom — Based on a study of forty-three of America's best-run companies from a diverse array of business sectors, In Search of Excellence describes eight basic principles of management -- action-stimulating, people-oriented, profit-maximizing practices -- that made these organizations successful.

Presently, the DelBros Group consist of over twenty subsidiaries and have member companies both locally and internationally ranging in the industries of logistics and transport, technology, and food production.

Standout Quotes

• "We live now in a very globalized world where technology has really reached a point in which it can alter our ways of life. From AI, vertical farming, etc. There has been a real desire to shift out of traditional businesses and to use our traditional businesses in more digitally-savy manners." – Paolo Delgado [5:33]
• "We all believe that the company is in our care for a portion of our lives. During this portion, it's our responsibility to help it thrive and to make sure that it can successfully transition to the next generation. It's not something that we look at to sell, not something we consider 'ours' other than that period of time that we are responsible for it. We have created a very clear understanding on the kind of stewards that we want to be." – Paolo Delgado [7:46]
• "Active stewardship is something that is constantly mentioned in our family meetings. Family representatives in our companies need to very clearly outline parameters for the different management teams that align the actives of the company with the family's approach." – Paolo Delgado [8:13]
• "Documenting the history and the legacy of the family is important in understanding what and who came before us. It reenforces that our strength comes from unity and that we keep our businesses and our family true to their core values. It's knowing that the company and the family need to be challenged and disrupted to avoid stagnation." – Paolo Delgado [17:08]
• "We do a regular pruning. Family businesses I think are looked at as something that should be run and should take care of all of the family members. In our experience, there is nothing wrong with shifting ownership. That usually means buying out family members that are not as interested in the business or perhaps can't contribute as well to the business as others… It has made making decisions easier, it’s allowed us to continue a family business that might have been under threat much sooner.” – Paolo Delgado [27:07]
• "Respect, shared values, the understanding that fairness is not being equal. We want to be fair, not necessarily equal. That nobody owes you anything and that you work for it. That you take a long-term perspective and strategy that decisions at least in the family organization needs to be made over generations rather than five or ten years that you would normally see an organization." – Paolo Delgado [36:43]
• "For me, what's most important for my wife and I, is that our children grow up being happy with the person they have become. My wife and I talk a lot about what we want for our children but ultimately much like the family business we believe we are stewards for them for a portion of our lives. Ultimately they go off and live their own lives and start their own families." – Paolo Delgado [41:03]

Key Takeaways

• Becoming and demonstrating organizational value to remain sustainable in the long term
• Paolo Delgado’s challenging and rewarding entrance into the family business
• The lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future
• Some insights from a logistics background on the passion and visions for the future of agriculture
• Three key agreements included in the charter for DelBros Group
• Allowing the family charter to be open to improvements in the future generations
• The sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole
• What Paolo sees as requirements for a successful and harmonious family partnership
• Why fair isn't always equal in the family business

Episode Timeline

• [2:02] The origin story for the Delgado Brothers Group
• [4:31] What DelBros Group current is today
• [7:35] Leadership focus on future success in generational transitions
• [9:08] Paolo’s challenging but rewarding start in the family business
• [16:31] Placing value on the documentation of family history
• [19:21] DelBros Group Investments into the future of agriculture
• [24:10] Personalized but business centered family gatherings
• [25:24] Three agreements included in the Delgado family charter
• [28:02] Why pruning in a family organization can extend the longevity of the business
• [30:45] Clarification on Delgado family opportunities in wealth creation
• [32:28] Paolo’s thoughts on the next generation talent for the family business
• [36:37] Requirements for successful and harmonious family partnerships
• [38:34] The difference between fairness and equality
• [41:03] Paolo’s focus on leading his children to personal happiness and fulfillment

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Paolo Delgado.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Delbros Group — With over 70 years of experience spanning four generations of leadership.
• Delgado Stewardship — Delgado Stewardship: 4 Generations of Delgado leadership
• Delbros ARCHIVES — The Delgado family has a long history with the Philippines and the world: from Generals and entrepreneurs, to statesmen and religious champions.
• Vertical Farming & Agriculture — In a move to revolutionize the process of its food production drive, Delbros introduced the first ever autonomous and vertical aeroponic farms in the Philippines through GOOD GREENS & CO.

Key Takeaways

• The similarities and differences in culture and corporate longevity in American and Japanese century club companies
• The 5 major management practices in both the United States and Japan’s old companies
• Why it is important to take time to honor the past of the company while also embracing changes that are needed to prosper
• The prevalence of family-owned businesses in century club companies
• Understanding the role that strength in relationships play in stewarding businesses for over a century
• Learning that growth isn’t everything in company longevity
• Why storytelling is key in century club companies and the development of the next generation leaders

Standout Quotes

• “What I hoped to achieve was to uncover some management practices…that I would be able to not only share with my students to not only help them be more successful in their future careers but also for business leaders to be able to use.” - Vicki Tenhaken [3:35]
• “I saw what the lack of business success did to a community. I was really hoping that the future business leaders or current leaders would be able to benefit from some knowledge on these old companies on how they were able to survive and thrive through many economic disasters and other crisis over the decades and even the century.” - Vicki Tenhaken [4:08]
• “There’s no formula for it. The one thing that I did find out when talking to many of these old companies is that they knew when they needed to change. They kept on top of what was going on in the external environment… They made sure everyone in their company had a role in staying in touch with customers, suppliers, or other business leaders in the community.” - Vicki Tenhaken [11:26]
• "The strength of relationships is what almost every century club company said helped them make it through the tough times. They all had stories of crisis that they went through and it was relationships whether with employees, business partners, or community that they said really made the difference in terms of how they were able to not just survive the various crisis but actually prosper in the long run." .” - Vicki Tenhaken [19:11]
• "In business as in life, relationships are what matter most." - Vicki Tenhaken [46:51]

Episode Timeline

• [1:14] How Vicki became interested in corporate longevity
• [3:25] What Vicki hoped to achieve when embarking into research and what surprised her
• [6:12] The common management practices seen in old companies in both United States and Japan
• [10:26] What Vicki believes contributes to century club companies surviving for so long
• [13:41] Family-owned businesses role in companies that are over a hundred years old
• [17:41] The vital role that relationships play when stewarding a business for over one hundred years
• [21:09] Similarities in Japanese and American century club companies
• [24:04] Why some companies choose to not grow just for growth’s sake
• [29:41] Storytelling and the development of the next generation leaders
• [37:20] How century club companies survive crisis
• [43:51] The accessibility of Vicki’s database
• [46:07] Vicki’s belief that relationships are what matter not only in business but in life itself

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Vicki TenHaken.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Lessons From Century Club Companies: Managing for Long-Term Success: TenHaken, Vicki — This book describes the results of ten years of research into the unique management practices of companies that have prospered for over 100 years.
• The Living Company: De Geus, Arie — Arie de Geus, the man who introduced the revolutionary concept of the learning organization, reveals the key to managing for a long and prosperous organizational life.
• Vicki TenHaken (@vtenhaken) / Twitter
• Vicki TenHaken | LinkedIn
• Vicki's Blog: How 100-Year-Old Companies Survive

Join Mike Boyd on The Business of Family Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation.

• Family Constitutions and annual letters
• Family meetings and retreats
• Succession planning
• Stewardship
• Family Office investing
• Multi-generational wealth creation and preservation
• Enduring companies and familes
• Family enterprise
• Human, Intellectual and Financial Capital

I’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy.

Many will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas.

If multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast.

I hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer.

https://twitter.com/MikeBoyd/status/1277889154601201664

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.