Page 39 - Reader's House Magazine Issue 48

Mitzi Perdue’s “How to Make Your Family Business Last” is an invaluable guide for sustaining family enterprises across generations. Drawing from her rich heritage, Perdue offers practical advice, insightful stories, and effective strategies. Her book is a must-read for any family business, emphasizing legacy, compromise, and intentional design for enduring success.
families—the Hendersons and the Perdues—Mitzi has witnes- sed firsthand the challenges and triumphs of sustaining a family enterprise across generations. Her unique perspective is a treasure trove of wisdom for anyone loo- king to understand the intricacies of family business dynamics.
Mitzi’s journey is a remarkable one. Her father, Ernest Hender- son, co-founded the Sheraton Ho- tel Chain, a name that has become a staple in the hospitality industry. Her late husband, Frank Perdue, was instrumental in transfor- ming Perdue Farms into a global poultry powerhouse. Mitzi herself founded Ceres Farms, adding another chapter to her family’s storied history. Together, these enterprises represent over three centuries of business acumen and
resilience.
In our conversation, Mitzi shared four key strategies that have been instrumental in maintaining a strong fa- mily culture across genera- tions: Endowed Vacations, Emphasis on Stewardship, Philanthropy, and an agree- ment to keep quarrels within the family.
mily members regularly tell
me that these get-togethers
are the most important event
in their year,” Mitzi shares.
By ensuring that family mem- bers meet regularly, these vacations help foster a sense
of identity and belonging that is crucial for long-term success.
Stewardship: Preserving the Legacy
Stewardship is another corners- tone of Mitzi’s philosophy. Both the Henderson and Perdue fami- lies have instilled a strong ethic
of preserving and enhancing what they have inherited. “I don’t know anyone in either family who squ- anders their inheritances,” Mitzi notes. This sense of responsibility is cultivated through example and storytelling. “Nobody is buying jet airplanes or getting their iden- tity through a lavish lifestyle,” she says. By emphasizing frugality and reinvestment, the families en- sure that their businesses remain robust and sustainable.
Philanthropy: The Holy Grail of Family Unity
Philanthropy plays a pivotal role in keeping the family united. “You want family members to be proud of the family, and knowing that we’re all doing good in
the world is a huge source of self-esteem for everyone,” Mitzi explains. Philanthropy provides a common purpose, especially for family members who may not be directly involved in the business. It allows everyone to contribute to the family’s legacy and reinforces the values that bind them together.
Managing Family Quarrels: Ke- eping Disagreements Private
Family quarrels can be a signi- ficant threat to the cohesion of a family business. Mitzi empha- sizes the importance of keeping
disagreements within the family. “In both families, we’re OK with people expressing disagreements as forcefully as they feel they need to, but disagreements are kept within the family,” she says. By addressing conflicts privately, the families prevent disputes from escalating and causing irreparable damage.
A Legacy of Excellence
Mitzi Perdue’s contributions to the world of family business ex- tend beyond her own enterprises. As an author and speaker, she has shared her insights with countless others, offering guidance and inspiration to those navigating the complexities of family business dynamics. Her works, rich with personal anecdotes and practical advice, have become essential reading for anyone interested in the field.
Mitzi Perdue is a visionary leader whose insights into family business dynamics inspire and guide future generations toward enduring success.
In summing up her approach, Mitzi offers a powerful remin- der: “There’s a lot families can do to increase the odds of their lasting over the generations. The biggest thing is, be intentional about it. Leaving it to chance will probably not work.” Her words are a testament to the power
Endowed Vacations: A Tradition of Togetherness
One of the most innovative practices Mitzi discussed is the concept of endowed vacations. “It’s something most of us have seen,” she explains. “The wealth creator and spouse go to their great rewards. For the first few years, the descendants get toget- her for holidays as usual, but then attendance drops off.” To counter this, both the Hendersons and the Perdues have established trusts to fund regular family gatherings. These vacations are not just about leisure; they are a vital tool for maintaining family bonds. “Fa-
of intentionality, planning, and commitment in building a legacy that endures.
Mitzi Perdue’s story is one
of resilience, innovation, and unwavering dedication to family values. Her insights offer a road- map for other family businesses seeking to thrive across genera- tions, proving that with the right strategies, a family legacy can indeed stand the test of time.
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