With over 100 years of skill handed down from 1st Generation to 5th Generation, Omaha Steaks, the family business discussed in this episode, has been opportunistic at every corner. Speaking with Todd who is currently the Chairman & CEO, you quickly realise why this family business has been in operation for so long. Getting into the logistics, Ted shares how difficult it can be for family members to stay in their own lane and how tough it can be to keep the business within the family for so long. Although it’s a family business and typically it’s important for family members to continue the legacy, Todd shares that the legacy of the business is the brand and regardless of who manages it, as long as the brand lives on, so does the legacy. Starting out with humble beginnings, the family business has seen many family members stepping up, finding their niche and settling in to ensure the family business would succeed. Todd shares inventions that came to fruition during the company's existence and touches on how it helped the business grow and expand to different markets. Another important aspect of the growth of business came from organic inclusion of people outside of the family which Todd provides in-depth strategy around.
Looking ahead when the older generations had to pass the torch, Todd delves into how it was made possible and Karen poses a great question around Todd’s decision to join the family business and whether or not he regretted it. Fantastic insight is shared throughout the entire episode that can help all family businesses thrive and last for over a century.
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