Mitzi Perdue draws on her experience with the Henderson and Perdue family businesses to discuss how families can prepare the next generation. She shares practical ways to teach family values, keep relatives connected and give younger family members opportunities at work.
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About the guest
Mitzi Perdue. Mitzi Perdue is Frank Perdue's widow and comes from two long-lived family enterprises: the Henderson Estate Company, begun in 1840, and the Perdue family business, begun in 1920. She speaks about family business continuity and shares practices for passing family values to younger generations.
Key takeaways
- Perdue says families should make a deliberate effort to build a strong culture, since leaving continuity to chance can put a family business at risk.
- Mitzi believes children raised with the right values can be responsible stewards of family wealth, and she supports family members making philanthropic decisions.
- Frank Perdue's approach evolved to give family members by blood or marriage a right to a job, while holding them to the same performance standards as other employees.
- Children's newsletters, family stories and simple activities can teach values such as frugality and avoiding waste from an early age.
- Mitzi describes the "Hendinars," short online family talks where relatives share expertise and get a chance to connect. Topics include investing, leadership and chess.
- She recommends recurring family gatherings and communication to help relatives stay close and learn what is happening in one another's lives.
- A Perdue family member proposed a pet treats business, received a budget and developed it into an important part of the company.
- To build relationships with influential people, Mitzi recommends attending conventions, studying the people you hope to meet and finding thoughtful ways to reach them.
- Mitzi closes by urging families to invest effort in relationships and shared values, especially their close emotional relationships with their children.
Best quotes
"I got really fascinated in what it takes to have a family business last."
"And one of the things that that he came to believe in the end and I certainly shared his view was the the Purdue were a fairly large family."
"However, once you've been hired, uh, you'll be fired just as quickly as anybody else who doesn't perform."
"We put incredible effort into teaching them values."
"And it is called ladies and gentlemen the Hendinars."
"So it's not a great big sacrifice of time. Uh although there is another 10 minutes where people want to hang out and you know talk some more."
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