{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/62301a5c63c97500122f8a76/632257ec85cb8e0011eec7cd?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Keeping a Family Business Family Owned w/ Aly Wente, Wente Vineyards","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/62301a5c63c97500122f8a76/show-cover.jpg?height=200","description":"<p>Family-owned businesses are notoriously hard to keep family-owned over multiple generations. <a href=\"https://wentevineyards.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Wente Vineyards</a> in Livermore Valley, California, has managed to keep it going for 5 generations.&nbsp;Partially through having fewer children, but also through structures put in place to keep the family connected and business family-owned, Aly Wente, VP of Marketing &amp; Customer Experience, describes how they’ve focused on connection and fun to keep the family business together for generations to come.&nbsp;</p><p><br></p><p><strong>Detailed Show Notes:</strong></p><p>Wente Vineyards was founded in 1833 by Aly’s Great Great Grandfather, CH Wente</p><ul><li>Grandfather worked in Napa for Charles Krug</li><li>Livermore was similar to Napa in grape growing back then</li><li>Wente is ~800k cases in total</li><li>Brands include Wente Vineyards (~600-700k cases), Murrieta’s Well, Hayes Ranch, Angels Ink, and Ravel &amp; Stitch</li><li>Has small lot wines only available in tasting rooms</li></ul><p>Each generation has left its legacy</p><ul><li>2nd generation - brought Chardonnay to California (1908, 1912) with the Wente Clone</li><li>3rd generation - bought a property in Arroyo Seco and pioneered it as a region for grape growing</li><li>4th generation - helped write the AVAs for Arroyo Seco, San Francisco Bay, and Livermore Valley; spearheaded experiences business, including concerts and golf course</li><li>5th generation - still starting out but focused on sustainability, company culture, and innovation</li></ul><p>Family ownership has been intact through 5 generations</p><ul><li>Partially due to the limited number of children</li><li>CH had 7 children, including 3 sons, only 2 interested in winery</li><li>Of 2 sons - Ernst &amp; Herman (Gen 2), only 1 had children (1 - Carl)</li><li>Carl (Gen 3) had 3 kids (Gen 4)</li><li>Gen 4 has 6 kids (Gen 5)</li><li>Gen 6 will have many more people in the family</li></ul><p>Benefits of being family owned</p><ul><li>Not subject to shareholders, the family has complete control</li><li>Multi-generational relationships w/ other family-owned businesses can be helpful (e.g., Southern Glazers is family owned)</li><li>Large corporations may not have built the golf course or fine dining restaurant</li></ul><p>Structures to pass on ownership to future generations</p><ul><li>Annual “family council”</li><li>Prepares next generations for ownership and if they want to work in the company</li><li>Meet once a year</li><li>Topics include business topics to align on, educational topics (e.g., tax law), and even individual’s visions for the business</li><li>As more family works together, prioritizing more fun and bonding</li><li>Attendance starts as children, though not babies</li><li>Have policies in place for members who want to leave the company or sell shares, but no one has used them to date</li><li>The goal is to remain family owned</li></ul><p>Wente Vision changing</p><ul><li>Old - to be one of the most respected family wineries in the world</li><li>Changing to be more about employees</li></ul><p>Family vs. external management</p><ul><li>The current CEO is 2nd CEO to be non-family</li><li>External people can help balance family and business interests and inter-generational interests</li><li>Wente doesn’t create roles for family members</li><li>If a family member wants a role, they still interview others for it and choose the best candidate, though the family member has a slight advantage</li></ul><p>3 keys to maintaining and evolving a family-owned business</p><ul><li>1) transparency - bringing family members in at a young age</li><li>2) respect - need to treat each other with respect</li><li>3) fun - need to have fun while working in wine and with family</li></ul><p><br></p><p><br></p>","author_name":"Robert Vernick, Peter Yeung"}