Reveals Timeless Strategies for Sustaining Family Business Success Across Generations
Mitzi Perdue shares strategies for sustaining family businesses across generations, emphasizing
endowed vacations, stewardship, philanthropy, and managing family quarrels
to maintain strong family culture and business longevity.
In the world of family businesses, few names resonate as profoundly as Mitzi Perdue. With a legacy that spans over three centuries, Mitzi stands as a testament to the enduring power of family, tradition, and innovation. As the daughter of Ernest Henderson, co-founder of the Sheraton Hotel Chain, and the widow of Frank Perdue, the visionary behind Perdue Farms, Mitzi has been at the helm of not just one, but three long-standing family enterprises. Her insights into multigenerational success are not just theoretical; they are lived experiences, rich with lessons that have been passed down through generations. In this exclusive interview with Reader’s House Magazine, Mitzi Perdue shares the secrets behind her family’s remarkable longevity and offers a blueprint for other family businesses aspiring to stand the test of time.
Lived It: Secrets to Multigenerational Success
Mitzi Perdue is a name synonymous with family business success. As a member of two iconic families—the Hendersons and the Perdues—Mitzi has witnessed firsthand the challenges and triumphs of sustaining a family enterprise across generations. Her unique perspective is a treasure trove of wisdom for anyone looking to understand the intricacies of family business dynamics.
Mitzi’s journey is a remarkable one. Her father, Ernest Henderson, co-founded the Sheraton Hotel Chain, a name that has become a staple in the hospitality industry. Her late husband, Frank Perdue, was instrumental in transforming 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 family culture across generations: Endowed Vacations, Emphasis on Stewardship, Philanthropy, and an agreement to keep quarrels within the family.
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 together 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. “Family members regularly tell me that these get-togethers are the most important event in their year,” Mitzi shares. By ensuring that family members 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 cornerstone of Mitzi’s philosophy. Both the Henderson and Perdue families have instilled a strong ethic of preserving and enhancing what they have inherited. “I don’t know anyone in either family who squanders their inheritances,” Mitzi notes. This sense of responsibility is cultivated through example and storytelling. “Nobody is buying jet airplanes or getting their identity through a lavish lifestyle,” she says. By emphasizing frugality and reinvestment, the families ensure 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: Keeping Disagreements Private
Family quarrels can be a significant threat to the cohesion of a family business. Mitzi emphasizes 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 extend 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.
In summing up her approach, Mitzi offers a powerful reminder: “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 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 roadmap for other family businesses seeking to thrive across generations, proving that with the right strategies, a family legacy can indeed stand the test of time.
