69. Beating the Odds and Building a 4th Generation Business with Scott Felsenthal
My guest today is Scott Felsenthal. I wanted to have Scott on this podcast because he and his family are obviously doing something right. Only 3% of companies make it to the 4th generation, and their company Whitmor is one of them. Scott is the CEO of Whitmor, and it's a privilege to have him on this podcast.
Whitmor started in Brooklyn, New York, in 1946; over 75 years later, it is running strong.
This is a great story that goes deep into this family's history of:
- Evolving from a manufacturer to an importer when Walmart changed the game, they, like many others, had to stay alive.
- Choosing not to take private equity to preserve their control for future generations of their family
- Building a company that connects the story of what they do to its own people to navigate the great resignation among the workforce
- Strategic acquisitions that continue to position the company in a strong position
- Plus much more!
Please enjoy this episode with Scott Felsenthal!
Scott Felsenthal- https://www.linkedin.com/in/scottfelsenthal/
Make it to 4th generation- https://www.johnson.cornell.edu/smith-family-business-initiative-at-cornell/resources/family-business-facts/#:~:text=About%2040%25%20of%20U.S.%20family%2Downed%20businesses%20turn%20into%20second,Businessweek.com%2C%202010).
Great resignation: https://fortune.com/2022/07/21/great-resignation-40-percent-want-to-quit-where-are-they-going/