Family-owned businesses are notoriously hard to keep family-owned over multiple generations. Wente Vineyards in Livermore Valley, California, has managed to keep it going for 5 generations. 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 & Customer Experience, describes how they’ve focused on connection and fun to keep the family business together for generations to come. Detailed Show Notes:Wente Vineyards was founded in 1833 by Aly’s Great Great Grandfather, CH WenteGrandfather worked in Napa for Charles KrugLivermore was similar to Napa in grape growing back thenWente is ~800k cases in totalBrands include Wente Vineyards (~600-700k cases), Murrieta’s Well, Hayes Ranch, Angels Ink, and Ravel & StitchHas small lot wines only available in tasting roomsEach generation has left its legacy2nd generation - brought Chardonnay to California (1908, 1912) with the Wente Clone3rd generation - bought a property in Arroyo Seco and pioneered it as a region for grape growing4th generation - helped write the AVAs for Arroyo Seco, San Francisco Bay, and Livermore Valley; spearheaded experiences business, including concerts and golf course5th generation - still starting out but focused on sustainability, company culture, and innovationFamily ownership has been intact through 5 generationsPartially due to the limited number of childrenCH had 7 children, including 3 sons, only 2 interested in wineryOf 2 sons - Ernst & Herman (Gen 2), only 1 had children (1 - Carl)Carl (Gen 3) had 3 kids (Gen 4)Gen 4 has 6 kids (Gen 5)Gen 6 will have many more people in the familyBenefits of being family ownedNot subject to shareholders, the family has complete controlMulti-generational relationships w/ other family-owned businesses can be helpful (e.g., Southern Glazers is family owned)Large corporations may not have built the golf course or fine dining restaurantStructures to pass on ownership to future generationsAnnual “family council”Prepares next generations for ownership and if they want to work in the companyMeet once a yearTopics include business topics to align on, educational topics (e.g., tax law), and even individual’s visions for the businessAs more family works together, prioritizing more fun and bondingAttendance starts as children, though not babiesHave policies in place for members who want to leave the company or sell shares, but no one has used them to dateThe goal is to remain family ownedWente Vision changingOld - to be one of the most respected family wineries in the worldChanging to be more about employeesFamily vs. external managementThe current CEO is 2nd CEO to be non-familyExternal people can help balance family and business interests and inter-generational interestsWente doesn’t create roles for family membersIf a family member wants a role, they still interview others for it and choose the best candidate, though the family member has a slight advantage3 keys to maintaining and evolving a family-owned business1) transparency - bringing family members in at a young age2) respect - need to treat each other with respect3) fun - need to have fun while working in wine and with family Get access to library episodes Hosted on Acast. See acast.com/privacy for more information.