This as-told-to essay is predicated on a dialog with Tricia Wallwork, CEO and Chair of the Board at Milo’s Tea. It has been edited for size and readability.
When my grandad Milo returned from World War II, he married my grandma, Bea, the very subsequent week. He likes to say he solely had $20 and a footlocker, however he additionally had a imaginative and prescient: for a hamburger stand serving burgers, fries, pies, and candy tea to Atlanta’s steelworkers.
That was the start of Milo’s Tea. Since then, the enterprise has had three distinct iterations: the preliminary burger stand, franchise restaurants that my dad and stepmother ran, and now the tea firm that I function.
Courtesy of Tricia Wallwork
By way of all of them, we have been guided by my grandparents’ founding values: listening to prospects, utilizing real ingredients, and treating individuals nicely.
I grew to become a lawyer, then joined the household enterprise
I by no means needed to work on the family business, so I grew to become a lawyer. I believed I’d save the world, however actually, I used to be simply writing letters and representing corporations. It wasn’t what I had envisioned, so I traded my excessive heels for steel-toed boots and began working at Milo’s.
My dad and stepmom had seen a pattern: individuals would drive by their eating places simply to order sweet tea. Operating a hamburger joint is troublesome, in order that they determined to promote the franchise firm and use the proceeds to begin the primary model of our tea plant.
I noticed them always figuring issues out on the fly — like utilizing pantyhose to filter tea. Issues are way more subtle at present, however I nonetheless have that entrepreneurial spirit.
I’ve grown the corporate drastically over 14 years
I grew to become CEO of Milo’s Tea in 2012, and since then, our progress has been like a hockey stick. In 2012, we did about $30 million in retail gross sales. In September, we surpassed $1 billion in retail gross sales, forward of our projections.
It is a very uncommon state of affairs to be in as a third-generation business owner. I’ve tried to search out mentors to assist me get forward of issues and handle this rocket ship.
I’ve surrounded myself with nice advisors, who’ve helped me and the remainder of the board (together with my dad, stepmother, and stepsister) be very intentional about household governance. We have created a household mission assertion and set a purpose of remaining 100% family-owned. That enables us to take a long-term view of how we put money into the corporate.
We’ve got protocols for the following era
Whereas I hope my youngsters personal the corporate someday, I do not strain them to work right here. I do not need them to really feel an obligation to work at Milo’s Tea, as a result of that turns into a burden. I’d moderately them see it as a possibility to do one thing exceptional.
We’ve got common household conferences for the following era to find out about Milo’s and a framework for getting concerned. After they’ve attended school, they’ll attend shareholder conferences. After two shareholder conferences, they’ll attend a board assembly. There isn’t any strain to interact, simply alternative. Thus far, each my children have taken benefit.
We have additionally created an internship program, the place our youngsters can find out about Milo’s by working an hourly job. In the event that they need to get employed right here, they should work some place else for no less than three years and get promoted earlier than they’ll apply. I wish to say advantage, not inheritance.
Generally, in household enterprise, you see the older era hanging on till the top. My dad and mom and grandparents weren’t like that. They’ve accomplished a superb job of supporting the following era whereas additionally getting out of the best way so administration and the board can actually drive progress. That mixture of honoring legacy whereas driving ahead has made Milo’s what it’s at present.
