A friend of mine recently started a business and she is joined by her sister. So far, things are going fairly well. But, my friend realizes there are lots of potential problems when mixing family with business.
Well, this week, the founder of one of the most famous family businesses -- Robert Mondavi -- died this week. He was 94.
Mondavi launched his winery in 1966 and turned it into a global powerhouse. While he was innovative (by adding new computer technologies), he also realized there were some key European techniques that would be key for his success (such as stainless-steel fermentation tanks). He was also a marketing genius (hey, establishing a winery in California was certainly gutsy).
Actually, in 1943, Robert wanted his father to purchase the Charles Krug Winery. He agreed – so long as Robert would run it with his brother, Peter. The operation was in bad shape. But the brothers worked quickly to improve things (for example, they had the smart idea of having a tasting room for visitors).
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