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June 6, 2007 Best Practices
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Bruce Weitz, Kings Super Markets, Inc
CEO
- Most important aspects in retail are to have a solid doable strategy and plan and execute it well to differentiate yourself from the competition
- Success starts with the development of a sound strategy down to the finite details that all the top managers in the company view as their collective vision
- The key to best practice is if it is a company wide strategy or single area priority, have everyone understand: What is it you want to accomplish?,
What key measures of success are?, What their part of the task really is?
- Communication is always the key
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Jonathan White, White Coffee Corp.
CEO
- Take the brand you have and move it
- No tolerance for mediocrity in anything that you do
- Preserve your culture and understand your culture to get to where you want to go
- Even when you create change, keep in mind it will change again and it keeps changing
- Talk to customers: hear what is going on: your staff’s feedback is a great way to get input
- Expect your customer base to keep changing
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Brendan Synnott, Bear Naked
CEO
- The culture of business is more important then ever to the next generation of workforce otherwise known as the millennials
- Next generation will be more productive, skilled and motivated to work but also be more high maintenance
- A culture should be passionate, empowering, inspire me to believe, honest, truthful, transparent, adventurous (teach me something new)
- Companies needs to take risk and try things to evolve our culture
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June 6, 2006 Best Practices
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Rocco Damato, A.L. Bazzini Nuts Company
President
- Acquire a company with more verticality than yours – enhances reduced cost of goods sold
- Enhance control of your brand and control your shelf space
- Your culture needs to be made compatible – it’s critical that you have a thorough and successful integration of culture and staff
- Communicate your goal to your entire staff
- You must pursue your acquisitions with focus, do not fall in love with it otherwise it may become more costly and less functional
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Stephen Hindy, The Brooklyn Brewery
Chairman
- The brand is where the value lies
- Self distribution and community marketing is key
- When designing your logo you must focus on the image you are projecting
- License your logo, that’s where the money is
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Stew Leonard, Jr., Stew Leonard’s
President & CEO
- You can’t have a great place to shop without making it a great place to work
- You must have trust and respect throughout your entire company
- Empower your employees to help make decisions and then give them the appreciation and recognition
- Offer growth for your employees – train them and develop programs
- Refresh your merchandise – measure your products to see how quickly they sell
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May 24, 2005 Best Practices
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David Wenner, B&G Foods, Inc.
President
- Limit your risk by using outside investors
- Spend the money and hire talented people
- Management needs to bring answers to the table – not questions
- Keep your identity within new corporate owners
- Dedicate yourself to being an ethical company
- Mergers and acquisitions that fit your infrastructure can quadruple your gross sales
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Dean Karnazes, Good Health Natural Foods
CEO, Ultra Marathon Man
- Dedicate yourself to technology
- Constant communication is key
- You must be dedicated to your goal to succeed
- Commit yourself and sacrifice
- Apply your identity to your brand
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Beryl Joy Levi, Tower Isles Frozen Foods
President & CEO
- Know your industry and what hurdles you will have to overcome
- Retail is a formula with 3 components:
- Value Merchandising
- Managing by example
- Knowing your skill and staying focused
- Perseverance is key in setting up USDA approved factory
- You need a unique product with a niche
- Expand acceptance in mainstream market place
- Provide profitable items that are easy to handle
- Make use of your local sources that allow you to network and gather information
- USDA assisting in labeling saves a lot of time and expense
- Build your base in a local community
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June 1, 2004 Best Practices
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Jim Perdue, Perdue Farms, Inc.
Chairman of the Board
- You have to instill 4 main values: Quality, Work Ethic, Frugality, Integrity
- Get an outside board or expert individual to help - they can be a neutral observer
- Delegate early and bring in talent - put the right senior management team in
- Establish a family council/committee
- Establish rules between generations - Set rules for what it takes to enter into the family business i.e.:
- You have to start at the bottom and work your way up
- Work outside of the business for 3-5 years to make sure this is what you want
- Set a vision, targets and goals
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Gordon Crane, Apple & Eve LLC
Founder and President
- Do what you believe in
- Follow your instincts and look within
- Specialize and do what you do best
- You must stay challenged; no pain, no gain
- Try to stay away from giving advice and instead ask the right questions - Entice others to figure it out on their own
- Accept your circumstances and control how you react in a particular situation or environment
- When outsourcing make sure you have proper systems to oversee quality of the product
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Joseph Fedele, Fresh Direct
Founder, Co-Chairman, CEO
- Know your industry and what hurdles you will have to overcome
- Retail is a formula with 3 components:
- Value Merchandising
- Managing by example
- Knowing your skill and staying focused
- Doing the job first prior to delegating is essential in assessing what is involved in getting the job done efficiently
- Shoot quick but know your target - if you can do that and make your target 80% of the time you will be successful
- Write your own programs - "off the shelf" software cannot compare to the idiosyncrasies of your company
- Treat your customer like they are part of the family - Your customer is #1!
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May 6, 2003 Best Practices
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Vinnie Gruppuso, Kozy Shack Enterprises
CEO
- Trial and error is often at the core of entrepreneurial success
- After spending millions in advertising and other brand development methods, the surprising lesson is that allowing consumers to sample the product is the most effective approach of all!
- Stand behind your energy and always deliver what you promise
- Perfect the product, then believe in it!
- Allow 20% growth per year in order to maintain the level of quality and control critical to long term success
- After a certain size, it may become necessary to hire professional management
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Thomas Fitzsimmons, Airstream Foods
CEO
- A key ingredient to business survival and success is to diversify within the narrow area of one's expertise -
expanding into the Food Distribution business, then expanding to a new location -
to seeing an opportunity in Hunts Point and purchasing 8 buildings in the wholesale produce end of the business
- Building an FDA approved kitchen producing fresh cut fruits and vegetables for fine restaurants, caterers, and hotels
- Adding a Kosher kitchen
- Going global, making pacts with different countries in order to be in a position to offer to the customer a greater selection
- Vertical diversity within the food industry has become an insulator from the inevitable fluctuations of the various food market segments
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John King, J. Kings Food Service Professionals
CEO
- What does the customer value?
- With 255 employees, building the team became one of the critical ways to implement strategy -
which then required focusing on COMMUNICATION with employees as a major priority
- Developed a Vision statement -start every meeting reading it
- Development - with the team - of a 3-5 year plan for growth
- Development of a people oriented culture within the company has been critical.
And our policy is that every one of the employees is a salesperson for the company
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Jonathan Ewig, Porky Products, Inc.
CFO
- Among the vital contributions the board has provided include giving the company: organization, more productive meetings with agendas,
a more effective structure, budgets that can be used very effectively, goals, a long term plan, and greater professional discipline
- Had an offsite retreat where a 15 year plan was developed, driven by the personal as well as professional objectives of the senior team
- Take minutes at board meetings and read them first at your next meeting -thus holding yourself accountable
- A Board consists of: an accountant, attorney, bankers, other business people
- As more meetings take place everyone becomes a better member because they know exactly what the company is doing
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Ira Nathel, Nathel & Nathel
CEO
- Receive employee input
- Give credit for employees ideas
- Treat them with respect
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Henry Beyer, Beyer Farms, Inc.
CEO
- Customer is king
- Banker's sometimes "short change" the small entrepreneur
- A significant way to grow is through acquisitions or mergers
- Especially good for tough low margin businesses
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