Taking Over the Family Business - 021

1:18:18
 
Share
 

Manage episode 201632753 series 1931223
By Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio streamed directly from their servers.

PLEASE NOTE: there is adult language in this episode. It's only 1-2 words, but if you are listening with little kids, you may want to use headphones.

Mitchell Kaneff is the 3rd generation Chairman and CEO of his family’s company, Arkay Packaging. If you’ve ever purchased lipstick, moisturizer, or fragrance in a box, the packaging was likely created by Arkay. They’ve been in business for more than 96 years. Today, they send high-end packaging all over the world from their three locations on the east coast.

Mitchell assumed leadership of Arkay in 1996 when he was 30 years old. He gained notoriety 14 years later following the release of his book, Taking Over: Insider Tips from a Third Generation CEO. The book shares his personal story, including a letter he wrote to his father asking him leave the business, along with stories from other families who struggled through leadership transitions. The media headline at the time was Why I Fired My Father From the Family Business.

In this episode, Mitchell and I talk about what it was like to fire his dad—someone he describes as both a seagull manager and a larger than life living legend in the packaging industry. Spoiler alert: Mitchell and his dad made it through the transition unscathed, in fact, they remain best friends today. We also discuss Mitchell’s leadership style, the keys to his success, and how he is introducing the family business to his teenage sons.

Fun fact about Mitchell: He’s not only a fantastic leader, but also a rockstar! Outside of the office, he’s a bass player and vocalist with The Young Presidents. They are releasing their fourth album soon!

Topics discussed in this episode:
  • About Mitchell and Arkay Packaging (2:12)
  • About the book (4:27)
  • Working up the ranks (9:10)
  • Preparing for leadership (12:35)
  • Firing dad (and remaining best friends) (19:34)
  • Mitch’s leadership style: Engage, empower, share (29:03)
  • Monitoring vital signs (35:57)
  • Outside specialists and consultants (41:57)
  • Starting succession planning (49:46)
  • Having hobbies as a leader (1:02:06)
  • Health, wellness, and balance for leaders (1:08:36)
  • How to find Mitchell (1:11:34)
  • Bonus questions (1:13:07)
Guest Bio:

Mitchell Kaneff, author of Taking Over: Insider Tips from a Third- Generation CEO, is the Chairman/CEO of Arkay Packaging, a 96-year old, family–owned and operated leader in the folding carton industry.

Under Mitchell’s direction, Arkay continues to be a market frontrunner in providing companies, such as Revlon/Elizabeth Arden, EsteeLauder, Procter & Gamble, and L’Oréal, with cutting-edge product packaging solutions. Mitchell’s appreciation for customer satisfaction and his understanding of the industry has solidified partnerships with key customers, earning Arkay “Supplier of the Year” awards several years running.

In addition to locations in Hauppauge, New York and New York City, Arkay built a manufacturing facility in Roanoke, Virginia 22 years ago and in 2008 underwent an expansion to twice its size, a testament to leadership and the quality of the Arkay product.

Mitchell lives in New York City with his twin 17-year old sons, Max and Josh, and his wife, Amy.

Notable & Quotable: Succession planning for dummies didn’t exist, so I wrote a book. —Mitchell Kaneff #successfulgenerations Some millennials look at a mountain and just want to go to the top. The expedition from the base to the top is all part of what you deserve when you get there. The journey makes you a strong and inspiring leader. —Mitchell Kaneff #successfulgenerations I was coming into an organization where my dad was a living legend, an iconic figure in the industry and a pillar of confidence and strength. To step into his shoes was a challenge. —Mitchell Kaneff #successfulgenerations In God we trust, all others bring data. —Mitchell Kaneff #successfulgenerations You can’t start succession planning early enough. —Mitchell Kaneff #successfulgenerations Leadership is bringing out the best in the people around you. —Mitchell Kaneff #successfulgenerations Resources mentioned in this episode:

Arkay Packaging

The Young Presidents

Taking Over by Mitchell Kaneff on Facebook

YPO

HBX CORe

American Management Association: Fundamental of Finance for Accounting for Non-Financials Managers

Books:

Taking Over: Insider Tips from a Third Generation CEO by Mitchell Kaneff

Good to Great by Jim Collins

The Seven Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen R. Covey

How to Win Friends and Influence People by Dale Carnegie

The House of Mondavi: The Rise and Fall of an American Wine Dynasty by Julia Flynn Siler

Right Click and "Save As" to download this episode to your phone.

Subscribe now!

Don’t risk missing out on any of the fun that is to come.

Sign up for our weekly newsletter!

www.successfulgenerations.com/itunes www.successfulgenerations.com/stitcher www.successfulgenerations.com/googleplay Want more of Successful Generations? Check out our other episodes: Episode 020: Women and Wealth with Adrienne Penta Episode 019: The Allyn Family 2.0, Part 2 Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1 Episode 017: Achieving Your Goals through MasterMind and Peer Groups Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf Episode 014: More Awareness and Less Stress through Yoga Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet Episode 012: Generous Genes with Susan Crites Price Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy Episode 009: Stress Management and Holistic Health with Cynthia Damaskos Episode 008: Family, Fights and Ferry Tales with Chris Shepler Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond) Episode 006: Join the Philanthropic Revolution with Michael Moody Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers Episode 004: Ginny Esposito - Engaging your Family in Family Philanthropy Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer Episode 002: Douglas D Box, Texas Patriarch - A Legacy Lost Episode 001: About Your Host Ellie Frey Zagel Learn more about Successful Generations:

FB: @SuccessfulGenerations Twitter: @EllieFreyZagel Email: ellie@successfulgenerations.com Instagram: SuccessfulGenerations

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

55 episodes available. A new episode about every 6 days averaging 47 mins duration .