The survey, executed in cooperation with Menasha and guided by a consultant, provided a robust portrait of the family shareholders’ goals and concerns.Īs the family implemented its governance system, the company’s board and management pared Menasha’s portfolio of businesses and worked to improve corporate governance. One of the council’s first projects was to survey family shareholders about a broad range of topics. The first members of the family council were elected on the spot. It featured an eye-opening presentation by a noted family business consultant.Īt its second family gathering a year later, the Smith family endorsed the recommendation of a family task force to establish the Smith Family Council. In 2003, with the company’s support, the extended Smith family held its first family weekend. Step by step, family members began to define a path forward - with a second, larger discussion session in May 2002 and, a few months later, a delegation of family members attending a family business governance program at Kellogg School of Management. In December 2001, a small group of fifth-generation family members met to discuss how to improve communication within their generation. Concerned shareholders had no organized forum for engaging with the company or connecting with one another, aside from the annual shareholder meeting and a cookout picnic. To celebrate its 30th anniversary, Family Business honored 30 outstanding family businesses:īeginning in the late 1990s, the business struggled to reverse its declining performance. There are about 135 shareholders in the fourth, fifth and sixth generations, and 265 family members. The enterprise employs more than 6,000 people worldwide and generates annual revenues of more than $2 billion. ORBIS also tracks, retrieves and cleans reusable packaging as it moves through customers’ supply chains. ORBIS Corporation manufactures reusable plastic containers and pallets. It also provides pack-out and fulfillment services. Menasha Packaging manufactures corrugated packaging and retail merchandising packaging and displays. Today, Menasha Corporation, based in Neenah, Wis., is a corrugated- and plastic-packaging manufacturer and a supply-chain solutions provider with two operating companies. The company began producing corrugated boxes in 1927 and added plastic pallets in 1955. Over time, he and his descendants transformed their woodenware offerings to keep up with changing markets. Smith acquired a small, struggling pail factory in Menasha, Wis., in 1852.
0 Comments
Leave a Reply. |