Lessons learned working in a family-owned business – Let’s Talk Retail Episode 24

468

Professional leaders who are hired to work for family-owned corporations encounter an extra layer of complication – trying to live up with their expectations and the same time, honoring the values the founders have established within the company.

For Ariel Fermin, the newly minted President of the largest casual dining restaurant company in the Philippines – Max’s Group, he swears by the following principles:  “do things in a way that our customers would cherish; do things in a way that our shareholders would say good job; and more importantly do this in such a way that the founders themselves would be proud of.”

Ariel also shared a significant learning experience working with the founders, “they have their own domains that you have to respect because they’ve done it through the years even when you weren’t around and it humbles you. It tells you that “you know what, you (still do) have (a lot) to learn” he said.

What would it take for family owned corporations to consider getting a professional manager to lead the company?  “Leadership qualities of professionals are quite structured, there’s a system of play. You need to get a guy who understands the value of teamwork, that leadership isn’t just a function of titles because a natural leader would find people gravitating towards you.”

As the interview progressed, Ariel shared the three lessons he learned to successfully help the company achieve its goals:  Be a sponge, Master the Fundamentals and What you got here, won’t get you there.

Catch Ariel Fermin, President of Max’s Group as he ushers in the new episode of the award-winning retail podcast – Let’s Talk Retail on January 3, 2022. Subscribe now to the PRA’s YouTube Channel and click the notification bell to watch it first!