Staying ahead in the ever-changing food and beverage industry

The food and beverage industry continues to evolve at a rapid pace with new advances in technology, workplace trends and consumer preferences. With change happening so quickly, it is important to stay informed on what your peers are doing in order to learn from their mistakes or successes. Maintaining a robust network of peer relationships within the industry provides a chance to learn from others, as well as a chance to share effective advice with others on how to succeed.

During a recent panel discussion, select executives of family-owned food and beverage companies that recently faced ownership transitions shared their succession paths and views on the current opportunities for middle-market companies. The panelists included:

• Tom Walzer – CEO – Saco Foods, LLC
• Dimitri Pappas – Founder/Owner – Orchard Solutions
• Jonathan Del Re – CEO – Lacas Coffee Company

In an excerpt from Challenges of growing and transitioning a private food and beverage company, the panelists share advice they received to help them succeed, as well as the advice they would share with fellow peers in the food and beverage industry.

What piece(s) of advice did you listen to and/or would give to others in the industry?

Tom Walzer: One of my personal advisors often tells me to “relax, trust the process and enjoy the journey.” I sometimes worry too much about the outcome or the destination and that is not what being an entrepreneur is about. The fun and the reward is in writing each chapter of your book. My other bit of advice is to surround yourself with people you can trust because the journey is much more fun and rewarding when you can share it.

Jonathan Del Re: In regards to buying an established business in an industry in which my experience was limited, I received this advice from several people: Do not change anything right away. If a company is not broken, then sit back, carefully observe and make changes slowly. Incremental change aimed at continuous improvement has been our philosophy from the start. We announced this approach to a stunned group of Lacas employees on day one of the transaction, and by following through on this approach over time, I believe we gained trust from our employees.