By Dan Beenken

At the end of August, we kicked off season seven of the UNI Family Business Center’s Breakfast Series! Holy smokes, where did all that time go? As I mentioned during the session, we are the only breakfast series out there that doesn’t include breakfast. Until we figure out virtual bacon, it’s probably going to stay that way. Anyway, on to my Top 3. 

Gage Kent, CEO of Kent Corporation, was our guest. He shared his experiences of being a Gen 3 in his family’s business. His open approach and honest advice on life in a family company was really cool to hear about. 

1. Learn the Hard Way 

I appreciate Gage bringing it up like this. We often want to shelter our next kids from the tough stuff. Our job is to protect and guide and sometimes we can take that so far that the next generation never recognizes trouble. I’m not a psychologist, but I think there is some truth to the importance of letting the next gen learn for themselves. “Being told the stove is hot and touching it yourself” seems like a metaphor-type deal for this one. As Tommy Boy once said, “I can get a good look at a steak, well, never mind…”
 

1. Outside Perspective 

I can’t let go of the Advisory Board concept, and thankfully Gage is a big fan too! We’ve been beating the drum about Advisory Boards quite a bit – so it’s always great to hear third-party validation on their importance. 
 

1. Capital Strategy 

Gage mentioned the importance of strategic planning – and of course it’s critical. But he also mentioned how Kent overlays Capital Planning along with that. I really appreciated his highlighting of this concept and the importance of managing today, yes, but also of thinking long term with your capital planning. How will strategic planning overlay with capital requirements? What types of return are we looking for? What does our debt picture look like and what could it look like 5, 10, or 20 years down the road? 

It was a great kickoff to the new year, we are extremely grateful to Gage Kent for sharing his insights, and we look forward to seeing you throughout the rest of this year!