City Mill 4.0
CITY MILL HAS BEEN in business, in family business, that is, since 1899. It’s weathered epic events over that time, like the Chinatown fire of 1900 and the Great Depression. Most recently, City Mill has weathered the arrival of Big Box chains from the Mainland.
Aside from those events, like every family business, City Mill has also been up against tough odds: Due to the complicated processes of family succession, only 12 percent of family businesses make it to the third generation; only 3 percent make it to the fourth generation, according to Boston-based Family Firm Institute.
Well, City Mill currently stands on the cusp of its fourth generation. Carol Ai May, City Mill vice president and a proud member of the third generation, shared some of the company’s insightful requirements for the next generation of executives – rules to ensure the company and family remain healthy and City Mill can serve Hawaii for another 100 or so years.
• Must finish college and graduate school (MBA)
• Must work outside of City Mill for five years, and be promoted along the way
• Must have desire and appreciation for a family business
• Must demonstrate business aptitude
• City Mill must not be a back-up option
• Sex or birth order is not an issue
• Must not have “Affluenza,” an affliction with symptoms such as
— Entitlement mentality
— Lack of humility
— Lack of gratitude
— False confidence without personal achievement
If the fourth generation meets all these requirements then they can apply for the job.
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