The theme of the third annual Resnick Wynn Family Business Conference, held Feb. 29, centered on navigating the “critical crossroads” where the baton of leadership is passed from one generation to the next. It was expanded to
Keynote speaker Jonathan Tisch (CEO of Lowe's Inc.) and leadoff speaker Elise Lipman (CEO of Lipman Farms) each said that their departure from their family companies has led them to prepare for their roles upon their return. He said he was ready.
Mr. Lipman became CEO of Lipman Farms last year.She previously worked as a photo editor national geographic.
“As long as you come in with a growth mindset, you can really strengthen your legs by gaining experience outside the company,” Lipman said. “Gaining experience outside the company, frankly outside the industry, is extremely valuable.”
She said her outside experience shaped her as a leader in her family's company.
“It's OK to have more questions than answers, right?” Lippman said. “When I'm in the room, I'm the CEO. My leadership style is that I'm not necessarily the expert in the room. I'm not someone who has 50 years of experience under her. Rather, I’m here to ask questions and draw connections.”
Like Lippmann, Tisch also worked in the field of journalism. Mr. Tisch became his third leader of the Lowes and New York Giants. Long before he became the billionaire co-owner of his football team, Tisch graduated from Tufts University and worked as a television newscast editor in Boston. I was doing production.
“I have a brother and sister and four cousins,” Tisch said. “We were practically raised as one family. This business was started by my grandparents in their late 20s, early 30s. And my father and uncles, mother and aunt as well. I was involved.”
Tisch, who developed 17 of the company's 27 hotels, started at the bottom of the totem pole.
“I worked at the front desk when I was 5 years old,” he said. “I needed a small stool so I could see who the guest was on the other side of the desk. I've worked every job at our hotel.”
But he said his early experiences away from the family business shaped him even more.
“I was a film director. I was an editor,” Tisch said of his television days. “I produced children's programming, sports programming, and public affairs programming. But I needed to return to Loews Hotels and focus on understanding and ultimately running and growing the business.
“My years working as a television producer in Boston were very important in learning the industry. Having spent so many years creating television products really served me well. I'm about to graduate, I'm trying to get a job. I say this to all the young college students out there looking to get into any job: You never know where you're going to end up. You can learn from every experience.”
Lipman and Tisch were only the first and last presenters.
In between, Dennis Jaffe, senior fellow at Banyan Global Family Business Advisors, spoke about how family businesses can transform for success for each generation.
Timothy Cartwright, co-founder of Fifth Avenue Family Office in Naples, moderated a three-person panel on what happens when you don't have the next generation of talent. In it, Russell Budd said his son was interested in buying Wall Systems, a metal framing and drywall company, but not in his other family business, PBS Construction. I talked about what wasn't there. Joseph Suresky, president of RI Suresky & Sons, and John Macchia, founder of Advance Turning & Manufacturing, also attended the panel.
FGCU President Aysegul Timur and Resnick Group Founder Billy Resnick welcomed the audience of approximately 200 people. And Sunshine Ace Hardware Chairman Michael Wynn bid them farewell.
John and Billy Resnick and Wynn plan to continue meeting at FGCU in 2025.
