How to Maintain Your Family Business’ Legacy While Adopting New Industrial Strategies [New Podcast]

On this week’s new episode of the Thomas Industry Update Podcast, Thomas CEO Tony Uphoff sits down with CEO of The Rodon Group Michael Araten to discuss how his third-generation injection molding business maintains its mission-driven family legacy while adopting new strategies and industrial technologies to stay relevant in today’s competitive market.

Maintaining a Family Business’ Mission Statement

When asked the secret to his success in keeping The Rodon Group relevant in 2020 after more than 60 years in business, Araten says, “I think it comes down to my personal philosophy, [and] then our family’s philosophy, which obviously are very overlapping.”

His family’s philosophy comes “down to three principles,” he explains. “Be curious. Be kind. Be focused.”

These three tenets of The Rodon Group serve as the foundation for all business decisions and strategic moves forward that the company has made throughout its lengthy history – and will continue to make in the future.

Be Curious

The first pillar of Araten’s philosophy is curiosity. Being aware of emerging tech trends, new marketing strategies, and successful business tactics is key to staying ahead of the curve in the industrial market and remaining relevant to customers even after decades in the space.

"I think we are always learning. And that’s what the ‘be curious’ is about,” Araten explains. “It’s about what is going on not only in your industry but in related industries, generally understanding what some of the megatrends are in the country [and around] the world, and then making them micro to your organization so that you’re always learning about best practices across businesses.”

Be Kind

The next pillar of the family’s philosophy, the concept of ‘being kind,’ hinges on being supportive, involved members of the industrial community.

“We believe that we’re members of a community, and we have to be kind and give back to the community,” Araten says. At The Rodon Group, it’s important to "understand that people generally are making decisions, not companies, even though they obviously work for companies. If you’re kind to your customers, your vendors, and [your] suppliers, over time, you have this immense reservoir of goodwill that allows you to function much more efficiently.”

Be Focused

Finally, The Rodon Group’s approach to running a successful business over the long-term requires focusing on achievable, relevant goals that will ultimately benefit the future of the business.

“We can learn about a lot of things in the world” depending on what the team sets its focus on, Araten explains. “From the outgrowth of generation one [of leadership] who was in rubber products, [the company] then morphed into plastic products [during the second generation of company leadership], and then those plastic products morphed to become one of the segments in which we think we can add the most value.”

When setting goals and determining the business’ focus for the future, Araten considers what problems his customers are facing and how the business can support them by solving problems using their unique industry expertise.

Driving Change at an Industrial Family Business

By applying his family’s philosophy to The Rodon Group and his own role as CEO and president, Araten explains, “the balance of the curiosity, the kindness, and the focus allows me to stay relevant, allows our business to stay relevant, and allows our family to stay involved [in ways] that make sense for us and position us for the future.”

Hear more of Araten’s advice for staying relevant to your customers over the long term, maintaining the original mission of your family business, and pushing your company into the future of industry in episode 8 of the Thomas Industry Update Podcast.

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