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Episode 75: Culture and Leadership in the Family Business

In this episode of The Family Biz Show, host Michael Palumbos from Family Wealth and Legacy in Rochester, New York, engages in a captivating conversation with Marshall Rabil from the Hubbard Peanut Company, known as Hubs Peanuts. Marshall shares his unique journey, tracing his roots back to a family business started by his grandparents, who pioneered a specialty way of preparing peanuts. His narrative unfolds from his childhood memories at the production line to his global adventures and eventual return to contribute to the family legacy.

Marshall's story is a testament to the power of community and the deep-seated values that drive family businesses. He discusses the importance of understanding and adapting to various roles within a family enterprise and the significance of connecting with one's heritage and community. His insights extend beyond the peanut industry, touching on themes of leadership, teamwork, and the impact of family businesses on their communities.

Through his experiences, Marshall illustrates the evolution of a family business across generations, highlighting the challenges and triumphs that come with maintaining a legacy while also embracing change. His perspective offers valuable lessons on the intertwining of personal growth and professional development within the context of a family-owned business.

Listeners will gain a deeper appreciation for the complexities and rewards of being part of a family business, as well as the importance of fostering relationships and building a strong foundation for future generations.

Watch the entire episode!

Episode 75 Transcript


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Marshall: Good.



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Michael Palumbos ChFC, CBEC: Welcome everybody to the family biz show. I am your host, Michael Columbus, with family wealth and legacy in Rochester, New York. I hope everybody is doing well, and we are really really lucky today.



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Michael Palumbos ChFC, CBEC: Marshall, I am so excited to have you here, and we're going to be talking about everything that you have done with Hub



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Michael Palumbos ChFC, CBEC: Hubbard Peanut Company. Sorry short, and it's hubs for short, correct.



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Michael Palumbos ChFC, CBEC: correct. Yes, sir, and i'm just pumped about this conversation. So if you don't mind, we have kind of a tradition where I let you introduce yourself, and kind of your journey, of how you ended up working in the family business.



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Marshall: Sure. Well, Michael, thank you so much for having me. It's really fun to be here this morning.



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Marshall: Well, I I think, like most members of a family business. They grew up in it in some capacity. My grandparents started the business from their home back in the fifties, and and ran it for a while until my mother came in in the late seventies.



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Marshall: I was obviously a a young boy in the eighties, and and remember going around the production line and and riding on the conveyor belts, and doing all that kind of fun stuff as a little kid.



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Marshall: and always knew the business and the brand, and



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Marshall: and and with, you know, started out my my sales journey, giving peanuts to my teachers for holiday gifts and elementary school and and things of that nature. So always been no apples for the teacher. Huh? No apples, and it was strictly peanuts here in Southampton County. But yeah, so I I started my sales and marketing journey as an elementary school student.



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Marshall: handing out the product and promoting it around town.



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Marshall: But you know I I I did. I was never felt any pressure to come back into the business I was. I was always interested in kind of my own path, and after college



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Marshall: I was a. I was a history and environmental studies, major.



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Marshall: and wanted to to travel and explore the world, and international education was kind of my path to do so to to have someone pay me to travel and and to continue my education abroad. And so I worked for the jet program, which is through the Japanese Ministry of Education.



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Marshall: lived in a small village in Japan, and taught English, and was kind of a cultural liaison between American culture and and rural Japanese culture which was great.



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Marshall: And then I I was on on this path to start an international school in my mind and and started working for a gap year program, and I led college students on study of broad trips all over the developing world. You know Africa and India, Central South America and Southeast Asia.



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Marshall: so spent most of my my twenties abroad, studying the world, studying cuisine from all over the world, just different cultures and and and and history and and love and love that, and came back and taught geography and world history as it for a stent



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Marshall: at a, at a. Our local school here and in Southampton County, and then



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Marshall: was inspired to start a a different business. And so I moved to Nashville, Tennessee, to work on a start up that never really took off. But while I was working on that start up I wanted to get more involved in the food business.



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Marshall: and so I started working at whole foods as a specialty Foods buyer and I I was at at that point. I was learning a lot more about branding, packaging just Cpg. In general, and then I was. I was working to get Hubs into whole food South



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Marshall: while working in the especially Food Department, which was, which was great. So I I did that it was able to really learn specially food, grocery and and that side of the business before coming back to to work for hubs. And so the the startup obviously never, never took off, but I I gained a lot more experience and knowledge and and Cpg.



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Marshall: And specialty foods at whole foods, which is great to learn their culture and to kind of work for someone else to see how a different corporate



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Marshall: entity was structured, and so that that was very good for me, and then kind of came back back and and pitched my family kind of the sales and marketing role that I thought we needed, and so



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Marshall: that I moved back here. I started working in 2,014 remotely, and then moved back in 2,016, to really focus on sales marketing, and now kind of transition into leadership. So



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Michael Palumbos ChFC, CBEC: it's been a very circuitous route back to Virginia. But i'm here, between riding on the Conveyor belt and high school, and coming back to you know the business. How long were you out?



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Marshall: Well, so I went. I went to boarding school. I left when I was 15, and then I moved back essentially at at 34, and so I was gone for for quite some time. But I always, you know, while I was traveling



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Marshall: and doing a lot of international development and international relations work



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Marshall: like



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Marshall: it. It was great and and a wonderful experience, but I always felt drawn back to our community. We're we're a small rural town. Franklin is about 45 min west of north of Virginia Beach, and you know there are some higher rates of of of poverty, obesity, diabetes. We've got.



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Marshall: Our educational system is struggling a little bit, so there there were a lot of things that I was seeing that we were working on abroad, and I was getting a a a glimpse into these communities that I felt like were the same issues at home.



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Michael Palumbos ChFC, CBEC: right?



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Marshall: And so it was. And I knew that with this business we're very much community oriented and community driven. That's something that my grandparents instilled in my my mother and my father would grew up in this town and had the same thing, so I felt like business



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Marshall: really could be a part of a small community and and hopefully be impactful and in many different ways. And so that's part of what My, what? I've brought to the to the table, or at least trying to articulate that message across our company and community differently. So thank you for sharing. That's



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Michael Palumbos ChFC, CBEC: It's a great journey. You that your your skill set.



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Michael Palumbos ChFC, CBEC: you know. Had you not done that, Think about everything that you brought back



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Michael Palumbos ChFC, CBEC: to the business Number one, there's just so many different things that you brought back to the business. But what I one of the things I love the most is the fact that you're like i'm out doing the work for other People's communities would be really nice to be able to do some of that right back at home.



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Michael Palumbos ChFC, CBEC: Sure, you're a 1,000% correct. We need.



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Michael Palumbos ChFC, CBEC: you know, people like you and us, and what we're doing with. You know our community, and we try to get back as often as we possibly can as well. And we look at how we do it a little differently, meaning that, like when we're working and coaching one of the family businesses that we work with.



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Michael Palumbos ChFC, CBEC: You know we're impacting every one of those employees and all of their families. And so it it. It goes that way. But I love. I love what you're saying, Love?



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Marshall: Yeah, I mean. And I was. I was totally inspired by the culture that John Mackey created at at Whole foods honestly, and his book, conscious capitalism really laid out to me a a a strategy and a in a kind of playbook on how companies can



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Marshall: the impact on their community. Some, he obviously they. They've sold, and things have changed a little bit with that culture and and everything. But I think



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Marshall: the the intent, the passion, the heart was all something that really I related really well to. So yeah. So here's a question about whole. I mean whole foods, and that I know. That's



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Michael Palumbos ChFC, CBEC: Did you know what the company, the corporate culture and the company values were when you were working there?



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Marshall: Oh, absolutely! That was one of the things that I was attracted to to learn from that example, for sure, and



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Marshall: I mean, I think, healthy, eating, healthy communities, all of all of their their mission. It was important. So that was why that was where I started as I started part time there while I was working on this start up, and I evolved into a full time role in buying



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Marshall: there. But yeah, it was. I was attracted to that culture and that company for sure.



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Michael Palumbos ChFC, CBEC: I I. Yeah, I find that culture driven and values driven. Companies just really do tend to make a bigger difference in the communities that they in that they they work, live and work in, and that's now what you're bringing over to Hubs, and my gut says you know



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Michael Palumbos ChFC, CBEC: the family had been doing that



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Michael Palumbos ChFC, CBEC: for years. It wasn't just like, you know. Marshall went to to whole foods and saw this wonderful thing. You've been doing it, but you're just probably



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Michael Palumbos ChFC, CBEC: figuring out what are the actions that live by? And how do we make sure that people know that we're doing this consciously?



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Marshall: Yeah, it's it's tying it all together. We've certainly been very much a part of this community since our inception, but, like, how do we have a a common like? Now? We have partnered with the Food Bank of southeast of Virginia, and that's kind of our arm like it's it's we're we're trying to to consciously



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Marshall: promote some of that and be a part of that. And you know we're our team is. We've donated space. So the food bank is actually based in one of our warehouses, where we do the production of the backpack programs and things of that nature. So it's. It has been something that we've been been consciously trying to figure out what it is that we can stand for and being in the food business. Obviously, food insecurity is a worthy cause. Right? And so we mass flows bottom of the pyramid. You've got to get.



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Michael Palumbos ChFC, CBEC: Take care of it. People don't feel safe, and they don't feel that they've got those basic needs, and that it's really hard to be thinking about.



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Michael Palumbos ChFC, CBEC: You know bigger and better things. I love that. Thank you.



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Michael Palumbos ChFC, CBEC: You can't get a job if you're hungry. Yeah. First things first. Yeah.



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Michael Palumbos ChFC, CBEC: let's talk about. You know the the Pina company. Let's talk about Harvard between a company and you mind sharing? You know that the history and a kind of where did they start when and how did you know what's developed through the years?



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Michael Palumbos ChFC, CBEC: And then i'll put, you know. Jump in every now and again and ask some other questions.



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Marshall: Sure? Well, it's it's a very much a homegrown business that my my grandmother died. Hubbard started from her kitchen



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Marshall: in 1,954. She, my my great-grandfather, had a a peanut farm, and she was a school teacher. But she was literally hand picking the largest peanuts that she could find out of her father's farm, and had a unique way of cooking them. And it was it's called Blister fried cooking, so she would soak them in hot water



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Marshall: and then fry them and oil. And that was kind of the local way, the specialty way of of cooking peanuts. And and but she would take the largest ones out of out of the farm, cook them in this unique way, and then give them to friends just as a gift like some of her, her colleagues from college or whatever.



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Marshall: And then people started asking for them. You know that's just like kind of the standard how a business develops like, hey? You've got a product. There's a demand. So my grandfather started taking the peanuts to the hardware stores and the pharmacies, and at the time



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Marshall: Planners was right down the road, and so they're in Suffolk, Virginia, and they are still a major player in the in this area, but they dry roast Virginia peanut, but it's a it's a different cook process. They're not using the same quality of peanuts that we that we use.



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Marshall: So my grandfather said, hey, you know planners are in nickel. Well, hubs are twice as big. They're prepared differently and or twice as good, so they command twice the price. So he started selling for a dime next to a nickel bag of planners. And that's kind of how the sales.



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Marshall: what portion of that all started, which which which is great and the specialty category of Virginia peanuts, was born. This area has always been known for peanuts. They came in the late 16 hundreds.



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Marshall: but it wasn't until the early 19 hundreds that that planners kind of commercialized peanuts, and they became a a commodity snack product. But we are the original.



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Marshall: Sorry you're the original specialty, Peanut. And and now we create. We have this gift category of peanuts that represents our region very well, and there's a lot of other companies that are follow Dot Nhs model. But we are proud that we kind of started that trend as a specialty gift quality, Peanut



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Michael Palumbos ChFC, CBEC: love it. Do you mind sharing like your group? If, when a as peanuts are grown, how are they grown? I don't think everybody even knows you know what type of plant is a is our peanuts come from? And what not?



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Marshall: Yeah, it's a great question. And so they they're technically more like a a bean. So they're like you that grow into the ground. They're planted and and may.



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Marshall: and they grow throughout the summer, which which is great. We have wonderful soil here in Virginia. All of our peanuts are growing Virginia, North Carolina, South Carolina. So it's that nice, sandy, lonely, humid soil.



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Marshall: But so they're in and they're harvested and in the fall.



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Marshall: But peanuts are are great, because they require a lot less water than other nuts and other tree nuts, like almonds that are growing in California which has trouble with droughts and and sometimes of the year, not this week. But but yeah. So peanuts have a a grow really well here, and and don't require nearly the same kind of water that we do, and then we harvest them in the fall.



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Marshall: yeah, it's



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Michael Palumbos ChFC, CBEC: so Dot and H. A. Right. They get that right. Hj: They They created this specialty category of peanuts that they're given away as gifts, and this is



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Michael Palumbos ChFC, CBEC: back in the fifties.



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Michael Palumbos ChFC, CBEC: And now



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Michael Palumbos ChFC, CBEC: what happens? You know what what is? You know? What? Where do they go? Where you know from there?



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Marshall: Well, so one of the reasons we were able to grow, and so much of our marketing, and until I mean it still is, is just for to mouth marketing. So there's a great paper mill here in town, and it was. It was Union Camp prior to international paper



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Marshall: buying it.



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Marshall: And you know we had a lot of people that would come through the community, and they would take them back to their homes. And so I think the the word of mouth and the kind of the mail order. Business



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Marshall: developed in this really small town because we had a fortune, 50 company that had sales. People come in that that they liked our Br. It's a product that represents this region. So they would take them to their homes and and then share them. And then we we just slowly over over the you know the 60 seventies eighties



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Marshall: built this mail order business, and we are still primarily a direct consumer brand, i'd say, Well, it it's continuing to come down a little bit, but i'd say 60 plus percent of our business is still d to see which is wonderful, because we have a a huge segment of of customers that way. But so



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Marshall: so that was. That was our primary. We didn't really have a lot of wholesale accounts other than the small mom and pop, pharmacies, hardware stores, and and such. But then my mother really started diversifying some of that in the nineties and early 2 thousands, and act, and after being at whole foods and



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Marshall: and such one of my strategies to continue the the vision for the family was to was to grow our wholesale presence in in various regions around the country. And so what part of what my first kind of role was was to discover these markets and and work with other regional chains, like a Zoo pans in Oregon, or a Central market in Texas.



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Marshall: or Fresh market, and in North Carolina Wegman's, up in Rochester, New York, which is obviously a wonderful company and a and a great partner. But so that's that's kinda it. Our business has evolved a little bit from just a to see, to having a a footprint and some national specialty chains.



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Marshall: But we we still, I think our model is is to continue that and to grow the the d to see piece of it it. I don't think our goal is ever really to get into every every grocery store, every convenience store, because we are a specialty product, and we and we are a little more expensive, and want to maintain that quality.



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Marshall: And so that's that's kind of where we are at the moment.



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Michael Palumbos ChFC, CBEC: Yeah, I love it. No, I thank you for sharing. Tell us. Tell me about the transition a little bit from grandparents to your mom



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Michael Palumbos ChFC, CBEC: and is Mom still involved in the business today? What other family members have been involved in the business



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Michael Palumbos ChFC, CBEC: can walk me through that, if you don't mind.



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Marshall: sure. Well, obviously, during you know, when my mother and uncle and and aunts were were growing up, they were helping, getting all of the the boxes packed around the holidays. We were very seasonal until you know the the late eighties and early nineties, like our season, has begun to expand it. But there's been some technological advancements that have helped that. But so she they all obviously work together with building boxes and packaging and getting everything done.



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Marshall: But my mother came back and in 79 to start working full time with my grandfather. At that point my grandmother was having some health issues, and so she's she didn't work nearly as much on the day to day in the early eighties.



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Marshall: and so my my mother worked closely with my grandfather until the mid nineties really. And then he started to slow down.



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Marshall: But at during those years I did have one of my uncle worked in production alongside my my grandfather, my my one of my aunts worked in in kinda did some technological improvements on our software system and kinda trying to automate parts of the company. So they we've all I I I was working and just doing



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Marshall: production jobs, whatever it was, on on the line, putting cans in boxes, but I was answering phones. So, my sister as well, answering phones, taking orders, just going, manipulating the system during the season.



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Marshall: And so we've all had a of a part in some capacity over the years. And so my mom is still very much involved in the business. We just went through the large expansion that we've had in our company's history, and in 2,020



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Marshall: we opened our new location, which has a retail market, but also has space for warehousing shipping. We have a new production line, where we we we put a chocolate and roving a machine. And so we've we've expanded and diversified our production capabilities



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Marshall: over the last 2 years. So she she was really leading, leading that charge to get that project underway, and that's part of what I came home to to do was to you know it's time to expand, or or or or do something else. And so



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Marshall: that's that's what we've been doing the last couple of years, and I think she's gonna start slowly, taking some more time for trips and traveling. But you know I I Her office was her childhood bedroom. I don't see her her leaving that office really anytime



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Michael Palumbos ChFC, CBEC: soon, but she'll she'll be more flexible and doing more of the things that she like to do in her spare time. I think



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Michael Palumbos ChFC, CBEC: my name is Lynn Lynn. Nice. I'm gonna I I I I set there going. Oh, I made my cardinal error. Your last name is Rabble



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Michael Palumbos ChFC, CBEC: rable. Yeah, see, there's the Cardinal sin I as a as a podcast. You always ask, how do you pronounce the last name first? And I messed it up. But you know okay, so. And and mom right now, like you just said she wants to do some travel and just say you just peek at her, we at the website, and it's like she wants to visit all the national parks. How many has she been to those thus far? Do you know I. You know I don't know. I know she's been to a dozen of them or so, but at yeah.



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Marshall: i'm.



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Marshall: I also want. I have that same goal, you know, travelling the the best. And so she'll start doing some more of that for sure, agreed my father. That was on his, his, his hit list.



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Marshall: and we ended up buying him a book of all the national parks, and there was something in there like you could check them off, and a list of, you know, to to do all those things so very that it got to be one of the best things that our country has to offer is our national park system. I think I mean it's just it's unbelievable. How diverse our country is, and the landscapes are just beautiful. I mean, we're we're so fortunate that we have that



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Marshall: Yeah.



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Michael Palumbos ChFC, CBEC: talk about. You know the the business has been around for a number of years, so I I know that every business goes through some obstacles or some tough times. What were some of the tough times that you know that are stories that you've heard, whether you are part of them or not.



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Michael Palumbos ChFC, CBEC: And and how did you know? How did the family



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Michael Palumbos ChFC, CBEC: maneuver those things? Sure?



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Marshall: Well, prior to to me, coming back to the business. I'd say our biggest challenge was a fire in 1,999 right before



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Marshall: our busy season. So in the fall of of of that year, and that that shut our production now. And so you know our business really.



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Marshall: because it's so gift oriented and fourth quarter heavy, that was obviously devastating, and could could could shut a company down. We obviously we have a great insurance partner that was able to to take care of us. But then, but primarily we have incredible customers that instead of doing



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Marshall: Christmas presence, they basically pushed back to Easter presence that year. And so our customers were are so loyal and and so great, and we're so fortunate to have the customers that we do, that they they are the only reason that we got through it.



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Marshall: To be honest, I mean a great insurance partner and incredible customers is is what help us bounce back from that.



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Marshall: I'd say that that's a the fire. Obviously 24 years ago, 5 years ago was was was really challenging, and then and in 809 it wasn't only the financial crisis that that hurt us because it. That was. That's obviously huge, because we work with a lot of companies



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Marshall: that use our product as as a gift.



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Marshall: We do customization, and so they'll They'll send all of their customers clients, peanuts, and so obviously, you know, 809, a lot of our partners were struggling, and their business is close, so we we we lost business there. That's a common story. But in the peanut industry in general, during that same time, during the financial crisis was the Pca peanut core of America, Salmonella outbreak, and that really put a a black eye on the peanut industry in general.



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Marshall: I i'm not sure if you're familiar. But there was a story where a a manufacturer knew that they might have some contaminated product, and they let it out into the marketplace, and it in it it impacted a lot of people. A couple of people died.



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That particular individual is is



00:23:25.270 --> 00:23:40.410

Marshall: is in prison, but that, as far as like what it did to the overall peanut perception across the country was was really tough, because we're it. It put a black out in the entire industry.



00:23:40.420 --> 00:24:04.459

Marshall: And so it. It took some time, and a lot of good marketing initiatives from the National Peanut Board and and others to to promote how wonderful the peanut is from a a an environmental standpoint from a plant based protein standpoint, all the nutrients. And and so we had a really black eye and a 809, and then it's taking some time to to gain consumer confidence again.



00:24:04.470 --> 00:24:24.140

Marshall: You know, whenever you have something like that. So those were 2 things that really stand out to me is is really hiccups, despite your normal agriculture issues with a hurricane, wipes out a third of the crop, you know, because it's the the harvest is during hurricane season, late September, October.



00:24:24.150 --> 00:24:30.719

Marshall: So there's always there's always the threat of bad storms. And so and we've had issues in the peanut prices, Spike and



00:24:30.920 --> 00:24:41.710

Marshall: the last couple of years have been really challenging, too, I mean. So every every few years there's a there seems to be a pretty big curve, all but we've it. It's our our customers



00:24:42.270 --> 00:24:51.370

Marshall: and our team are the reason that we're still pushing. We're pushing 70 years right now. So that's that's really all. It is good a good customer base and a wonderful team.



00:24:51.380 --> 00:25:17.700

Michael Palumbos ChFC, CBEC: Yeah, how many employees today? How many people on the team? And I I want to give you, an I want to say thank you for using the word team. I'm a big proponent of we built teams. We don't have staff staff is an infection, so we always want to be building teams, building building teams for sure, and because of the opening of the Hubs V and the retail market that we now have. It's a 7,000 foot event space with a.



00:25:17.710 --> 00:25:26.200

Marshall: It was an old grocery store, and it had it had a a coffee counter, and it had a Deli and a bakery. So we had a lot of equipment that we inherited.



00:25:26.210 --> 00:25:46.770

Marshall: And so, because of that, we really have been expanding our our team to to run that operation. And so we're now around 70. But but I mean, I would say, maybe maybe 15 of those are associated with with the von and and the and the lunch counter, and the event space that we have coffee counter. And so



00:25:46.860 --> 00:26:07.209

Marshall: but you know i'm really pumped, because last year was the first year that we were able to bring on a full time production crew. We've had seasonal production crew forever. And now we've gotten to a point where we're still we're still close to needing, and we're not quite at we need 5 days of production, January, February March.



00:26:07.220 --> 00:26:20.880

Marshall: but you know it's it's been nice to bring on more people full time to be able to offer benefits, to be able to to to really be impactful to them. So it's been a a big couple of years of of employee growth. Yeah.



00:26:20.990 --> 00:26:35.000

Michael Palumbos ChFC, CBEC: love it. Before the show started. Before we started recording. I had mentioned that I was with my vistage group yesterday, and the the CEO roundtable, and the person that hosted us



00:26:35.030 --> 00:26:45.550

Michael Palumbos ChFC, CBEC: is part of a milk Co-OP. So it's 260 farmers, 262 farmers that i'll send their milk



00:26:45.920 --> 00:27:10.549

Michael Palumbos ChFC, CBEC: to this company, and and that you'll understand the relate in a second, and then what they do is they produce, you know, all the milk that's going around, you know, upstate New York, and you know 3 or 4 states around the area. The yogurt, the sour cream, you know. Yadda yadda the specialty drinks that are coming from from milk and chocolate milk. You you get the PE you get to pick.



00:27:10.850 --> 00:27:19.389

Michael Palumbos ChFC, CBEC: I guess you know I I i'm curious, you know, as you expand. And whatnot is that you know. How do you envision? Do you, you know?



00:27:19.590 --> 00:27:30.990

Michael Palumbos ChFC, CBEC: Could you? Could you ever get to a point where your farm isn't enough where you have to like? Bring in other farmers to, you know, bring in their best crop for your things, and just



00:27:31.100 --> 00:27:50.149

Marshall: so right. That's kinda we're already out of place. So my great grandfather had a small peanut farm, and we unfortunately do not have all the thousands and thousands of acres that it requires to use the top 1% of the crops. So we've already partnered with farmers throughout Virginia, North Carolina, South Carolina, that contract with the shellers.



00:27:50.160 --> 00:28:07.840

Marshall: And so that's kind of how the the peanut industry works, unless you have a and a massive amounts of land, you You are already having some cooperation there, because if we're only buying super extra large Virginia type peanut. So they're literally the highest quality peanuts grown on the planet.



00:28:07.860 --> 00:28:33.089

Marshall: and the the farmers are contracting with the shellers. The shellers are selling them and grading them according to the size, quality, and and all of that. And so then we're. We're literally just buying the cream of the crop. So that's what my grandmother created like. She was only buying the peanuts that that did not go through kind of the filters, so to speak, that stayed on top, that didn't go through, and she wanted to take those off



00:28:33.100 --> 00:28:55.740

Michael Palumbos ChFC, CBEC: and use. So we it's a it's a it's a little bit different than the milk concept that you're talking about. But there is a lot of cooperation amongst ourselves. Yeah. And and I think you know, from my perspective, the big thing about that is, it's not just the 70 employees and all the customers. But then there's a whole bunch of farmers that you know that you're supporting, and how that you know, are getting benefit from your company



00:28:55.750 --> 00:29:08.460

Marshall: and I so I on Monday and Tuesday of this week I was visiting our can manufacture. I haven't been there yet. So one of the things that's really nice, I think about us. We have a really high quality gift 10. The packaging is nice, and but



00:29:08.470 --> 00:29:23.089

Marshall: I went to the the can manufacture, and to just look at all of the steps that go into making the can, and the people that are. And I was having dinner with their Co. When he was talking about. You know all of the the things that that can represents to his community.



00:29:23.100 --> 00:29:41.479

Marshall: not just ours, but all of it all the cans that they make, and it really I mean, that's just what's so remarkable about business. Yes, we all sell stuff, but that stuff is putting food on the table and roofs on our head and like, and it's impacting the greater community on on a much larger scale, and it was really interesting to see, because we have printed metal cans so.



00:29:41.490 --> 00:29:55.700

Marshall: And then, when the metal comes in, all how, how how they're printed, how they're rolled cut, and they got. They have 400 plus employees there that are working to just an input to our product as well, and it's so it's it, Really, it's cool to see the whole picture.



00:29:55.710 --> 00:30:03.170

Michael Palumbos ChFC, CBEC: Yeah, when one of the things that we do when we're coaching businesses where they're worried, you know, working on their strategy



00:30:03.350 --> 00:30:05.659

is, we want to.



00:30:05.920 --> 00:30:09.810

Michael Palumbos ChFC, CBEC: We teach them compete to be unique.



00:30:09.940 --> 00:30:12.559

Michael Palumbos ChFC, CBEC: Don't compete to be the best.



00:30:13.000 --> 00:30:26.330

Michael Palumbos ChFC, CBEC: and and your grandmother picked that up right from the top. You only the 1% of the peanuts go through You'd want the ones that are different than everybody Else's



00:30:27.790 --> 00:30:32.630

Michael Palumbos ChFC, CBEC: let's talk about. So we we understand the specialty side of the business.



00:30:32.660 --> 00:30:39.350

Michael Palumbos ChFC, CBEC: Talk to me about the wholesale side, and that's the where you where you're out there helping on the store brands right.



00:30:39.470 --> 00:30:48.890

Marshall: There's a couple of different ways that that work. So so a lot of our partners which I love is is a is a strict hubs brand product that is, on the shelf.



00:30:49.060 --> 00:30:51.680

We have a lot where



00:30:51.690 --> 00:31:15.989

Marshall: we have a a co-branded situation. So orbis for example, love that company. It's a great a demographic for our brand outdoor apparel, active living. But on their label they tell our story on one side it's an orbit's brand, but on the side of it. It talks about our story and and what we do, and and I love that kind of collaborative approach to some of those accounts.



00:31:16.000 --> 00:31:26.769

Marshall: and then we have a company like Wegmans, who it's a pure private label, which, and we're that we are wegman's food. You feel good about private label, peanut.



00:31:26.820 --> 00:31:43.470

Marshall: and it's when you have the Virginia peanuts and the nice 10 or the child covered that they carry for you know, 4 or 5 months of a year that's us, and and that's a pure, the only trick that people, if they know our brand, we have a key on the top of that can.



00:31:43.530 --> 00:32:02.379

Marshall: and with a with a little peanut man sticker. And so people that really know hubs, and they've gone to Wegmans They're like, hey? I think that might be. Huh? Do you like? Yeah, it is. It is. It is okay for us to share that we do that. And they're a wonderful kind of partner. But those are the kind of 3 different approaches to our branding with wholesale partners.



00:32:02.390 --> 00:32:15.260

Marshall: I a more and more. I really love the Co. Branded approach because you have a brand or or like, let's say orvice has a brand that their customers already trust. So they know that they're partnering with companies that are like minded, and have a similar



00:32:15.300 --> 00:32:26.510

Marshall: vision and and approach to business, and and I like being able to partner in in that capacity, I I just think that's that's fun. You have a trusted brand. We have a trusted brand. Let's work together.



00:32:26.520 --> 00:32:38.829

Marshall: but you know, obviously you you as a as a marketer. You're trying to to build your brand as much as you can, and so getting on the shelf as hubs, or for all of our other initiatives, that it's really a focus on.



00:32:38.840 --> 00:32:54.780

Michael Palumbos ChFC, CBEC: How do you see our logo? You see our brand? You it hopefully to you. That represents excellence in peanuts, and that's kind of what we work towards. I I really love the Co. Branded piece, because I think that's so important from a marketing standpoint for those listening



00:32:54.790 --> 00:33:13.370

Michael Palumbos ChFC, CBEC: that it's not always about, you know, getting our brand out there all the time, all by itself. But look for places where you can uniquely, partner, and you talk. You know you talk about weagmans who again upstate New York. We all know Wegman's. My wife will tell you that she spends, you know, half of her paycheck there.



00:33:13.380 --> 00:33:20.249

Michael Palumbos ChFC, CBEC: and we we had 7 kids in the house. And so when we had all the kids yeah, we we had a pretty good.



00:33:20.260 --> 00:33:39.349

Michael Palumbos ChFC, CBEC: So one of the things that i'll, i'll share that the Wegman has co-branded before. So it's interesting that you know I would have loved it. I love those stories, and Wegmans had Co. Branded on their their sub sandwiches.



00:33:39.360 --> 00:33:44.380

Michael Palumbos ChFC, CBEC: Then we're we're we're we're, we're, we're, we're we're we're, we're we're, we're, we're, we're, we're, we're, we're, we're, we're, we're, we're we're we're we're we're we're we've been subs now, but I was a buddy of mine that I went to high school with



00:33:44.560 --> 00:33:59.899

Michael Palumbos ChFC, CBEC: started this submarine, you know, shop, and they and he had an incredible sandwich, and he made the bread himself, and it was just he had this great recipe got really high quality. Me and



00:33:59.910 --> 00:34:15.249

Michael Palumbos ChFC, CBEC: the the first store that he opened and branded, and you know, did all that stuff. He told the story about his grandfather, and when you walked into this place it had 10 rough ceilings, and you you just felt like you had gone back in time when you were in there. It was an old Italian Delhi.



00:34:15.300 --> 00:34:25.229

Michael Palumbos ChFC, CBEC: and there was always a line here, one store, a line at lunch time that was out the door, regardless of the time of year.



00:34:25.489 --> 00:34:40.520

Michael Palumbos ChFC, CBEC: and you know I know the story because I'm. You know, friends with you know Joey de Bella. But he, Danny Wagon, went in there saw the line, and he's like I I I want this, and over time they put something together. And



00:34:40.530 --> 00:34:57.920

Michael Palumbos ChFC, CBEC: years ago, when they first did that, it told the story of how their grandfathers both had Deli's or grocery stores. Not that far apart. Now I just love that story, and i'm part of me. You know. I understand we've been building their brand. But



00:34:57.930 --> 00:35:02.040

Michael Palumbos ChFC, CBEC: to me that story of that connection was more powerful



00:35:02.490 --> 00:35:20.840

Marshall: than it is today. If that makes sense it. Well, it it does, and and and I think that would be something that I will continue to pitch to to Wegmans when I meet with them, because I I love their brand and as well, and I think if we could tie some of that together because my understanding.



00:35:20.850 --> 00:35:33.260

Marshall: you know, we that was a very fortunate account for us. Danny Wegman was received a can of hubs from from a friend of his meeting them, and said, Those are the peanuts that I want in my store.



00:35:33.380 --> 00:35:46.659

Marshall: And so that's the I. I understand that we are also a Danny Brand, right? So which is got, which is great, that he that's so cool that he can, he can do that. But but if he, I would love to figure out how to tell that story



00:35:46.670 --> 00:36:01.300

Marshall: on the can at Wegmans, you know, and it's similar to what you just told me. I think that's a that's a great approach, and things are shifting a little bit where people like local artisans, and they want to to connect with the smaller business. We're very much a small business, so I think there's opportunity



00:36:01.340 --> 00:36:20.260

Michael Palumbos ChFC, CBEC: there, too, so we'll see the fact that they're helping, you know. That's the part that they that I think that is missed, and that you know. Yes, we've got this great big brand, but your wegmans. But if you're also the brand that's bringing other people success as well. Now it's just like boom. It's a 1, 2 punch.



00:36:20.270 --> 00:36:32.669

Marshall: I I I agree, and I i'm sure that that's They're having the same discussions, and but it's it's just a huge change to to when we get so one of my things is I want Danny and Colleen on the show, because



00:36:32.680 --> 00:36:45.809

Michael Palumbos ChFC, CBEC: one day, so you can take this episode and send that over to them when when we get this thing recorded. Because I think that there's some really neat things that they do by nature.



00:36:45.820 --> 00:37:03.309

Michael Palumbos ChFC, CBEC: They that that I teach businesses that they don't get, you know, culture and values and and a lot of the things that we're built right into. Weman's theory right from day one



00:37:03.460 --> 00:37:17.559

Marshall: started to understand their business and their approach, and I'm. Totally inspired by what they've created as a family business, I mean there's no better example of of a family business that's that's really invested in their community. Their suppliers, their partners. I I mentioned whole foods



00:37:17.570 --> 00:37:33.280

Marshall: I'm. From the South, and that's where I didn't have the opportunity to work at Weman's. But but it's a similar kind of culture and but it now. But they've maintained this, this this family dynamic. And so it an ideal fit for for you to interview those 2



00:37:33.290 --> 00:37:54.090

Marshall: for sure. But yeah, such an inspiration! What? And we're i'm just thrilled that they are now in Virginia and in North Carolina, and we take it. We take an hour and an hour trip to go to Wegmans occasionally, where my wife will spend her whole paycheck. So it's, and we love it because it's like we're going to get all these things that we can't get.



00:37:54.240 --> 00:38:11.329

Michael Palumbos ChFC, CBEC: That's great. So you're on my show. I have this unique ability that my brain can't help but to put connections and things together based on what you're saying. When you and I spoke to do our pre show call. A while ago I had mentioned Stephanie Stuckey



00:38:11.480 --> 00:38:18.449

Michael Palumbos ChFC, CBEC: stuck his pcan logs. I'm. Telling you there needs to be a relationship between Hubs and Stuckies.



00:38:18.770 --> 00:38:24.830

Marshall: So I did a family business podcast not too long ago, and I was connected with Stephanie.



00:38:24.840 --> 00:38:54.820

Michael Palumbos ChFC, CBEC: and we actually we exchanged a couple of emails, and I love what they, what she's been able to do to kind of rebrand reinvigorate their their company as well. So you're giving me a a to follow up with her and and ping her again, and just to have a conversation I her book is coming out soon. I just pinned her finally and said, You know what it was after our phone call. I'm like, i'm just emailing her. And I email, she said. Of course i'll come on the show. But i'm working on my book. Let me finish this first. So from a standpoint of marketing.



00:38:54.830 --> 00:39:13.480

Michael Palumbos ChFC, CBEC: I just think she's classic textbook. Amazing how she connects story to the brand so well, and all of her social media posts, You know I see her on Linkedin more than any place. I just love how she talks about the route! 66, and the travel, and



00:39:13.510 --> 00:39:25.799

Michael Palumbos ChFC, CBEC: so all of us that we have you know my father. I'm. Second generation, and one of the things that I just love about the family business. I didn't. I was the guy that never wanted to do this business.



00:39:25.870 --> 00:39:45.839

Michael Palumbos ChFC, CBEC: and today. I'm more excited about it today, after 22 years of doing it than I was when I started, and I love what I do, I can tell, and that's that's good. But what what's what's unique is like. We get to carry on. You know the legacy of those that came before us. Dance.



00:39:45.850 --> 00:40:02.239

Michael Palumbos ChFC, CBEC: Dad's philosophy, and the reason why he chose to work with Lincoln Financial. It wasn't linkedin many, many years ago. It was Connecticut General. Then it became sna financial. It doesn't matter the the the thing. But he heard their phrase was serve first, last, and always.



00:40:02.940 --> 00:40:11.999

Michael Palumbos ChFC, CBEC: and that resonated to him. It wasn't about, you know back in, you know, 40 years ago it wasn't about selling a life insurance policy. It was about



00:40:12.010 --> 00:40:23.569

Michael Palumbos ChFC, CBEC: serving that client and that family, and looking at their wills and their state, you know documents, and looking at their bicycle agreements, and then looking to say, is there any trouble here?



00:40:23.580 --> 00:40:36.580

Michael Palumbos ChFC, CBEC: Is there anything that they're missing. Oh, look at this trust document! So they got. Really, these were not attorneys or accountants, but they they dug in back in the forties and fifties and started to learn this stuff. So when Dan came on board he was just like



00:40:36.840 --> 00:40:45.089

Michael Palumbos ChFC, CBEC: I don't have to sell anything. I just have to consult people and help them and serve them. And he was working for the diocese of Rochester.



00:40:45.130 --> 00:40:57.149

Michael Palumbos ChFC, CBEC: as you know, somebody that you know just loved the Catholic Church. He wanted to serve. And so when he married my mom, who already had 2 kids, My father died when I was 5.



00:40:57.160 --> 00:41:07.700

Michael Palumbos ChFC, CBEC: He was just like he married her and boom instant family, because i'm not gonna be able to serve my family on the meager salary that I get from the diocese of Rochester.



00:41:07.710 --> 00:41:19.950

Michael Palumbos ChFC, CBEC: So I I think it's. You know your grandmother and my father and Steph, you know Stuckies grandfather and you, when you put together what they did in their vision about serving



00:41:20.260 --> 00:41:33.360

Michael Palumbos ChFC, CBEC: the teams that that that work for them, the customer, and providing an incredible experience and product. And you know those things, and then and then the communities.



00:41:33.500 --> 00:41:44.870

Michael Palumbos ChFC, CBEC: It's Wegman's it. There's so many connections that that that those values matter. Do you do you know what you know? What are hubs? You know company values.



00:41:45.080 --> 00:41:46.270

Michael Palumbos ChFC, CBEC: Do you mind shit?



00:41:46.330 --> 00:41:57.089

Marshall: I mean, I think that's it. It's it's to create a an environment of excellence in our community. Our company, our suppliers are. I mean just to to be



00:41:57.540 --> 00:42:15.920

Marshall: Yeah, I mean, we're we're actually we we' this mission statement right now, as we, we've got this real long mission statement, but it's all about the values on how we treat our our employees, our team, our our company, our so our family, all these things right, but it's I need. I'm trying to get a more concise like



00:42:15.970 --> 00:42:17.029

Marshall: sentence.



00:42:17.060 --> 00:42:34.270

Michael Palumbos ChFC, CBEC: And so we're working on it. But yes, it that's right. They I I was with somebody the other day that they had 2 facilitators helping them do some strategy work, and they wanted to get their mission statement right, and they paid a boatload of money to the 2 facilitators. It was, you know, an expensive day.



00:42:34.370 --> 00:42:37.910

Michael Palumbos ChFC, CBEC: It was a $30,000 day.



00:42:37.940 --> 00:42:52.639

Michael Palumbos ChFC, CBEC: and they ended up with their mission statement being 3 words, because that's 10 grand a word. But that's pow like it. Just keep it keeping things simple like we've got like it's like it's a long 2 sentences where it's like. Okay, let's



00:42:52.650 --> 00:43:09.379

Marshall: let's get. Make this more concise. I don't think I need to spend 30 grand to do that I cause I I have an idea of what it what it needs to be. But yeah, I mean that's all what it is. It's it's it's teamwork as through through community efforts. And and it's out here. Yeah.



00:43:09.420 --> 00:43:14.390

Michael Palumbos ChFC, CBEC: Who in the family is part of the business today besides yourself and your mom



00:43:14.790 --> 00:43:32.289

Marshall: as as operational members of the business. It's just the 2 of us, and then but we have a family board, and there's 7 of us that are on that family board, and so currently, it's. Our board is just family.



00:43:32.300 --> 00:43:42.409

Marshall: but you know we're 5 members of our family and the second generation. I'm sorry there, for in the second generation and 3 and the third. And so we are



00:43:42.490 --> 00:43:57.130

Marshall: trying to figure out as as we look at succession planning for our board what that is gonna is gonna look like. So are we going to bring on additional members to our board As as the second generation retires, You know we'll, we'll see.



00:43:57.140 --> 00:44:11.699

Marshall: I don't think they're they're all pushing 70, but I don't think they're that they don't want to really retire, you know. But we need to start thinking about that. And we are. We're we're we're starting to go through those tough decisions and and discussions on by cells. And all of these



00:44:11.790 --> 00:44:20.990

Marshall: these important, tedious, tough discussions exactly enter the danger and dive right in there.



00:44:21.010 --> 00:44:34.909

Michael Palumbos ChFC, CBEC: I I tell everybody that has been a guest on the show if ever I can, you know, provide any references to other people, or you have questions you as an alumni of the show.



00:44:34.930 --> 00:44:36.810

Michael Palumbos ChFC, CBEC: I am happy to help.



00:44:37.000 --> 00:44:55.059

Michael Palumbos ChFC, CBEC: I need it. Yeah. So if you so right now, you're in the the the smack middle of doing succession, planning right the second. What are some of the other goals and desires. And what are some of the other things that you've got on your play priority wise?



00:44:55.220 --> 00:45:10.440

Marshall: So in 20 we were doing really large when I moved back in 16. We started doing these strategy sessions to get to kinda this this 2025 year. So we we were putting this 2020 plan in place, and



00:45:10.830 --> 00:45:30.530

Marshall: most a big part of that strategy was getting the new space building out, the new production line, doing having the retail and event space. All of these things that have just now kind of come to fruition. And so those those infrastructure challenges are now kind of solved in some in some regards. And now the the challenge is.



00:45:30.540 --> 00:45:42.729

Marshall: we've been so fortunate to have a a team that's been with us for most of their career. So we've have. We have a folks that have been with us 30, 40, Some, like Stella, just retired. She's 44 years with us.



00:45:42.830 --> 00:45:47.020

Marshall: and so how to transition, and 6, and and



00:45:47.040 --> 00:45:49.100

Marshall: all of our company is in this.



00:45:49.110 --> 00:46:16.609

Marshall: We we. We've transitioned some of the the technology and infrastructure, but the team members and the personnel like that is going to be. That's the big challenge right now. So trying to figure out where the right people are, so I feel like we've got a great brand we've we've got a a good vision for the sales and marketing piece, but it's putting the the people in the right place and trying to organize ourselves a little bit better as we're transitioning people out out of into retirement.



00:46:16.620 --> 00:46:23.800

Marshall: which is, that's that's a big challenge for us right now. I feel like. So yeah, I mean.



00:46:23.880 --> 00:46:30.810

Michael Palumbos ChFC, CBEC: if you don't mind, i'll share something with you. That, I think is, and you may do this already, but I have found it to be really helpful



00:46:30.890 --> 00:46:32.149

Michael Palumbos ChFC, CBEC: is



00:46:32.220 --> 00:46:36.529

Michael Palumbos ChFC, CBEC: we break down rather than take. We take the names off of the org chart.



00:46:36.600 --> 00:46:38.479

Michael Palumbos ChFC, CBEC: and just put the functions up there



00:46:39.260 --> 00:46:58.070

Michael Palumbos ChFC, CBEC: and and then, if you take your vision for 10 years from now, or 3 years from now or 5 year, whatever works for you, i'm a big fan. 3 years seems to be like a a good number and then create the the function chart of what it's gonna have to look like 3 years out.



00:46:58.180 --> 00:47:15.210

Michael Palumbos ChFC, CBEC: and that little ex, and then then fill in the names of who's accountable for each of the different functions today. And then, you know, If we're going to be able to do a, B and C different things, you'll see the different functions. Then you can put in the names will still be with you. And now I've got a look at and say, oh.



00:47:15.220 --> 00:47:20.350

Michael Palumbos ChFC, CBEC: there's a there that we've got some empty seats. There. Now I got to figure out. Who's going to fill those seats?



00:47:20.410 --> 00:47:28.879

Michael Palumbos ChFC, CBEC: I don't know if that's helpful to you. It's that's very helpful. That's kind of exactly what we're in the process of doing is looking at who the people are, what their skill sets are.



00:47:28.890 --> 00:47:48.170

Marshall: You know what what our needs are, and trying to prioritize those discussions, and we're literally like that was a meeting yesterday. I've got one tomorrow, and next we're we're that's exactly what we're doing, and I think it's a wonderful advice especially about taking the pee, trying to take the people out and looking at the needs



00:47:48.180 --> 00:47:52.309

Marshall: and what their skill sets are. And how do, how do we? How do we feel? And where the holes where the gaps



00:47:52.530 --> 00:47:57.750

Marshall: for sure? Now we're yeah, I think that's a great idea.



00:47:58.630 --> 00:48:09.629

Michael Palumbos ChFC, CBEC: Anything as we You You've been in a family business for years. People, your sisters, and I mean uncles and aunts, and your mom and Grant, you know just you've been surrounded by this.



00:48:10.120 --> 00:48:16.849

Michael Palumbos ChFC, CBEC: If you're talking to other family businesses, somebody comes and says, you, Marshall.



00:48:17.460 --> 00:48:24.139

Michael Palumbos ChFC, CBEC: i'm working on my family business, and this is driving me crazy, or I'm working in my family business. I love this, but I don't love that. What is?



00:48:24.160 --> 00:48:31.530

Michael Palumbos ChFC, CBEC: What are some of your pieces of advice specifically, specifically to family members about? How do we make this work



00:48:31.670 --> 00:48:32.840

Michael Palumbos ChFC, CBEC: best for us?



00:48:34.060 --> 00:48:49.560

Marshall: I I think that is, every every family business is biggest challenge, right? The the the different dynamics. But I think we all need to take a step back and and look at it. Oneself.



00:48:49.730 --> 00:49:00.960

Marshall: Figure out what it is that that makes you tick and and try to bring that into the business as well, but taking some time away from it, I think is important.



00:49:01.240 --> 00:49:19.690

Marshall: I I do not have the answer to that because I I do think that's one of the the biggest challenges. But for me, personally, it's it's how have I been able to to bring some of my interest and desires and things to to the business, and and find things that I enjoy, and that I can. We get passionate about, and then and then we



00:49:19.700 --> 00:49:24.589

Marshall: finding the commonalities with the different family members who have those similar interests.



00:49:24.600 --> 00:49:50.150

Marshall: because I do feel like I have a very diverse background, and and it can be relatable to many, many different people. And so what where can we work together? It's like fine finding, common ground with each family member on, whatever that may be, I think, is is key, and that's not just in family business. That's just in life like, how do you? How do you communicate. How do you find common ground? You know, the more you experience, the more relatable you you are. I feel like. And so



00:49:50.160 --> 00:49:53.369

Marshall: to me, I guess that's just been My!



00:49:53.510 --> 00:49:56.340

Marshall: How I try to interact with people.



00:49:56.380 --> 00:50:12.289

Michael Palumbos ChFC, CBEC: whether their aunts, uncles, or neighbors, or whoever. But that is, it's just it's like I want to make sure people heard that because your advice is spot on it's it. At the end of the day. I do a little exercise with family members that what makes it sticky is.



00:50:12.300 --> 00:50:32.080

Michael Palumbos ChFC, CBEC: you know somebody says something that triggers that time when your brother tripped you down the stairs, or you know your your Mom Mom gave him or her the the the special sticker that you didn't get, and that's what there's triggers that happen inside the family business that don't happen any place else. But if you can think about



00:50:32.090 --> 00:50:37.150

Michael Palumbos ChFC, CBEC: this exercise, and I just hold up, you know, a silver dollar or a quarter.



00:50:37.330 --> 00:50:44.460

Michael Palumbos ChFC, CBEC: and you put it between 2 people, you and your mom, you and your uncle, or whomever, and you just ask them, what do they see?



00:50:45.860 --> 00:50:48.390

Michael Palumbos ChFC, CBEC: Well, one of you is in the heads.



00:50:48.500 --> 00:50:50.590

Michael Palumbos ChFC, CBEC: and one of you seeing the tails



00:50:50.910 --> 00:50:58.129

Michael Palumbos ChFC, CBEC: so from the seat that you're sitting in you're seeing totally different things, even though you're looking at exactly the same thing.



00:50:59.060 --> 00:51:04.229

Michael Palumbos ChFC, CBEC: And so, if we can, if we can take a moment to say, you know.



00:51:04.240 --> 00:51:25.139

Michael Palumbos ChFC, CBEC: to your point, let me get relatable with these people. What's important to you? What are you feeling about this situation? What are the goals and objectives that you that matter to you? And then i'll tell you what matters to me, and let's look for where we have some common ground, and let's get the common ground stuff taken care of first.



00:51:25.390 --> 00:51:28.769

Michael Palumbos ChFC, CBEC: and then we'll work on the stuff that's harder. Second.



00:51:29.060 --> 00:51:30.250

Michael Palumbos ChFC, CBEC: by



00:51:30.510 --> 00:51:48.580

Marshall: great therapy session. Really, it does. Yeah, it that. And I think that's what's really kind of needed with you know, relationship business. Yeah. I've spent 11 years with an organization called the Purposeful Planning Institute, and



00:51:48.750 --> 00:52:06.210

Michael Palumbos ChFC, CBEC: and now it is a great place for you to look at is the ultra high net Worth Institute. And so a lot of the guys and women that are part of the purpose of planning is to many of them got involved in the ultra high net Worth Institute. And basically there's 10 domains of wealth that they've identified.



00:52:06.220 --> 00:52:25.000

Michael Palumbos ChFC, CBEC: and a lot of it has nothing to do with money or taxes, or the business. It is those relational and societal things it's health and well being and legacy, and all the things that you know people don't like to talk about because it's touchy feely. But at the end of the day it's usually an emotion



00:52:25.070 --> 00:52:26.629

Michael Palumbos ChFC, CBEC: that's stopping



00:52:26.760 --> 00:52:32.169

Michael Palumbos ChFC, CBEC: the transitions or the conversations from happening, it has nothing to do with the other pieces.



00:52:32.300 --> 00:52:37.679

Marshall: I I I see that for sure, in my experience with our family. Yeah, absolutely



00:52:37.990 --> 00:52:39.029

Michael Palumbos ChFC, CBEC: so



00:52:39.160 --> 00:52:45.650

Michael Palumbos ChFC, CBEC: that that coin exercise just to get the conversation going and to see like how how similar this is, but



00:52:46.090 --> 00:52:51.050

Marshall: how different we are in many ways. Anyway. I I I I love that now. I appreciate that advice. And



00:52:51.330 --> 00:52:58.189

Michael Palumbos ChFC, CBEC: no, that's what you you come out. You don't know it, but they come on the show, and i'm i'm hoping to share something with them. I had



00:52:58.220 --> 00:52:59.000

Michael Palumbos ChFC, CBEC: yeah.



00:52:59.040 --> 00:53:18.880

Michael Palumbos ChFC, CBEC: one of my favorite moments, and I and I started to realize that I could do this with people because I had, and I didn't before I didn't use to like off. Always offer some little nuggets, but i'm like this is your time, so let me make it valuable. Fred Matt. From Utica Club beer, Saranac Beer, who also, as a supplier of Wegmans, was on the show one time.



00:53:18.890 --> 00:53:29.039

Michael Palumbos ChFC, CBEC: and what he said to me was like, he goes. I'm trying to figure out how to get back to the Covid time, and i'm like what you know that's crazy talk. What do you? What do you mean? He goes well.



00:53:29.150 --> 00:53:34.269

Michael Palumbos ChFC, CBEC: During Covid we all banded together because we had a common enemy



00:53:34.340 --> 00:53:49.109

Michael Palumbos ChFC, CBEC: of getting through this tough time together, and he goes. And now that's kind of gone, I don't, you know we're we, you know I don't feel that same camaraderie any longer, and so I shared with him. You know what what we call a a quarterly. Thematic event



00:53:49.160 --> 00:53:53.729

Michael Palumbos ChFC, CBEC: you need to build. There's nothing there's nothing that a good enemy



00:53:53.740 --> 00:54:11.619

Michael Palumbos ChFC, CBEC: can't help you with, or a common common villain. Everybody wants to go, you know. Surround that. So the thematic event was something when he heard that he's like, oh, I'm. So in I see what you're saying, and how do I get everybody in the company around this quarterly event



00:54:12.430 --> 00:54:27.389

Michael Palumbos ChFC, CBEC: and create an event, create an issue, kind of a thing, create a theme, and then get everybody banded across. That would be really kind of cool. So I love these things and working with organizations and companies like yourself.



00:54:27.400 --> 00:54:38.859

Michael Palumbos ChFC, CBEC: It it just I i'm a nerd at the end of the day. I'm a family business nerd, and so it's like everything about them. I just love digging in, and it came because my father and I



00:54:39.400 --> 00:54:50.410

Michael Palumbos ChFC, CBEC: had many, many dynamics, no different than everybody else, and I couldn't fix ours. I can't fix ours. I understand my dad today. I respect my father like there's no no



00:54:50.420 --> 00:55:06.990

Michael Palumbos ChFC, CBEC: tomorrow, but I could not fix our. So, for goodness sake, i'm gonna take what I've learned on your share with as many people as I can, because it's so much easier to help somebody else than it is to help yourself. But thank you. Yeah. I I understand



00:55:07.930 --> 00:55:21.329

Michael Palumbos ChFC, CBEC: last piece of advice from you. Any books or training or things that you've gone through, that you said this was impactful to my life. Somebody else should be going through this or reading this.



00:55:21.340 --> 00:55:38.309

Marshall: I I I have like to read a lot. But one of the most recent books that I just finished was unreasonable hospitality, but will get Aara. He he took 11 Madison Park to the Number one restaurant in the world, and I think it's a super applicable book to anyone who is in leadership culture, building



00:55:38.320 --> 00:55:53.729

Marshall: just goal-driven team building a I I loved his, the his book, and his approach, and it's a quick read it's Got some great stories in there, but I I think, from a customer service standpoint, and and just how to how to engage your team and



00:55:53.770 --> 00:56:12.920

Marshall: empowering people. I thought that that book in particular, as I just finished it as top of mind, unreasonable hospitality. And so he he was just on this show, called the big branch on Hbo, and I have a friend who was a contestant.



00:56:12.930 --> 00:56:21.200

Marshall: and he, the contestant, actually posted about the book. Who's a friend of mine I was like. When you check that book out. We. We see that out on a lot of on a lot of things.



00:56:21.510 --> 00:56:36.669

Marshall: and I read it. I wrote: Will a a letter just kind of thanking him for the inspiration from what that book was, and he wrote me back and said, Man, my my mother in law got me hooked on hubs, you know, years ago. And



00:56:36.680 --> 00:56:54.749

Marshall: and so it was just. It was just kind of a cool connection and a cool story. But you know that that's one. Yeah, you can't be, I think hospitality works in every industry. A 100 I i'll share with you. We talking about leadership and building teams and whatnot.



00:56:54.760 --> 00:57:13.339

Michael Palumbos ChFC, CBEC: I'm reading Jacqueline's extreme leadership. Jaco and his partner were in Navy seals. They it! It is incredible what a job that they do, relating what was happening in combat



00:57:13.500 --> 00:57:15.690

Michael Palumbos ChFC, CBEC: to what happens in business.



00:57:15.780 --> 00:57:24.710

Michael Palumbos ChFC, CBEC: and it is identical and matter of fact, as i'm going through it, a lot of the a lot of the families I serve just happen to be in the construction industry.



00:57:24.720 --> 00:57:35.849

Michael Palumbos ChFC, CBEC: And so when I talk about Patrick Lens, the only 5 dysfunctions of the team they kinda like. I don't want to play with that. What do I want to talk about dysfunctions and feelings and stuff like that?



00:57:35.970 --> 00:57:42.289

Michael Palumbos ChFC, CBEC: Well, Jaco will, in you know extreme later extreme ownership. Sorry I said it wrong extreme ownership.



00:57:42.470 --> 00:58:00.150

Michael Palumbos ChFC, CBEC: It's identical. It's the same things, you know, in order to be successful in any endeavor. It's amazing how they translate, whether it's hospitality or the navy seals at the you know, at the end of the day the work that they're doing. There's a basic



00:58:00.380 --> 00:58:06.610

Michael Palumbos ChFC, CBEC: you know, level of top performers in any industry. They're doing the same thing. So



00:58:06.620 --> 00:58:20.860

Michael Palumbos ChFC, CBEC: I know that my, you know I can't wait because i'm going through and reading this book right now. My construction owners and demolition guys. I can't get them to read 5 disciplines of the team, but they'll read extreme ownership.



00:58:20.870 --> 00:58:28.259

Marshall: Yeah, I I I've I've taken notes on a lot of these things that you've said, and I i'll check that one out for sure. That's a that's a great suggestion.



00:58:28.430 --> 00:58:47.609

Michael Palumbos ChFC, CBEC: Marshall Raven from Hubs, Peanuts, Hubbards Peanut Company. This has been a blast, and really really appreciate you sharing with us today.



00:58:47.650 --> 00:58:58.229

Michael Palumbos ChFC, CBEC: Thank you. Happy to do it. Happy to do it. Thank you, everybody, for joining us. This is the family, this show. I've been your host, Michael Columbus, with family wealth and Legacy and Rochester, New York.



00:58:58.240 --> 00:59:10.589

Michael Palumbos ChFC, CBEC: We look forward to sharing more of these great conversations with you on the next episode. Make sure that you subscribe, so that you don't miss an episode. Have a great day, everybody. Take care.

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Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.