41 - What Do a Family Business, Eating Dog Food and PR Have in Common?

There's a documentary out there about a guy who ate dog food for a month to prove his company's pet food products were safe and healthy. This same guy, Mitch Felderhoff, happens to co-own the company with his brother, Chad. They are 4th Generation owners of the Muenster Milling Company in Muenster Texas. And their company is growing like crazy. It wasn't always that way, though. Mitch joined the company out of college to help his parents manage the business. He had some great ideas for growth and improvement, but his parents couldn't agree on what or whether to implement. Mitch felt his hands were tied, until his brother joined the company and together they sought options for buying the business from his parents. They did so successfully in 2015, and Mitch breaks down how they structured a very creative buyout. Mitch described their company's previous transition experience (between his grandfather and his dad) as a mangled mess. He said the part in my book "Poised for Exit" about how owners should plan early, and use good advisers was not part of their exit strategy. Unfortunately, the lack of planning played out in his grandfather's and his dad's transitions; neither went well. Mitch and Chad learned what not to do from those experiences and are determined to exit successfully when that day comes, by planning ahead and staying in good communication with each other. Fast forward, and Muenster Milling grew by 20% in 2020 and is on track to grow by 50% in 2021! To learn more about the company, including the dog food eating documentary, listen to today's episode. Find Mitch here: https://muenstermilling.com/Find Julie here: https://www.poisedforexit.com/Thank you to our Sponsors: Sunbelt Business Advisors and JAK + Co. CPA'sConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor