search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
F B AC A D EM Y


Nick Waterman (left) was promoted to chief executive of Yalumba Wine Company, Australia’s oldest family- owned winery, when the founder, Robert Hill-Smith (right), assumed the role of chairman in 2015


“We knew it would be difficult,


and it was hard for him to let go, and in fact he still maintains an active involvement, but allows me and our executive team to run the business and make the changes we believe are necessary,” Waterman says. “[Robert] took over the chief


executive role when he was just 34, then bought the business out when he was 37—a big ballsy move at that age to take on a significant amount of debt, then he had been running it for another 23 years. He’s now 66-years-old. “For us, it was a matter of having


some open and honest conversations. I had a mentor from outside the business who we had agreed to at a board level. The mentor was really valuable with giving me strategies to manage [those conversations] and still get things done.” Waterman says his aim was clear


from the outset: bring the business’s protocols and processes up-to-date, so the next generation inherits a well- oiled machine. “That was confronting for Robert,


because it involved a certain degree of corporatisation and making it a bit prescriptive,” Waterman says.


56 CAMPDENFB.COM


“There has been a lot of change,


and that has probably taken us longer than I would like, because a lot of it was challenging for Robert, and maybe not what he would have done,” Waterman says. “I likened it to coming into


a beautiful Victorian home. Structurally, it was unbelievably sound, but we did not have central hot water and the heating was a bit out of date. We have renovated the house so it functions really well, without changing how it looks from the outside.”


Trust us, we’re professionals


Trust, discipline, and governance are themes that come up repeatedly when speaking about the issue of family to non-family succession. Leopold advises any executive


considering a job at a family business to look carefully at its board and reporting structures before accepting the post. “After some time in recruitment you


can tell whether a family company is professional. That does not mean they are cold and distant, but that they are


IT HAS BEEN GOOD TO HAVE HAD EXPERIENCE DEALING WITH CHANGE AND ADAPTATION AND NOT BEING DAUNTED BY IT


able to understand their brand and the company from the outside,” he says. In the absence of trust and solid


governance, families tend to panic. In some cases, retired family members even return to the business. “Change is a tough experience and


the benefits come later. At first [the family] are bound to think: ‘Oh my God, he is destroying the company’,” Leopold says. “It is like if you remodel your house.


You take everything out and cut a wall down, and it looks horrible in that moment. But you do not say to your builder, ‘No put it all back, I’m scared’. You have to trust him that afterwards it will look better.” As the wine industry is disrupted by direct-sales sites like Naked Wines, and


PHOTOGRAPHY: COURTESY OF YALUMBA, GETTY IMAGES


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112
Produced with Yudu - www.yudu.com