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Mitchell Kaneff |
Tips on Taking Over
Mitchell Kaneff, Arkay Packaging’s CEO, discusses his new book, and the state of the beauty packaging industry today.
The beauty industry is a passionate one, filled with inspired people who bring energy and enthusiasm to the products or services they provide. Mitchell Kaneff has passion. And as the chairman and CEO of Arkay Packaging, he brings this quality to his role as a third-generation leader of the 89-year old folding carton company. A family business, like Arkay, can offer family members great opportunities for success—yet at the same time, present a unique set of challenges, particularly when the leadership reins are passed on to the next generation. Recently, Kaneff published Taking Over: Insider Tips From a Third-Generation CEO. In his book, Kaneff offers guidelines and advice on how to effectively—and successfully—handle the transfer of business leadership from one generation to the next.
Beauty Packaging recently caught up with Kaneff and had a chance to discuss the new book, as well as his thoughts on the state of the beauty packaging industry:
Beauty Packaging: Are there any particular challenges associated with a generational takeover?
Mitchell Kaneff: Succession is a process that is highly complex even under the best of circumstances. Business dynamics that are part of any succession process are weighted even more heavily when you are trying to preserve family relationships—and especially when dealing with parents and children. One of the key reasons I wrote Taking Over was to provide the guidance I was unable to find, and to raise key questions in order to begin the critical process of open communication, which needs to take place to ensure a successful transition.
BP: What advice would you give someone who is taking over the reins of a company?
MK: I would recommend that new leaders cultivate a ‘culture of transparency,’ so that every employee feels comfortable with a shift in management. Since a leadership change often brings with it significant anxiety at all business levels, one of the first—and best—moves is to foster security in the workplace. I also encourage those in a new position to ensure that his/her key leadership is supportive and has the best team possible. Perhaps most importantly: Believe in yourself. There is a reason that you were handed the baton and you should hold it with confidence.
BP: What would you say is the greatest challenge facing the packaging industry today?
MK: As the country emerges from this historic recession and we see discretionary spending start again, the packaging industry especially must guard against brand cannibalization and the fallout of a loyalty-fickle consumer base. It is more vital than ever to be well-stocked and to be cautious about the overuse of flankers. Differentiation is key. Stand out from the competition! The best way to accomplish this: perceived value through added-value packaging.
BP: Is there anything else you’d like the beauty packaging industry to know about the book?
MK: My book is one of the tools that companies can use to guide all business leaders through one of the most complicated transitions in corporate life. I also encourage all industry members to think of their businesses as family businesses, regardless of whether the members are blood-related.
For information visit www.mitchellkaneff.com
