Mike C Young of Wegis & Young: 5 Things You Need To Run A Highly Successful Family Business

As a part of our series about 5 Things You Need To Run A Highly Successful Family Business, I had the pleasure of interviewing Mike C. Young.

Mike C. Young (https://mikecyoung.com), author of The Farmer’s Code: How Legacies Are Built, is the leader of the fourth-generation family enterprise Wegis & Young. The business, with deep roots in agriculture and real estate, benefits from his guidance across three generations of shareholders. Young’s leadership philosophy is anchored in nurturing values like love, respect and integrity, while creating a culture of profitable and ethical businesses. As an accredited iEq9 Enneagram practitioner, Young leverages this expertise in his role as a leader, mentor and coach, focusing on the development of emerging leaders. His goal is to empower them in creating enduring legacies. Additionally, Young is an active member of the Young President’s Organization (YPO) and a member with Alder (Alder.co.).

Thank you so much for joining us in this interview series! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a story about what brought you to this specific career path?

I am part of a fourth-generation family business with roots in agriculture and real estate. Growing up I was the kid that never liked to get dirty. Imagine that — the firstborn of the next generation into a farming family, the one who should carry the torch for the next generation and he doesn’t like to get dirty! I’m sure the previous generations thought my parents failed!

After college I intended to do something beyond the family business, most likely revolving around politics in Washington, D.C. However, the summer I graduated, my grandfather, a pivotal second-generation figure in our family’s farming legacy and my hero, was diagnosed with pancreatic cancer. It was he who had successfully expanded our family business. He asked me to return to the business and work with my dad and uncle. When your hero asks you to do something, you do it. That’s how I became a farmer.

Can you tell us a bit about your family business and your role in it?

Our business started at the turn of the 20th century in 1901 as my great-grandfather started farming in the southern end of the San Joaquin Valley in central California. Through the generations we have grown over 25 different types of crops. We have also started several vertically-integrated operating companies to service and work alongside the farming part of the business. When the fourth generation began operating the business, we diversified beyond agriculture and started working in different aspects of real estate. We are more of a family office structure at this stage in our generational journey. But our focus is still on agriculture, commercial real estate and real estate development. I am the CEO of our family holding company.

Can you share the most interesting story that happened to you since you began this career?

It is our ability to be resilient in the face of many things. We have started more businesses that have failed than we have successfully exited. We’ve dealt with Mother Nature crushing us and whipping out full seasons of crops. Yet we stand together after four generations still making it work.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

First off, humor is a cornerstone in our family. If we can’t laugh at each other or ourselves, then we are failing. While this wasn’t funny at the time, I can look back and see the significant impact it had on my life and how I lead. When I was first out of college and struggling with not wanting to be a farmer, I was making decisions in my life where I was merely surviving throughout the day and not thriving. This way of surviving had me making decisions that were not the best. Including deciding to drink and drive one night. Luckily, I was caught and landed in the drunk tank. That night in the drunk tank one guy puked on me. It was my rock bottom. Luckily it woke me up and made me realize that my ways of surviving were not going to make the generational impact that those before me made. It was time to thrive.

What do you think makes your company stand out? Can you share a story?

For four generations of our family business, every family member of each generation has worked in the business in some capacity. I find this remarkable. In our family we understand each family member’s strengths and weaknesses. We allow each person to play to their strengths, and when our weaknesses show up, we honor them and then help each other through them. This recognition is based on love. And that is what we have done so well for four generations — make sure love trumps everything else when it comes to both relationships and business.

Are you working on any exciting new projects now? How do you think that will help people?

I just wrote a book called The Farmer’s Code; How legacies are built. It is a book about the secret sauce of living and leaving a legacy backstopped by four generations of stories from our family. It is very much a book about leadership and self-development through the lens of a farmer. This book is for everyone. Those already confident in their skin will get affirmation and will likely learn something new about themselves. Those looking for help out of a slump will read page after page of encouragement and hope. I am confident everyone can create a legacy. Developing a legacy takes time, preparation, and tools. It is work that begins now, not later in life. A legacy is meant to be lived.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I am grateful to be born into the family I was born into. I won the lottery in that respect. My success is because each of my family members (who are all my business partners) let me play to my strengths, while loving me sacrificially when I stumble. None of us could have ever learned to live life this way without the example of my grandmother and grandfather. They are the heroes in our story. I am particularly grateful for my grandfather recognizing my sense of struggle after college and asking me to come work in the family business.

How have you used your success to bring goodness to the world?

Great question. I often think people define success as leaving something material for others. For me, success is bringing goodness to the world. Leaving something in people that they can use to pass on to others, not necessarily leaving something for people. I really hope my book The Farmer’s Code helps everybody recognize that.

Ok thank you for that. Let’s now pivot to the main parts of our interview. How do you define a family business? How is a family business different from a regular business?

Technically I would define a family business by the significant influence of a family (or in my case, multiple families) in the ownership, management, and direction of the family business enterprise. Every business aims to make a profit while committing to lift up its employees and do something good for the world in a sustainable manner. The presence of family dynamics and the integration of family values in business operations make family businesses unique and different from “regular businesses.”

In your opinion or experience, what are the unique advantages that family-owned businesses have?

Ownership control, family involvement, generational perspective, and transition as well as being able to instill family culture and values.

What are the unique drawbacks or blindspots that family-owned businesses have?

There are a few. Succession dynamics, limited external input (living in a box), familiarity and comfort, risk aversion and emotional attachments.

What are some of the common mistakes you have seen family businesses make? What would you recommend to avoid those errors?

This is a great follow-up question, so I will just touch on the above “blind spots.”

Succession dynamics: This is an area where I think our family has thrived. The older generation has always recognized the need for new blood and new thinking. We have done a great job generationally when recognizing the time for one generation to be the coach rather than the boss.

Limiting external input: It is easy for family businesses to be “in the box” and not see beyond what they know. It is important to have external input. Be it being in peer groups or industry groups like YPO or having outside family members on your board. The external input is invaluable.

Familiarity and comfort: My grandfather always said, “You can’t fix a tractor if you don’t know it’s broken.” It is easy to fall into a pattern of doing what is easy. Growth doesn’t happen when it’s easy. It is important to take your business outside of its comfort zone to watch it thrive.

Risk aversion: This happens when you become too familiar and comfortable. Once you stop taking risks, you quit growing. As I mentioned earlier, we’ve shut down more business than the ones that were successful. But the ones that were successful were very successful, and it was because we were able to pick ourselves up and dust ourselves off that made the successful ones finally grow.

What advice would you give to other CEOs or founders of family businesses to help their employees to thrive?

Treat your team like family. When you do that, you get increased loyalty and commitment, open communication, stronger team cohesion, and enhanced job satisfaction. Encourage your team to learn, not just learn about their profession, but something beyond their profession. Learning not only enhances us cognitively but it improves confidence and self-efficacy, it gives us a change in perspective and keeps us relevant and adaptable in a changing world. Lastly, encourage a proper work-life balance. I always thought waking up at 4 a.m. and working until the sun went down was the way to get ahead. But what I have learned is that working smarter is the real path to success. Maintaining harmony between your work life and your personal life is crucial for preventing burnout, ensuring sustained productivity, and nurturing ongoing creativity.

How do you define “Leadership”? Can you explain what you mean with a story or example?

Leadership is a philosophy or set of practices that enriches the lives of individuals, builds better organizations, and ultimately creates a more caring world. Leaders who can do this embody empathy, awareness, listening, foresight, stewardship, and healing. My cousin Greg who runs the farming side of our company is good at this. He is very people-centric in his approach to business. He gets down in the dirt (both literally and figuratively) on the job to make sure they are happy with what they are doing and to make sure he can model how to do it.

Here is our main question. What are the “5 Things You Need To Run A Highly Successful Family Business”? Please share a story or example for each.

​​Strong communication: Family businesses (especially multigenerational businesses) often have shareholders that work in the business and those that don’t. The key to keeping relationships strong and the business healthy is open and transparent communication. It is imperative that the ones working in the business are not only good communicators but also great listeners.

We have a family council that is made up of shareholders that do not work in the business. It is in place to give guidance to the shareholders of what they would like to see from the business or any upcoming events that they would like the operators to be aware of. As an example, one year the family council indicated that they would like to see dividends increased for a few years as a few families were at the age where the next generation was headed to college. The family council quite often directs the way the business gives philanthropically as well. When communication is open and transparent about the health of the company and the needs of the family, both the relationships of the family and the health of the business will thrive.

Be a learner: You must be willing to be alLearner. Learning will keep you ahead of the curve in whatever industry you are in. It helps you stay informed about industry advancements and best practices, enabling you to make informed decisions and stay competitive. Continuous learning also fosters personal and professional growth, allowing you to develop new skills and knowledge that can benefit the business. Being a learner sets an example for your family members, future generations and employees, fostering a culture of growth, innovation and continuous improvement. Our family has been part of the California Agricultural Leadership Foundation for many decades. This foundation is one of the premier leadership development programs in the world. Being committed to learning with foundations like this keeps our family business ahead of most in the industry.

Drive and vision: The cornerstone of operating a family enterprise lies in possessing drive and vision. These qualities are the backbone of motivation and determination, crucial for tackling challenges and realizing long-term aspirations. Drive and vision equip you to handle uncertainties and make pivotal decisions that are in harmony with the core mission and values of your business. They also serve as a source of inspiration and motivation for your family members and staff, instilling a shared sense of purpose and direction. Historically, this drive and vision have steered our business through various evolutionary paths across generations. This includes a recent strategic shift in the industry we operate and invest in, prompted by the unpredictable future of our earlier industry.

Curiosity: Curiosity is crucial because it drives innovation and continuous improvement. It encourages you to ask questions, explore new ideas and seek out opportunities for growth and expansion. Additionally, curiosity enables you to stay ahead of market trends and adapt to changing customer needs, ensuring the long-term success and sustainability of your business. In the 1970’s a campaign was started called “Know your farmer, know your food.” The curiosity of better understanding where this campaign came from led us to look into start using more organic practices on our farms. If it wasn’t for the curiosity of understanding the impetus behind the movement, we wouldn’t have been able to widen the early wave of organic success.

Be empathetic: Empathy is essential for running a highly successful family business (and any business for that matter) because it fosters strong relationships and effective communication within the family and employees. It allows you to understand and connect with the needs and emotions of your family members and employees, creating a supportive and harmonious work environment. Moreover, empathy enables you to provide exceptional customer service by truly understanding and addressing their concerns and preferences, leading to customer loyalty and business growth. Family businesses with lack of empathy will crumble.

We are very blessed that some of the biggest names in business, VC funding, sports, and entertainment read this column. Is there a person in the world, or in the U.S. with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them :-)

I am a huge Ted Lasso fan. I would love to sit down with Jason Sudeikis along with his writing team of Bill Lawrence, Joe Kelly and Brendan Hunt to learn about what they read, watched and how they learned the key principles of EQ. There has never been a TV show that has had such empathetic storytelling, effective communication and a deep understanding of emotional intelligence while leaving such a positive impact on its audience. I am so sad that it is off the air!

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

Sacrificial love. We need more businesses, more nonprofits, more teachers, more CEOs, more humans of all kinds, and especially more politicians to be better at sacrificial love. This doesn’t mean we shouldn’t disagree. In fact, disagreement is a natural and healthy part of any relationship, personal or professional. It is how these disagreements are handled. Sacrificial love is simply putting the needs of others before your own. It’s about balancing your own views with an understanding and consideration of the other person’s feelings and perspectives. My wife works for a nonprofit (Bakersfield Angeles) that is the blueprint of how we can all sacrificially love our neighbors.

How can our readers further follow your work online?

You can find me at:

• www.Mikecyoung.com
• LinkedIn: https://www.linkedin.com/in/mike-c-young-a2b2664/
• Instagram and Facebook: @mikecyoung

Thank you so much for joining us. This was very inspirational.

About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.

Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.

While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.