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By author Morgan Jassen on wieldsilver.com



2020-12-30 11:42

Review on WSJ “Secrets of Wealthy Women podcast” (2020-07-01 episode - Carol Lavin Burnick)

This is mainly a review of the WSJ “Secrets of Wealthy Women podcast” (2020-07-01) episode about "Carol Lavin Burnick".

(similar to my presentation from the 2020-08-08 “Investing Meetup Group”)

Carol Lavin Burnick and family owned and ran Alberto-Culver company until Unilever acquired it for ~$3.7 billion in 2010.

Alberto-Culver did $125 million in sales in 1974. The then-new product "Mrs. Dash" added $22 million per year sales.

The persona of Burnick says in the podcast episode, that after an Alberto-Culver board change, then came a culture change where people could have flexible hours -- could be real people and still work at Alberto-Culver.

Burnick's persona also says in a family business children can learn values and family working as a team is cool. Also says about her own kids' inheritance and how she talked with her adult kids about this. For example says a lot of the inheritance will sit in investments and won't be touched but will be invested to benefit future generations.

More:

* Some historical Alberto-Culver products: 
** Alberto VO5
** TRESemmé®
** St. Ives®

* Some of Alberto-Culver's challenges over the years were: 
** A Union strike
** Government regulations on product ingredients.

* There was internal Alberto-Culver debate whether or not to expand one product line overseas.

In conclusion this is a reveiw of this podcast episode.


Sources:
https://www.wsj.com/podcasts/secrets-of-wealthy-women/carol-lavin-bernick-leading-a-family-business/6c4779b2-6157-4078-a518-4c339cd75881
https://www.unilever.com/news/press-releases/2010/10-09-27-Unilever-to-acquire-Alberto-Culver.html




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