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The Diversification Decision: When Entrepreneurs Should Enter a New Industry — and When They Should Not

The Diversification Decision: When Entrepreneurs Should Enter a New Industry — and When They Should Not

Diversification is the most romanticized strategic move in business and the most reliably destructive when done for the wrong reasons. After thirty years of building across wine, real estate, hospitality, water, electricity, mobility, marine, and US distribution, the most useful frame I have found for the diversification decision is not 'what industry do we want to enter' but 'do we have a right to win in this industry, and at what cost to the businesses we already own?'

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The Compounding Mindset: How Small Decisions Build Generational Wealth in Business

The Compounding Mindset: How Small Decisions Build Generational Wealth in Business

When my family's business was founded in 1890, no one was thinking about 2026. They were thinking about the next harvest. That's the paradox of long-lived businesses: they survive a hundred years not because their founders planned for a hundred years, but because they made the small, repeated decisions that compound. Compounding is the most underrated force in commerce — and the most counter-intuitive, because the years that matter most are the ones that look the most uneventful.

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Pricing Power: Why the Strongest Businesses Refuse to Compete on Price

Pricing Power: Why the Strongest Businesses Refuse to Compete on Price

Some years ago, during a soft market for premium wine, an importer asked us to drop our price by 8% to 'match the category.' I said no — and the reason has shaped how we think about every business in the group since. Pricing power is the single most diagnostic indicator of business quality, and once a brand teaches its customers that its price is negotiable, it can spend a decade trying to teach them otherwise.

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