I want our $1 billion business to stay in the family, but that doesn't mean I'll automatically hire my kids

Tricia Wallwork, CEO and board chair of Milo’s Tea, says the family company has evolved from a burger stand to restaurants and, now, a tea business she leads.

Wallwork initially chose law rather than joining the company. She later changed course after her father and stepmother saw customers visiting their restaurants mainly for sweet tea and shifted toward making and selling it.

She says the business still follows values set by her grandparents: listening to customers, using real ingredients and treating people well. Wallwork has worked with advisers and relatives on family governance, including a mission statement and a goal of keeping the company entirely family-owned.

Wallwork hopes her children may own the business in the future, but says she does not want them to feel obliged to work there. The family offers younger generations ways to learn about the company and gradually attend shareholder and board meetings; both of her children have participated.

She credits earlier generations with supporting younger family members while allowing management and the board to lead growth. That approach, she says, helps balance the company’s legacy with its future.