Premier Advice
I recently went one on one with Julie Charlestein, a fourth-generation CEO of her family's century-old global business Premier Dental Products.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth
Julie: When deciding my professional career, I chose to study Political Science and Judaic Language and Literature as an undergrad at Emory University - not so career focused! Realizing this, I went on to complete a Masters at the Fox School of Business at Temple University. During my studies I took a part-time position at Premier Dental, but soon left to work in the telecom industry to gain experience, grow my skills and professional acumen outside of the family business. When my father asked me to join Premier several years later, I took his suggestion seriously and accepted a position as Product Manager in 2001 after conducting extensive research on the dental industry, connecting with other family business owners, and hiring a family business consultant.
Early on in my days at Premier I had to face the reality that when joining a family-run business, nepotism would remain an obstacle for me to tackle. But as someone who was familiar with the ways of Premier, coupled with my business education and experience outside of the industry, I had a unique skillset to bring to the table. Challenged to prove my worth, I committed myself to a strong work ethic, stayed true to my values and owned my qualifications. In time, my credentials spoke for themselves, but it wasn’t always easy.
Over the next fifteen years I worked my way up through the company and accepted the position of CEO at Premier in 2016, serving as its fourth-generation leader. Those years leading up to my role as CEO were spent working across various aspects of the business, giving me an intimate understanding and appreciation for the various facets within the company and helping me quickly identify areas in need of support in my early days as its leader.
Throughout my tenure, there were definitely lessons learned which prepared me for COVID-19, which challenged Premier in every respect.
Creating Attainable and Sustainable Change - My “hands-on education” taught me that true transformation will not succeed unless all members of the team understand the need, are a part of the change, and are ready to embrace it. When identifying areas in need of modification in the early days of the pandemic, I made sure changes were attainable with strategic implementation.
The Art of Branding - During my time serving as a VP at Premier, a failed product launch led me to create new processes around strategic branding, pricing and timing. To maintain relevance during COVID-19 we expanded our product lines to include new Personal Protective Equipment (PPE). The processes that we had developed years before sustained, and allowed this expansion to happen rapidly, and with all of the appropriate elements aligned.
Adopting Strategic Business Models - Bringing my business experience outside the dental industry to Premier I saw the potential to develop an additional business channel. This structural change required that we create and implement new platforms, allowing us to seamlessly and speedily meet customer’s needs. At the height of the pandemic this model helped us directly service struggling dentists who sought to keep their doors open.
Adam: What are your best tips for those considering joining a family business or starting a business with family? What are the keys to making things work professionally and personally?
Julie:
Do your research
While starting a family business can offer many unique opportunities, do your research – it is not all rainbows and sunshine. From a purely statistical standpoint, studies suggest that 70% of family businesses fail from one generation to the next. From taxes and structural conflicts, to fights with your siblings, many elements can get in the way of success. Before embarking on joining your family business, make sure you have the resources, skills, and outlets needed to support you within the business dynamic.
Document an understanding between all parties involved
It is not uncommon for money and financial matters to cause breakdowns in family relationships and businesses. It is therefore crucial for a family business to have a clear outline of the financial goals, assets, and roles each member plays inside or outside of the company.
Create a personal path for self within the business
While starting roles and opportunities are outlined early-on in the founding of a business, do not do yourself a disservice by leaving your talents and skills at the door. Find ways for you to grow within the business, bring your personality, perspectives, and insights to your role and leadership in order to help the business evolve.
Prove yourself to both family and non-family
Work hard. And then work harder. Don’t rely on your family name to carry you through. One of my proudest moments was when my father was introduced to someone in the industry as ‘Gary Charlestein from Premier,’ and the person asked my father if he was related to me. It was then that I knew I had made it based on my own merits.
Adam: What are the biggest challenges and pitfalls entailed in working in and leading a business previously led by other family members of yours and how have you, and how can one, overcome them?
Julie: When accepting the role of CEO at Premier, I found myself challenged with maintain the culture ingrained in the company for over a century while moving the organization ahead. These two elements can be at odds with each other and result in uncertainty surrounding company direction and positioning. To overcome this, gaining trust within an organization - which comes from your level of competence, work ethic, and empathy – is key. With trust you can demonstrate the need for the direction you have chosen and concretize the results.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Julie: Passion, authenticity, capability and vision.
I have also found that to grow your skills, listening is key. As an outgoing and communicative person, I seek to draw on the experiences of others. In my years leading Premier, I take the time to listen to our team members as well as to those in varying industries and leadership positions to learn from their experiences. I have also found that consultants can be helpful too.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
Julie:
Be collaborative but decisive
I believe that members of the team should feel a sense of ownership over the business and their roles within it. At the same time however, defining issues quickly and making decisions with clarity and finality are vital in an effective leader.
Once your foundation is solid - keep looking for what’s next
To maintain a thriving business, transformation and evolution must always be at the forefront. Identifying and creating opportunities and pushing boundaries to create solutions and growth should enable a stable future.
Hire and cultivate a great team
The leadership of a company and its employees are true measurements of any business. When joining Premier, one of the first things I did was bring on board top C-Suite talent to lead the business through change in a positive and impactful direction.
Adam: What is your best advice on building, leading, and managing teams?
Julie: Make sure you have a strong foundation and commitment to a value system. My grandfather always said, “Remember who you are.” This is how I lead, recruit, and manage. With honesty (which also means setting high expectations), authenticity, and communication.
Early in my tenure as CEO I worked with my team to communicate Premier’s values to its colleagues, customers and community. Within months we developed the Premier Promise, which affirmed the company’s long-standing commitment to deliver a superior end-to-end customer experience and outlined our values. In doing so, our employees and customers were encouraged to align themselves with our value system.
Adam: What are your best sales and marketing tips?
Julie:
Be data driven and consumer lead
In a world where data and AI are transforming fields within and outside of healthcare, dentistry can certainly be enhanced by utilizing AI-driven technologies. At the same time, giving the consumer a voice is crucial. At Premier we not only incorporate AI analytics into our practices to predict customer demand, but we remain in close contact with our customers and the market to enhance and inspire innovation. Working closely with practitioners and utilizing market data has allowed us to advance and adapt to the ever-changing dental industry and stay ahead of the curve.
Create a vision and strategy and cultivate a team to execute and expand it
I know and understand what needs to be done, and what the needs of the business are. I don’t, however, always know the way to do it. That is when I trust my team and allow them to take that vision, further develop it, and bring it to fruition.
Adam: What advice do you have on the topic of product development?
Julie: At Premier, innovation and creativity are at the core of what we do. In order to “actionalize” and monetize those elements, and translate them into product, strong and specific processes must be followed.
Adam: What is the single best piece of advice you have ever received?
Julie: Funnily enough the best piece of advice I’ve heard comes from a Gatorade commercial from 2010, “If you want a revolution, the only solution, evolve (gotta evolve.)”
I love this quote and it came into focus for me when just a few weeks into COVID-19, I found myself having to change our business model to stay relevant within the changing dental industry. While this transition was challenging to say the least, the adjustments we implemented have proven successful and will become a part of our ongoing practices.
Adam: Is there anything else you would like to share?
Julie: Clearly – we are living in an insane and unusual time. This can absolutely be used to the advantage of your business, however. Through your leadership you can capitalize on these challenges and breed success.