Smart Business Magazine, Apr 2013
April 2013 Smart Business Florida 7 ERNST YOUNG ENTREPRENEUR OF THE YEAR PROGRAM FEATURE From tee to tea Even if youre not a golf fan and havent had the opportunity to watch one or many of Arnold Palmers more than 90 national and international golf championships his name is renowned worldwide Thats because Palmer is one of those rare athletes who has translated his sports success into success in the business world Whether it is Palmers clothing line golf course design business series of hospital partnerships or even that little drink known simply as the Arnold Palmer that little umbrella is a logo nearly everyone knows Palmer offered numerous stories from his legendary career as well as a few business tips for success at the Ernst Young 2012 Strategic Growth Forum Here is just one of the pearls he offered The best ideas often come from daily life Palmers signature drink a mix of How Arnold Palmer converted his success on the links to the business worldlemonade and iced tea had humble beginnings One day I was in Palm Desert Calif working on a golf course and it was 116 degrees outside Palmer recalls I went into a little restaurant and wanted something different I asked the waitress for a glass of iced tea with a quarter of a glass of lemonade mixed in It was a drink Palmers wife had made him for years at home The waitress brought the drink and as Palmer recalls A little while later I heard a lady in the restaurant say Give me a Palmer I went home and told my wife about it and started to think I might be on to something Before long the drink spread across the desert I started seeing the clubs put out a little sign with the word Palmer on it saying it was my drink lemonade and iced tea he says So I called my attorney immediately patented and trademarked the idea and decided to start making Palmers He quickly found a partner in the Arizona Beverage Co to develop the drink Then he engineered the purchase of an abandoned Rolling Rock beer plant in his hometown of Latrobe Pa and converted it into a factory to make the new Palmer tea Today that drink is marketed worldwide as Arnold Palmer tea Last year more than 350 million units were sold Now that once empty brewery is making Arnold Palmer teas for Arizona tea in my hometown as fast as they can the golf master says And theyre employing a lot of people who otherwise might not have had a job You can learn more about Ernst Youngs Entrepreneur Of The Year program at www ey com us eoy FIVE CHALLENGES OF EFFECTIVE TALENT MANAGEMENT 1 Corporate workforces are becoming more global but talent management is not keeping pace With a brighter economic outlook the war for talent is on But in a global world what does that really mean Ernst Young has identified five challenges that will force companies to rethink their approach to talent management CLICK OR SCAN to visit Arnold Palmers website or go to www arnoldpalmer com So whats the answer Find out in May 2 Companies struggle to invest strategically in talent management 3 Measuring the effectiveness of talent management remains a challenge 4 The skills and competencies required by future business leaders are changing 5 Companies lack robust succession plans to identify the next generation of leaders
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