Promoting social entrepreneurship within a family enterprise
Cox Industries, USA
Matt Yaun, Chief Administrative Officer (in-law)
Social entrepreneurship can add meaning to a business or its employees’ activities, whether on its own or as a collaboration with a family enterprise.
Cox Industries is a manufacturer and distributor of treated outdoor wood products for residential, commercial, industrial and utility markets. Headquartered in Orangeburg, SC, the company has been a family business since it opened its doors in 1954, and now spans four generations of family owners.
Despite its growth, Cox maintains a focus on employee well-being and community involvement. Not only does Cox offer full employee health care benefits and performance-based wages that outpace inflation, it also provides scholarships to employees’ children through the Cox Foundation, awarding $580,000 since 1986.
Matt Yaun married Beth Cox in November 2003. Beth’s father and uncle founded Cox and the family still leads the company. After a career in the military, Matt began working at Cox in 2006. From this discussion, we will learn:
- How to create social entrepreneurship opportunities for several generations of employees through a fund that is open to everyone
- How to retain your employees across generations despite operating in a volatile business sector
- How to live your family values through educational commitments towards your employees within the family business (as opposed to through a family foundation)