The Ferrero family built a generational brand dynasty through three distinct phases: the pioneer (grandfather), the innovator (son who created Tic Tac and perfected Nutella), and the acquirer (grandson who went Warren Buffett-style, buying undervalued brands like Butterfinger and Baby Ruth).

9:03didn't want anyone to know the engineering behind their machinery, the recipes behind Nutella. They didn't want to know anything and they weren't really even using it for marketing purposes. Like the the grandfather it all the photos of him you'll see he's wearing dark sunglasses. He just never wanted to be seen, never wanted to be known. And so it only very recently did they start doing anything. And so then you have the grandson, the

9:24third gen. And so gen so gen one was kind of like um the pioneer trying to make it happen. It was sort of kind of like uh, you know, pioneers or what what is settlers get pioneers get slaughtered then the settlers do whatever then the townspeople build the empire. It's kind of that same thing. So, you know, he didn't really make it but the son had the breakthrough innovations and then

9:43that guy's son took on a totally different strategy. He went Warren Buffett. He was basically like, all right, inventing these products really hard, really expensive, really low hit rate. What if we went and found value brands that we could turn around? And so he went and bought Butterfingers and Baby Ruth and Crunch and like all these brands, acquired them, tried to revitalize the brand and then bring them back. And so he's built

10:08this portfolio of other brands now and he took like an M&A approach and I just thought what's the Italian word for private equity? Cuz that's what these guys >> [laughter] >> This is some beautiful private equity that I've been seeing in play here for the last >> That is so cool. >> 80 years. >> [laughter] >> I bought a I bought a Butterfinger last night. I I freaking love Butterfinger. I

10:29feel old but I like I eat them. I did. I I bought the uh the >> and Sam having a Butterfinger or what? >> I went to the CVS and I got the the movie style. You know how they like put like like movie style candy like in the box with like mini Butterfingers. I totally had a whole box to myself last night. So I'm on board with this guy.