If you’ve ever had the pleasure of snacking on some M&Ms, a Snickers bar or perhaps a 3 Musketeers candy bar, you’ve tasted a small piece of the business empire of Mars Inc. The company is completely owned by the Mars family, now in its fourth generation of ownership, and has been ranked as the 6th largest privately held company in the United States.
The Mars family’s combined net worth is roughly $70 billion, when you add together the fortunes of Forrest Jr., Jacqueline, and John (age 85, 76, and 80 respectively). That’s a lot of chocolate!
But Mars Inc. actually does a lot more than the chocolate candy products it’s most famous for (Mars Bar, Milky Way, and those listed above). They also produce other food products like the snack food Combos and Uncle Ben’s Rice. As of 2008, they are also owners of the many products that were produced by The Wrigley Company (several types of chewing gum including Orbit, Skittles, Starburst, and others). They also make pet food products (Iams, Pedigree, Whiskas, and many other brands).
The company’s annual revenue is in the ballpark of $33 billion and growing. Although the business is wholly owned by the Mars family, it has recently moved to non-family management, and the Mars heirs now serve as board of directors.
Many managers at Mars Inc. have gone on to become CEO of different businesses, which has earned the company the nickname of “The Ultimate Business School”.
The business is also a great lesson for aspiring entrepreneurs: when Franklin Mars first set out to start a candy business in 1911, it failed horribly. It wasn’t until 1920 that he was able to start a new candy business in Minneapolis, and their huge breakout success didn’t happen until 1923 with the creation of the Milky Way bar.
You know what they say: if at first you don’t succeed…
