Juan Carlos Salame

Third generation, co-leads his family's Ecuadorian retail and credit business, founded in 1944

On the show

Episode 31 · 46 min

Scaling a Third Generation Ecuadorian Retailer & Credit Provider

Juan Carlos Salame left his family's Ecuadorian business twice. The third time he set two conditions before coming back, and they made the difference.

Key ideas and show notes →

The Business Family Diagnostic · Succession

Two conditions before coming back.

Juan Carlos asked for a board member who understood family dynamics, and to report to the board rather than his father. Has your family agreed how the next leader will be chosen when the time comes?

One of the three Succession statements. How true is it for your family?

“The current leader has a plan for their own next chapter.”

See where you stand

Biography

Juan Carlos Salame’s family business began in Guayaquil in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments. A revolutionary idea that many decades later evolved to what we know today as credit cards. He later put in place a retail shop to sell the products himself. This business was transitioned to his son in the late 70s. A couple of stores have grown into a corporation with over 70 stores in Ecuador and a strong ecommerce presence. The business model focuses on financing products to a population, many of whom, do not have a credit history yet. Juan Carlos and his brother have taken over the business in the last few years putting in place top technological systems and curating an innovative culture.