Family Business, M&A, and the Transformation of Nassau Candy

My latest guest is Lance Stier, CEO of NC Custom (a division of Nassau Candy). Nassau Candy is one of the largest US wholesale manufacturers of specialty and private label confections, supplying many national retailers and independent stores across the country.  Headquartered in Hicksville, New York, they create millions of pounds of confections every year — including chocolate-covered raisins, Jordan almonds, fudge, fruit slices, chocolate pretzels, and hand-dipped cherries. 

Nassau Candy isn’t just candy. They are a parent company to NC Custom, the promotional products arm of the business, and home to industry-leading brands including Chocolate Inn/Taylor & Grant (edibles), Lanco (promotional hard goods), and SPD Shoreline (apparel and soft goods). 

You’ll hear how Lance is proud to work with his family at Nassau Candy including his dad, uncle, and four brothers.  From his early start on Wall Street to deciding to join the family business in 2009, Lance brought his talent and interest in making deals and creating businesses to Nassau Candy, helping to build it into a multi-disciplinary distribution, customization, and manufacturing juggernaut.

Lance is an experienced and entrepreneurial family business builder across food, confectionery, promotional products, travel + resort, and short-run manufacturing and customization (apparel, hard goods, health and beauty, edible and other categories). His skill set includes M&A, Management, Private Equity, Manufacturing, Specialty Printing, Food/Confectionery/OTC, and Product/ Business Development. 

This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. 

If you have enjoyed this episode, check out Axial.com for more.  There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and other useful information. To join Axial as an acquirer, an owner considering an exit, or a sales-side M&A advisor, you can get started for free at Axial.com.  Feel free to reach out to me directly at [email protected] with questions, suggestions, or show topic ideas.

Discussion points:

• Nassau’s origin story – all the way back to 1918
• Lance’s journey from Wall Street to Nassau Candy in 2009
• Taking a step back – it’s a family dynamic 
• The decision to add a promotional products business
• Building the custom products business arm 
• The hand sanitizer gel pack solution in early 2020
• Hurricane Sandy – an intense period for the company that proved the team could handle crises
• Weighing risk, long-term perspective, and transformative acquisitions
• Lance’s personal development over the last 10-15 years
• Biggest influences – dad, YPO (Young President’s Organization)

Resources:

Lance Stier LinkedIn

Nassau Candy Website

Nassau Promotional Products

Peter Lehrman LinkedIn

Axial Website