After the completion of the business plan and getting the green light to pursue the venture, the entrepreneur’s next phase in starting a business in an emerging market is the actual setting up of the startup. This is a critical phase that lays the foundation for the business-to-be, and thus requires careful attention to every step below:

1. Dealing with local authorities
2. Finding the right local partner
3. Establishing relationships
4. Hiring the management team
5. Securing additional sources of funds

1. Dealing with local authorities: Although in Part I, From Idea to Business Plan, I advocated minimizing the time spent with politicians, there is usually no escape from getting certain approvals from local authorities to set up a foreign-owned business in that emerging market. This step should be done in parallel with the next few steps and requires a fair amount of patience and respect for the local business culture. One should try to keep this effort to the minimum needed to get things done.

2. Finding the right local partner: There is a real benefit to finding a local industry partner in these markets. It can save time in setting up the business, can provide certain expertise—especially on the production side—and it usually saves investment funds in the initial phase. The challenge is to identify the options available and then make the right choice for a partner. This is a long-term decision that needs careful examination. In many cases the best choice would be a company with the right top manager, who is committed to making the business association work.

3. Establishing relationships: In every business there are key relationships that need to be solidified during this phase. As an example, in our Pepsi venture in Romania we had to sign an Exclusive Bottling Appointment with PepsiCo, making us the official Pepsi licensee for that market, before we could commence our operation.

4. Hiring the management team: This may be the most crucial step of this phase. Finding quality managers for a startup business in emerging markets is quite a challenge, and this search usually takes place outside the particular market. Once credible candidates are identified, it is important to bring them to that market so that they become familiar with it, and at the same time it is an opportunity to test the candidates in that environment.

5. Securing additional sources of funds: Depending on the type of business being considered, there are a number of possible sources for funding available: The World Bank, banks specializing in emerging markets, regional funds and even commercial banks. The problem is that in most cases it takes a while and involves a fair amount of bureaucracy before funding can be secured. These sources obviously can only complement funds committed by the investors creating the business.

To find out more about the Pepsi venture in Romania read my book: “An Unimaginable Journey”

For more tips and insights on entrepreneurship and business management, or to share your journey, visit me at www.AviadMeitar.com

Follow me on Twitter and Facebook

In Aviad Meitar’s book, An Unimaginable Journey: How Pepsi Beat the Odds in Romania, he recounts his incredible experience in launching, building and selling the Pepsi business in Romania. His focus is on the business lessons and personal highs and lows (mostly highs) of that experience. Although he is also a lawyer (non-practicing), the book does not delve into the legal lessons of our journey.
As the General Counsel of Pepsi Romania from 1991-2006, here are the top 10 legal lessons that I learned, which I regularly have the chance to apply in current representations. Many of these lessons can be gleaned from the stories presented in Aviad’s book.

1. Control the draft – you get countless opportunities to impact the deal in ways that you never could if you merely commented on the other side’s draft.
See my blog post entitled “Control Freak“.

2. Contracts matter, including so-called boilerplate – yes, it is true that contracts are often put in a drawer and not looked at for long periods of time; but very often, eventually, significant business and economic rights or obligations will flow from just a few words in a contract – and you will be glad if sufficient thought was given to those specific words at the time the contract was negotiated.
See, for example, my blog post about “The ‘Notices’ Provision“.

3. People matter more than contracts – the value of the relationship established by a contract, and the ease of working with the contract over time, depend more on the quality and intentions of the people on both sides than on the precise terms of the contract. One key thing to evaluate during the contract negotiations is your sense of the other party’s style and character, which are likely to impact you in the future – for better or worse.

4. In negotiating with people from another country or region, don’t be overly critical of their system – for every outrageous law or business practice in their country or region, you can think of an outrageous law or business practice in your home area. This is a good exercise to avoid ‘getting on your high horse’, which is important for building trust and understanding with your negotiation partner.

5. If you’re building a business around someone else’s brand or technology, make sure you have strong, long-term rights – reduce the risk of losing a business or technology into which you’ve invested enormous amounts of time and money.

6. Always play by your own (high) rules of ethics and legality, or don’t play – the excuse that “everyone here does it” is neither a justification nor will it be a good defense in the press or the courts if bad behavior comes out. Operating with high integrity occasionally has a short-term cost but is by far the better long-term strategy.

7. In negotiating with people from another country (especially with a different primary language), don’t forget that understanding each other’s words is not the same as understanding each other’s meanings – the opportunities for misunderstandings, both in literal meaning and in context, are countless. Effective communication takes patience, double- and triple-checking meaning, and flexibility to correct misunderstandings once discovered.

8. What you don’t think of or don’t know can be as important as what you do think of and do know – it’s critical to constantly expand your horizons in thinking about legal opportunities and risks. The most valuable or most costly ones may be overlooked if you do not spend dedicated time trying to ‘think outside the box’.
See, for example, my blog post entitled “The Taxman Always Rings Twice‘.

9. The worst compromise can be better than the best dispute – except in rare cases, the management distraction and dollar cost of a dispute is too great; and no one says you’re guaranteed to win anyway. It is rarely a good idea to pursue litigation out of principle; rather, litigation should be pursued only if it is expected to yield a good economic return on its ‘fully loaded’ costs.

10. At the beginning, plan for the end – it is sometimes awkward to talk about the end when you’re negotiating the beginning, but all things – good and bad – come to an end. The long-term value of a relationship often depends as much on your rights on ‘exit’ as it does on ‘entrance’ and throughout the term. Make sure to create a setting in which you can exit well.

Source: Businesslawstrategy

The first phase for anyone looking to start a business is to take the idea which is at the core of the business proposition and develop it into a business plan. This is essential not only in order to get the attention of potential investors, but also as an important planning tool that forces the entrepreneur-to-be to methodically plan the execution of the new venture. While this phase is an important element in starting any business, it is probably even more important in starting a business in emerging markets.

Here are the five basic steps for moving from start-up concept to business plan:

1. Defining the idea
2. The initial due diligence
3. Data gathering and analysis
4. Reaching the conclusion
5. Putting together the business plan

1. Defining the idea: It is important to clearly express the business concept and examine what makes it a compelling business proposition. The definition should explain the main business purpose and why there is a need for such proposition.

2. The initial due diligence: When planning to start a business in an emerging market, there is obviously a need to learn about that particular market. This process starts even before the first visit to that market and should include a discussion with anyone who has relevant knowledge about it. In planning the first visit, the entrepreneur needs to evaluate whom to take along and what to cover during the visit.

3. Data gathering and analysis: There are a number of critical areas that the entrepreneur needs to develop an understanding of during this process: the political situation, legal framework, macro-economic indicators, relevant industry segmentation and existence of potential partners.

4. Reaching the conclusion: Upon completion of due diligence and analysis, one needs to arrive at a conclusion whether to pursue the business proposition. If the conclusion is positive, there is a need to fine-tune the proposition and define the investment needed.

5. Putting together the business plan: This is the final step in the process. It should include a business strategy, analysis of the investment required, realistic financial projections (5 years in most cases) and outlining of the business risks involved. The document should be a product of what one truly believes in, since it will be reviewed periodically by people associated with the project and the actual performance will be measured against it.

This is obviously only a short synopsis of the process leading from a new-venture idea to a business plan. Each step involves a number of additional elements and may take significant time to complete. You can learn more about the process I engaged in in setting up the Pepsi business in Romania by visiting my web site at www.aviadmeitar.com.

To find out more about the Pepsi venture in Romania read my book: “An Unimaginable Journey”

For more tips and insights on entrepreneurship and business management, or to share your journey, visit me at www.AviadMeitar.com

Follow me on Twitter and Facebook

1. Who should consider investing in emerging markets
2. What to look for in considering an emerging market
3. What to cover when visiting a new emerging market

As people look at various political events in places like the Middle East, some may consider them as opportunities to enter new markets with new business propositions. This may ultimately prove to be true, but going into emerging markets requires a careful approach.

Twenty years ago Eastern Europe came out of the communist era and was viewed as the “new frontier” for business people. I led the effort to set up the Pepsi business in Romania at that time. It took a methodical work of a full year to establish that business and get ready to operate. I would like to share with you some of the key learnings from that experience, which I believe apply in considering entering the emerging markets of today.

1. Who should consider investing in emerging markets

Investing in an emerging market is not for everyone. It requires a number of elements that are not part of an investment in a developed market. This includes a great deal of patience – to deal with authorities, potential partners, etc. who are not well versed in the business culture of more mature markets. It also includes determination to overcome various obstacles that are bound to come up along the process. As an example, after a lengthy negotiations process we thought we arrived at a joint-venture agreement with a state-owned company, only to find out on our next visit that the entire management was replaced by the owner (i.e., a state authority) to make that agreement void… One additional requirement is a long-term view. There is no point in going to such markets unless one is prepared to stay there for the long term and build a business for sustainable success. Return to top

2. What to look for in considering an emerging market

There are a number of important elements that need consideration in evaluating an emerging-market proposition. The most important one is the existence of a legal framework that allows one to know the rules of the game. In Romania of the early 1990s, although coming out of over 45 years of communism, there was some legal foundation that dealt with the rules of establishing a foreign-owned business. This proved essential and even withstood the test of being challenged in court, as we were forced to take on the state to “battle our differences” on a few occasions. In the absence of a minimum business-legal foundation, one is risking entering a chaotic situation. Other important elements are the structure of the particular industry considered; the strength of the competition – both existing and potential new entrants; the size of the market – in consumer goods this is driven by the population size as a key criterion; the existence of support industries for the business in question – suppliers of raw materials, service providers, etc. In our Pepsi business in Romania there was a significant lack of domestic raw materials, which meant we had to import a number of important elements – and this proved to be a major challenge in the early years where hard currency was hard to find. Return to top

3. What to cover when visiting a new emerging market

Learning a new market is a process. First impressions are not always a true reflection of reality, especially if one is being taken around by officials who want to make the best impression on a potential investor. In this process it is important to go outside the main cities to understand what the majority of the market (which usually at this stage is in the rural areas) looks like. The infrastructure such as roads and utilities is also important. When we started in Romania there were close to no highways in the entire country. As moving products around the country was a key activity for a Pepsi business, we asked officials and were told that they had a 5-year plan to lace the entire country with highways. This is yet to happen, after more than 20 years… One needs to understand the trade structure, the strength of distributors and other links between a producer and the market. This also involves the assessment of whether one could operate a fairly “clean” business, free of coercion from government corruption or organized crime. Even if the environment is not identical to what one is used to at home, it has to be such that the entrepreneur is comfortable enough to operate in.

There is a great benefit to being an early entrant to an emerging market. One enjoys a greater pool of potential partners, is able to get a head-start on the competition, and is probably able to negotiate a favorable deal with local authorities eager to attract foreign investors. However, there are a number of pitfalls awaiting early investors that one must try to avoid as the business climate is still in the formation stage.

In taking the time to learn and analyze the market being considered, one can minimize the risks and improve the chances of success. Achieving success in such challenging conditions is definitely very rewarding. And this I share from true experience. Return to top

To find out more about this venture read my book: “An Unimaginable Journey”

For more tips and insights on entrepreneurship and business management, or to share your journey, visit me at www.AviadMeitar.com

Follow me on Twitter and Facebook

Universal Lessons from My Venture in Romania:

1. Avoid spending time with politicians
2. Be skeptical when receiving input on the market being explored
3. Take with you a team of relevant people on your exploratory trips
4. Find a reliable local person to represent your interests in between visits
5. Engage top-quality service providers in the market
6. Select your joint-venture partner based on the commitment of its management
7. Search for an expert expatriate team to head the business once formed
8. Evaluate your business functions and capabilities
9. Respect the local business culture while looking for ways to weave in elements of international business practices
10. View and manage your business as a long-term participant in the local market

1. Avoid spending time with politicians

This is one of the best tips I received ahead of my first visit to Romania 20 years ago, looking to establish the Pepsi business there. It was less than a year after the revolution that ended over 45 years of communism in Romania. Along with its neighboring countries, it was the emerging market in vogue at the time.  I got this tip from the commercial attaché of the Romanian consulate in New York. He advised me to seek potential industry partners and put emphasis on building relationships bottom-up, not top-down. It proved to be most useful advice that allowed our team to make progress on setting up the business without wasting valuable time on gaining influence with the political ranks. Return to Top 10 List

2. Be skeptical when receiving input on the market being explored

Before going on the first exploratory trip, we also spoke with an aide to a U.S. congressman to gain some insight on Romania. His most important comment was that Romania was a mostly illiterate country. This proved to be utter nonsense, as even under the communist regime education was held to a high standard. It showed us, though, the general perception of that market, especially in the U.S.: that of an undeveloped, backward society. If we listened to the general sentiment, we would have never pursued the Pepsi venture in Romania. Return to Top 10 List

3. Take with you a team of relevant people on your exploratory trips

My first trip was scheduled for the end of January, 1991. As it turned out, it was the middle of the first Gulf war. Nobody in the U.S. wanted to travel anywhere, the least of places to Romania. I had a hard time convincing anyone to join me. I finally managed to persuade a young attorney with our affiliated law firm, Jeff Fromm, to come with me.  Having a colleague, especially someone with legal expertise, was essential, and not only on this first trip. Jeff ended up accompanying me on every subsequent trip and was a key factor in our ability to execute the plan to establish a business there. Over time we added additional people to the team, both from within and outside the country, each making a valuable contribution to the process. Return to Top 10 List

4. Find a reliable local person to represent your interests in between visits

We were lucky – we had such a person ready before ever setting foot in Romania. PepsiCo had employed Ioan Bucurescu, who had worked with the government office overseeing PepsiCo’s business under the old regime, and following the revolution he became a “free agent.” Ioan met us at the airport as we entered the country on the first visit, in the midst of a snow blizzard and temperatures of -21 C (-8 F). He accompanied our every step and guided us through the maze of setting up a foreign-owned business in that market. He did the same on every trip that followed, but more importantly, he was there continuously in-between visits, to make sure the process was moving forward and issues were being addressed even while we were away. 20 years later Ioan is not only a dear friend, but he is part of our management team handling the Bulgarian Pepsi venture, which we have taken on following the sale of the Romanian venture a few years ago. Return to Top 10 List

5. Engage top-quality service providers in the market

After the first couple of visits, upon deciding to pursue the business proposition further, it was clear that we needed various service providers: a local attorney, an accounting firm, etc. Finding an accounting firm was easy – we only had to climb to the second floor of the hotel where we were staying to find the office of the only international firm that had local presence, Coopers & Lybrand. We quickly agreed to hire them to help us analyze the assets of some of the companies we were considering as joint venture partners. Finding a local, experienced attorney was a larger challenge. Until the revolution there were no private law firms, and therefore any lawyer we would be considering would have had business experience only through working for some government agency. We were given a few names by the commercial director of the U.S. embassy in Bucharest and started a selection process. Most people we met had very little relevant experience. The worst was one attorney who was first and foremost a professor at the local law school. In response to a question we asked him, he wanted to know whether we were interested in the “practical view or the theoretical view”…. Luckily we met one candidate that stood out: Ion Nestor had just opened his law firm, together with his wife, Manuela. We immediately knew we found the right person to be our local lawyer, and we became his first international client. Return to Top 10 List

6. Select your joint-venture partner based on the commitment  of its management

As we were making progress in our efforts to establish a business, it was clear we needed to find a local company to be a joint venture partner. This was a way to get started quickly, rather than to start from “green field,” and was also important as means to reduce the required investment, given our limited financial resources. There were three factories that had been producing Pepsi under the old regime based on a barter deal between PepsiCo and the government of Romania, where concentrate was supplied in exchange for… wine. These factories were naturally all candidates to be our partners, and we were pointed to the largest of the three. This huge conglomerate was a showcase for the old regime and was producing everything from agricultural products to textiles. The problem was that it made the deal very complex and, among other constraints, under close supervision of the Romanian Agency for Development, who had to approve every deal between a foreign investor and a local company. After spending a few months trying to strike an agreement with that company, we started to look at the smallest of the three candidates – a factory that was producing beverages and some canned vegetables. The most important asset we found there, in addition to real estate right in the middle of Bucharest, was its general manager, Costica Gracianu. This middle-aged man quickly understood that we represented a rare opportunity for him and his company to hook up with an international entity coming to establish a well-known brand in their market. His personal commitment was key to sealing a joint venture agreement quickly and efficiently, and getting ourselves ready to start our operation. Return to Top 10 List

7. Search for an expert expatriate team to head the business once formed

Following the creation of the partnership we needed a management team to lead our business in formation. It was clear that local talent was not sufficient at that point to take on the top position and a few other key management roles. I had engaged two search firms over a number of months to look for managers. It was not easy to find people with relevant expertise who were willing to go to Romania to head a start-up business. We finally found a few candidates in Israel, where there are many people who trace their roots to Romania. After interviewing them we decided to bring two to visit the Romanian market and also our headquarters in New York. At the end of the visits I had to make a choice and went with Eli Davidai, an up-and-coming manager who had never been in the top position before but was eager to take on this challenge. It was probably the best business decision I ever made. Eli brought with him a few expatriate managers and we were ready to start. Our close affiliation continues to-date, where he and I oversee our Pepsi operation in Bulgaria. Return to Top 10 List

8. Evaluate your business functions and capabilities

Since we took over an existing business (the joint venture partner), we needed to understand the starting point in the various business functions of our value chain: production, sales and distribution, accounting, etc. Most local businesses at the time were heavily production focused, and ours was no exception. Certain business functions, such as sales and distribution, hardly existed.  Others, such as marketing, had not even been considered. This meant that we had to start some aspects of the business from scratch. In sales, for instance, we had to establish the basic processes and activities, and educate people on what the job of a salesperson was about. In distribution we had to source trucks outside the country and develop a routing plan. In marketing, most everything we engaged in was new, and we really revolutionized this field in our market – for example, with advertising on buses and in movie theatres, and the sponsorship of the first-ever soccer match between the U.S. and Romanian national teams. Another critical activity was starting to computerize our information system, which allowed us to begin to produce various reports. That way we could actually analyze the results of our efforts. Return to Top 10 List

9. Respect the local business culture while looking for ways to weave in elements of international business practices

Many companies attempting to establish themselves in a new market try to impose the practices of the market they represent. This is especially true with American businesses. It can easily generate resentment from the local managers and employees who rightfully feel that they are being patronized. Our approach was different. While we did have a number of expatriate people, we tried to develop local talent as quickly as we could to take on mid-level and ultimately top-level positions. We also attempted to educate our workforce in a way that allowed them to “stand tall” and feel respected. One key example was that we insisted that our top managers learn Romanian, so that business discussions would be held in the local language.  This allowed all employees to feel comfortable and to actively participate in the decision-making process. Our ultimate prize was that over time we developed a most loyal group of employees, proud to be part of our venture and willing to go the extra mile to ensure its success. Return to Top 10 List

10. View and manage your business as a long-term participant in the local market

When we got started in Romania we had no idea how long we would be involved in that market. One thing was clear – we took the view that it was going to be for the long term. We conducted ourselves as if this was the case in every respect, from making day-to-day decisions to annual plans to long-term capital investments. As a financial investor we knew that one day we would seek to exit the market, but we did not define the period and did not attempt to put a limit on that. As it turned out, we were involved with the Pepsi Romanian venture for over 15 years. It was a remarkable journey, filled with many exciting moments. It ended on the happy occasion of handing over the business to PepsiCo’s second largest bottler worldwide, PepsiAmericas. For our last year of ownership we also received the top honor from PepsiCo, winning the Worldwide Bottler of the Year award. Return to Top 10 List

To find out more about this venture read my book: “An Unimaginable Journey”

For more tips and insights on entrepreneurship and business management, or to share your journey, visit me at www.AviadMeitar.com

Follow me on Twitter and Facebook

A few years ago, while traveling in Scandinavia, I came across a set of rules called ”The Viking Laws”. These laws are traced back to the tenth century, the era when the Vikings engaged in their raids on foreign lands in pursuit of expanding their trading zones. What I found interesting is that these rules are very relevant to modern age business. In examining them more closely I realized that we have used many of the rules in our Pepsi venture in Romania over the years of our involvement in that market. I believe that this fact contributed significantly to our success – taking this venture from a concept, through the set up phase, seeing it through growth to its ultimate sale to PepsiCo’s 2nd largest bottler worldwide.

I would like to focus here on two of the four main Viking laws, and try to demonstrate their applicability to today’s business environment.

1. Be Brave and Aggressive:

This first law sounds like a good piece of advice for warriors. But when looking at some of the rules under this law, one quickly sees that they could be useful in a business context. One of my favorite  rules is ”Attack one target at a time”. In the early days of our business venture in Romania we faced many temptations to expand into other commercial activities, whether related or unrelated to our  core business. We chose to ignore these temptations and focus our efforts and our limited resources on maximizing our beverage activities. This was one key ingredient to our ability to succeed in a  tough and very competitive environment.

Another rule states ”Use Varying Methods of Attack”. With our much more modest resources vs. our main competitor, we had to select our methods of attack carefully. Going head-to-head in the  main segment of the beverage industry, carbonated soft drinks, was quite difficult. Instead we chose to introduce new segments, in which our competitor was not yet active. One example of that were  non-carbonated juice drinks. When we first launched our product, consumers thought it was a carbonated soft drink that “went bad” – as this type of beverage did not exist in the local market. But  after we managed to convince consumers to taste it, it became a major success, and by being first it allowed us to build our brand to be the clear leader of this segment.

A rule that I find intriguing suggests “Don’t Plan Everything in Detail”. What I read in this rule is not that you should just leave your planning to chance (see ahead the second law), but rather that  there should always be some room for change and even improvisation. Our venture in Romania obviously had an annual plan and a budget. However we always left some room for new initiatives  during the course of the year, and when we saw opportunities, we acted on them. In one of the years, when we saw that we were gaining momentum, our CEO wanted to maximize the opportunity,  so he introduced a company wide “stretch” target that would earn our 1,000 (non-executive) employees an extra bonus of $1 million! This resulted in a frenzy of drives to reach that target, and in fact  the milestone was achieved.

2. Be Prepared

This second Viking Law talks about methods to “ready the troops”. Originally meant for war, these rules are just as applicable to the business environment. The first rule under this law states “Keep Weapons in Good Condition”. In a commercial context “weapons” would translate into “products”, and therefore means that a company needs to assure that its products are presented in the marketplace in the best way possible. In the soft drinks business, since consumers want their drinks cold, the battles are fought with coolers placement. This was a real problem for us in Romania, as our limited financial resources resulted in a much smaller number of coolers vs. that of our main competitor. We had to carefully choose where we placed our coolers, to make sure we cover the more important customers.

A very important rule under this law suggests “Find Good Battle Comrades”. For a top business executive it means assembling a strong management team around him. It is crucial, as the strength of the team, and not just that of the person at the top, determines the likelihood of success. In our Pepsi business we carefully selected our top managers and managed to put together a team that together had more than 100 years with the company. Their skills, as well as their close affinity with the company, were one of the key ingredients to our success.

Another rule reads “Choose One Chief”. Not to undermine the importance of the previous rule, this rule speaks for the important to have one clear leader at the helm of an organization. While it is essential to have a strong team, some of which may be of the caliber that could lead them to the top spot one day, at the end of the day there needs to be someone who makes the final determination on key issues, gives the marching orders and leads the team in battle. This was also true with our Romanian venture – we had a clear Chief, someone with the kind of Charisma that was able to pull behind him not just the top management team, but the entire organization. This enabled us to achieve outstanding results.

Alum Beats Odds and Coca-Cola

February 16th, 2011, By John DiCocco

If only you could bottle perseverance.

Aviad Meitar (MBA ’86), in his new book An Unimaginable Journey: How Pepsi Beat the Odds in Romania, describes what can happen when you put your mind to something.

Meitar had just joined a new investment firm, North America Resources, in 1988, when, in mid-1990, the company handed him a daunting assignment: establish a Pepsi bottling presence in Romania. Neither the company nor Meitar knew anything about the soft drink business or Romania, but they saw an opportunity and went for it.

Technically Pepsi had been available in Romania since 1967, but distribution was limited to the elite members of the ruling Communist Party. But the overthrow of dictator Nicolae Ceauşescu in late 1989 opened up the market. Meitar’s group assembled a team, did their research, drew up a plan, and convinced Pepsi they could make it a go. Pepsi gave them a $25 million investment, and the soda began being bottled for the masses in January 1992.

“We encountered significant challenges from the start,” says Meitar. “Setting up a business in a remote and unknown market, just coming out of almost 50 years of communism, would have made for a large enough task. But we were also faced with a much more daunting undertaking: going against Coke. It was truly a David versus Goliath match-up. We had no experience in the beverage industry, while Coke came into the market with three very experienced bottlers. We were mired with the old remains of the Pepsi presence during the previous regime—old logo bottles, multi-color crates—while Coke came in with a squeaky clean image. We had a very small budget, while they came in with deep pockets, ready to invest more than 50 times our budget. But we stayed the course and made our venture a success.”

According to Meitar, the new company experienced 48 consecutive months of increased sales, followed by a bleak 48-month period of shrinking market share and sales. After he retooled and downsized the firm, it took off for another seven straight years of significant growth. In the process, Pepsi became the No. 1 soft drink in the nation, beating out Coke. The company was eventually sold to PepsiCo’s second largest bottler worldwide, but not before earning recognition as Bottler of the Year by PepsiCo International.

Today Meitar is chairman of Quadrant European Beverages Limited, operating as Pepsi Bulgaria, and lives with his family in Israel. To read more about him and his book, visit http://www.aviadmeitar.com. (An Unimaginable Journey, BookSurge/ $15.99; ISBN: 4781439250501)

Link to article: Boston University School of Management