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This is Chris Redgrave for Zions Bank Speaking on Business.
Palace Meat Company in Salt Lake City is part of an elite group. They've been in continuous operation since 1893, making them the oldest operating meat company in Utah … and are still going strong.
Company owner Rand Palace is the third generation to operate Palace Meat Company. In the 1940s his grandfather decided that a 50-year-old business was a pretty good investment. So, he bought the company from the original owners and created something his family is still operating today. This is an accomplishment since only 10 percent of family businesses remain active, privately-held companies for the third generation to lead, according to the Harvard Business Review.
Rand started working at Palace Meat Company when he was still a child — and today, 45 years later, he's the latest generation of family ownership. Because he also believes in taking care of his employees, many have been on board for years and are family and connected to being part of the operation.
Although many things are different since Palace Meat Company was founded, Rand says what hasn't changed is their company's dedication to providing only the highest quality of products and their focus on taking care of customers. Even after all these years, quality is still the most important value they work around. He also enjoys the personal interaction and finding new ways to meet customers' needs. This includes having chefs on board who create new and innovative ideas for using the meats.
Nicholas and Company recently approached Palace Meat Company to become their fresh meat supplier. That's how Palace Meat became part of their Next Day Fresh program so when customers need something immediately, they can provide it. This partnership has also widened the company's reach into other Western States.
Although Rand enjoys every aspect of Palace Meat Company, sales are still where his heart is because of the connection with his clients.
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For Zions Bank, I'm Chris Redgrave, speaking on business.
Palace Meat Company 715 E. 500 South Salt Lake City, UT 84102 801-364-5621