Dayna Manning
Third-generation shareholder
Mary Kay Cosmetics
Dayna is a third-generation shareholder in Mary Kay Cosmetics, a company started by her grandmother, Mary Kay Ash, more than 50 years ago. Today, Mary Kay is known as a world leader in direct sales.
Although Dayna does not work at the corporate office of Mary Kay, she has always been passionate about the legacy her grandmother created. Mary Kay wanted to create opportunities for women to thrive, and that belief in the potential of all women has impacted hundreds of thousands of women worldwide.
Fifteen years ago, the descendants of Mary Kay began attending a one-day yearly business meeting. Although the meetings brought everyone together, they didn’t speak to the family bond and the legacy left by Mary Kay.
After attending a Family Business Transitions conference six years ago, Dayna realized that the family had an opportunity to expand the business meeting into a family bonding weekend that would also serve to teach the NextGens about the traditions and legacy of the company. Also at that time, Dayna and her sister Gena formed the Golden Rule Family Foundation, creating a vehicle for family members to mentor the younger generation on philanthropic giving.
Shortly after, with the help of a family business consultant and the family’s financial advisers, the Golden Rule Family Governance Council was born. Dayna volunteered to chair the council. She worked with the other council members to create documents and guidelines for the family as well as plan the annual Family Seminar, named in honor of the annual Mary Kay Seminar, which brings Mary Kay beauty consultants together for fun, fellowship, education and recognition.
Dayna’s experience as an event planner was especially helpful in turning a one-day meeting into a three-day family reunion complete with meetings and a service project as well as time for family bonding and fun.
“Over the last six years, I have seen the family come together to a point I would not have thought possible,” Dayna says. “Each year, we are having more family members attend and are seeing the younger generations step into leadership roles, which emphasized the importance of the work the council is doing.”
SESSIONS
Main Stage Panel: Defining the Family for the Future – Speaker
Planning for the financial future of your family enterprise requires you to envision how the family might grow and evolve. How many family members might there be a few generations out? Should stepchildren, unmarried partners, etc. be included in the definition of “family”? Does your family need a prenuptial agreement policy? Panelists will describe the frameworks they used to address these questions.
Please note: You can ask questions anytime during the presentation by using the Q&A box. Questions will be marked as “waiting for review.” We will get to as many questions as possible.
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