The Family Business CEOs to Watch Class of 2024 comprises 20 exceptional business leaders who are charting the course for long-term success of their enterprises. They include members of the second through fifth generations of family ownership as well as non-family leaders.
Kari Rihm
President & CEO | Third generation | Rihm Family Companies Inc., South St. Paul, Minn.
Kari Rihm took over as CEO of Rihm Family Companies after her husband passed away. The enterprise, founded in 1932 as Rihm Motor Company Inc., employs more than 350 people in 21 locations and includes Rihm Kenworth, the second-oldest continually operated Kenworth truck dealer in the world; RMC Truck Parts, a genuine and aftermarket parts sales company; Rihm Leasing, a truck rental and leasing company; and Rihm Global Sales, which handles international truck and parts sales and service training.
“My husband, the former company owner, John W. Rihm, was diagnosed with brain cancer in June 2010 and lost his life four months later. When he died and I became the owner, I had two choices: sell the company or run it,” Rihm says.
“Although I had a former career in marketing communications and an MBA, I had been out of the workplace for 16 years raising our family. But I chose to run it because it was a way to remain close to my husband's life work, give me renewed purpose and keep an integral part of my family's heritage and identity. It would have been very difficult to part with it.”
That decision was followed by a lot of hard and challenging work, Rihm says. “I had to obtain a dealer contract because the franchise agreement was under my husband's name, and I was not the named successor. This was a daunting task in the wake of our family's loss. Relying on my previous business education and experience and my inner knowledge that I had every right to continue the family business, I built a convincing case to become dealer principal, and ensure our children had the opportunity to become fourth-generation owners. With this task accomplished in April 2011, I rolled up my sleeves and have been working hard at the business ever since.
“One reason I kept the business was that I felt strongly that people had given their entire careers to the company, which had allowed my family and me to have a very nice life. If I sold it, people may not have been treated the same way.”
Rihm notes that the business has grown more in the last 14 years than it had in the previous 78.
“She's taken the reins and grown the company to become the largest women-owned business in Minnesota,” says Jon Keimig, executive director of the University of St. Thomas Family Business Center. “She’s done this as a female leader in a very male-dominated industry and has become a role model for other women CEOs. She’s also creating opportunities for other women in trucking to create their paths forward. The culture instilledat Rihm is top-notch, because Kari cares so much about the people who work on her team.”
“My children now represent the fourth generation to work in this business, and I am immensely proud of this legacy,” Rihm says. “We have intentional growth plans in place to continue this tradition into future generations.
“This business is more than just a company to me; it's a testament to the hard work and dedication of those who came before us. Our success isn’t just about survival; it’s about thriving with purpose and vision. I am committed to nurturing the next generation, ensuring they are equipped to carry our legacy forward. Our expansion plans are not just about growth but about innovation and adaptation to meet future challenges. I am driven by the desire to honor our family’s legacy while empowering my children to lead with the same values and traditions that have defined Rihm Kenworth for over 92 years. Through strategic planning and a focus on sustainability, I am dedicated to securing a prosperous future for our family business, ensuring its legacy endures for generations to come.”