Good morning to all new and old readers! Here is your Saturday edition of Faster Than Normal, exploring the stories, ideas, and frameworks of the world’s most prolific people and companies—and how you can apply them to build businesses, wealth, and the most important asset of all: yourself. 

Today, we’re covering The Hershey Company and its journey to chocolate snacking supremacy.

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Alex

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The Hershey Company's story is one of perseverance, innovation, and a bit of luck. It all started with Milton Hershey, a man who failed not once, not twice, but three times in the candy business before finally hitting his stride.

Hershey's first candy shop in Philadelphia went bust. His second attempt in Chicago? Same story. New York City? Strike three. But Hershey wasn't done. He returned to Pennsylvania and founded the Lancaster Caramel Company in 1883. This time, it worked.

"Caramels are just a fad," Hershey reportedly said. "Chocolate is permanent. I am going to make chocolate."

And make chocolate he did. In 1894, Hershey established the Hershey Chocolate Company as a subsidiary of his caramel business. He was onto something big, but he didn't know it yet.

The turning point came in 1900. Hershey sold his caramel company for $1 million - about $36 million in today's money. He poured every cent into his chocolate dream.

But making milk chocolate wasn't easy. It took years of trial and error. Hershey experimented endlessly, often working through the night. His persistence paid off. In 1905, he cracked the code for mass-producing milk chocolate.

The Hershey's Milk Chocolate bar was born. Affordable. Delicious. Revolutionary.

Success came quickly. By 1907, Hershey introduced the iconic Hershey's Kiss. The company was on a roll.

But challenges loomed. World War II brought sugar rationing. Hershey adapted, producing field rations for U.S. troops. The company's patriotic efforts earned it a reputation as an American institution.

Post-war, Hershey faced new hurdles. Changing consumer tastes. Fierce competition. The company needed to evolve.

"We must grow or die," said William Dearden, Hershey's CEO in the 1970s.

Grow they did. Hershey acquired H.B. Reese Candy Company in 1963, adding Reese's Peanut Butter Cups to its portfolio. Smart move. Today, Reese's is Hershey's top-selling brand.

The company expanded internationally. Diversified its product line. Embraced new technologies. By 2025, Hershey's annual revenue hit ~$12 billion.

But Hershey's journey hasn't been all sweet. The company has faced criticism over labor practices in its cocoa supply chain. In response, Hershey committed to sourcing 100% certified and sustainable cocoa by 2020.

"Our progress... demonstrates our commitment to making a positive difference," said Michele Buck, Hershey's current CEO.

Today, Hershey is more than just a chocolate company. It's a snacking powerhouse. The company has expanded into pretzels, popcorn, and other snack categories. In 2021, Hershey acquired Dot's Pretzels for $1.2 billion.

"We're a snacking powerhouse," Buck stated. "Our vision is to be the leader in fast-growing snacking."

Hershey's journey wasn't always smooth. It wasn't always pretty. But it was - and continues to be - quintessentially American. A story of dreams, hard work, and reinvention.

Sweet.

Lesson 1: Fail until you succeed. Milton Hershey didn't start with chocolate. He failed in candy businesses three times before hitting his stride. Philadelphia, Chicago, New York - all busts. But he kept going. He founded the Lancaster Caramel Company in 1883. That worked. Then he pivoted to chocolate. The lesson? Don't give up after one or two failures. Keep trying. Hershey once said, "Caramels are just a fad. Chocolate is permanent. I am going to make chocolate." He was right.

Lesson 2: Master one thing, then expand. Hershey didn't try to do everything at once. He focused on perfecting milk chocolate production. It took years of trial and error. But once he cracked it, he had a solid foundation to build on. Only after mastering chocolate did Hershey branch out into other products. Focus matters. Especially at the start.

Lesson 3: Build your own supply chain. Hershey didn't just make chocolate. He built an entire town to support his business. Hershey, Pennsylvania wasn't just a marketing gimmick. It was a strategic move to control his supply chain and workforce. He built houses, schools, and even a trolley system. This vertical integration gave Hershey a huge advantage over competitors. It's not always about the product. Sometimes it's about how you make it.

Lesson 4: Build emotional connections. Hershey doesn't just sell chocolate. It sells moments. Memories. Feelings. Their marketing focuses on creating emotional connections with consumers. It's not about the product specs. It's about how the product makes you feel. As one Hershey executive put it, "Chocolate is not just a product; it is an experience that brings people joy and indulgence." Sell the emotion, not just the product.

That’s all for today, folks. As always, please give me your feedback. Which section is your favourite? What do you want to see more or less of? Other suggestions? Please let me know.

Have a wonderful rest of week, all.

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