Is your family business vision relevant across generations? If you think it’s stuck in the past, today’s episode will help you unlock the secrets to building a sustainable, purpose-driven family business that thrives for decades.
Family businesses face a unique challenge – preserving the founder's vision and legacy while also charting a bold path forward. Discover ways to preserve your family business legacy while boldly shaping the next chapter. Learn how to document your rich history, evaluate core values, identify unique strengths, and craft a compelling 10-year vision that empowers the next generation.
Here are some power takeaways from today’s conversation:
Preserving the founder's vision while embracing innovation
Documenting your family business history to maintain connection
Evaluating core values and avoiding sacred cows
Identifying your unique strengths and differentiators
Crafting a 10 year vision to empower the next generation
Episode Highlights:
[01:27] Defining a transformative family business vision
The family business vision represents a forward-looking, aspirational view of what you want to become. It transcends a mere mission statement. But it captures the essence of your purpose and future direction, be it 5, 10, or even 100 years ahead.
[02:15] Preserve the founder’s vision
The memory and connection to the founder's vision can become blurred and faded over time, especially as generations pass. It’s important to document the company's history to maintain that vital link to the founder's principles and legacy.
[07:10] Document your history to preserve the founder’s vision.
The first and most important step to maintain a strong connection to the founder's vision and story across generations is to document your history.
[11:37] Your long-term vision should align with your present day.
Regularly evaluate your company's core values to ensure they represent lived practices rather than just aspirations.
[12:46] Distinguishing core values vs. sacred cows in family business
Core values are expansive and open to opportunity, whereas "sacred cows" are fear-based and limit a company's growth and evolution.
[14:32] The founder’s vision can become a sacred cow.
A founder's vision, though important to preserve, can become a limiting "sacred cow" over time as the company and world evolve; hence, the need to regularly evaluate core values and be open to evolving them.
[16:56] Closely examine what makes your company truly unique within your industry.
This is often a combination of distinctive capabilities, rather than just a single attribute, that sets you apart from competitors.
[22:25] Structure your company for long-term sustainability.
Empower each generation to forge their own 10 year vision and destiny. Provide the foundation and tools they need to add value with pride of ownership.
Resources Mentioned:
Entrepreneurial Operating System
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43 mins