But only if you start with the end in mind can you take the necessary steps today to ensure that you can create the best future for your business and the next generation.I recall working with a family business patriarch from Geneva, Switzerland, who took several coaching sessions to clarify his vision of where he wanted his life and business to be 15 years from now. He inherited the company and never took the time to sit down and clarify his long-term vision, both personally and professionally.
Take Eastman Kodak, for example. Once a giant in the photography industry, Kodak’s inability to adapt to the digital revolution serves as a lesson in the importance of innovation in preserving a family business legacy. The Gucci brand was founded by Guccio Gucci in Florence, Italy, in 1921 and it rapidly grew into one of the world’s most prestigious luxury fashion houses. However, as the business was passed down to Guccio’s sons, internal conflicts and power struggles began to surface.
Without a proper support system to compensate for their weaknesses, these people are later exploited by other family members or nonfamily members, people within the company or outsiders.Through my work, I have gained access into the inner circles of some of the wealthiest families in the world, with a total combined net worth of over $153 billion as of the time of this writing.