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“Leading a family business can sometimes feel lonely and isolating”
Tim Cook, CEO of Apple, recently mentioned in an interview that leading Apple “is sort of a lonely job”. He mentioned the importance of seeking outside advice, and whom he turns to when he does. One example included calling Warren Buffett. I’m assuming you don’t have “Warren Buffett’s” number in your phone contacts, but think of whom you might have outside of your company.
“One of the first things we lose as our companies grow is our innovative and entrepreneurial thinking – here’s how to gain it back”
As our businesses grow we struggle with the balance between being too hands-on and too far removed from the operations of the business. We’re encouraged to delegate and develop employees, which tends to draw us further away from the hands-on more entrepreneurial tasks of the business.
“At some point you have to stop chasing your legacy”
There is no retirement age in a family business.
The senior generation can stay on as long as they want. Often beyond their shelf-life. There are many reasons for wanting to stay on longer than they should; succession concerns, fear of retirement, personal finances, to name just a few.
One major reason is chasing their legacy and wanting to leave on a high note. They want to preserve their legacy by leaving when the business is peak performing. This puts them on a vicious circle of chasing success. Too often while waiting for perfect, opportunities are lost.