Quotes From How To Lead The Family Business

Remember who you are.

As a CEO, I’ve discovered that simple honesty and transparency are two of the most powerful tools I can use to make strong, lasting connections.

Don’t let the perfect get in the way of excellent.

Being a fast follower can work brilliantly, so long as you know what you are doing.

When a competing company beats you to market with a better offering, fight! Take it as a challenge. You may have lost round one, but rounds two, three, and beyond are waiting for you to seize.

“The dollar is round.” This was one of my grandfather’s adages, a Mortonism that people inside and outside Premier have shared and repeated over the years. It’s a reminder that money has a way of rolling in and rolling out. It definitely applies to challenges like innovation, when it can be easy to turn on the money spigot in hopes that just a little more investment will push your project over the top and turn an apparent failure into a success. Yes, you have to spend money to make money. But you’d better make sure that there’s a clear purpose for every dollar you spend,and a likely payback coming. Since the dollar is round, you never know when it will bounce your way or roll away, out of sight. So when you are lucky enough to have it, use it wisely, save some of it for tomorrow, and give generously to those in need.

Sometimes it’s incredibly helpful to enlist a smart outsider to help you think about the future of your business. A person with no direct relationship to your company and with no skin in the game can provide an outside perspective that helps you see things you might otherwise overlook.

"Great people are our most important resource.” It’s true.

Sometimes, when your emotions are running high, letting a day pass before you act can be the best possible strategy.

Pictures! People don’t like to read.

The expectations always need to be asserted—and sometimes reasserted.

Every leader has their own style for communicating with their people and making sure the overarching vision is being followed. Whatever your style is, make sure you apply it consistently and firmly—because if the details aren’t in place, the big picture isn’t going to turn out the way you planned.

Being a successful business leader isn’t all about mental and emotional toughness—essential as those are. It’s also about engaging with people—inspiring them, uplifting them, and helping them to feel that being part of your team is the most creative, productive, and enjoyable thing they can do with their career.

Business isn’t always about being frivolous. When times are tough, the best way to connect with people may be to be honest and authentic —to share your struggles with others who are affected by them.

How does a family business continue to adapt successfully in a business world where nothing is certain except constant, unpredictable change?—turns out to have a simple, powerful answer: you build on the strengths that got you this far.

“A part of you belongs to Premier.” This is another cherished Mortonism. My grandfather liked to speak these words over the office intercom every Friday afternoon and before every work holiday. It was his way of encouraging us to enjoy quality time with family and friends, while not losing sight of the company we are proud to be a part of, and that we represent.

Never make a permanent decision based on a temporary emotion.

As a family business leader, you need to find ways to forge a culture that is open to change. Make innovation part of everyone’s job description; provide financial rewards and public praise for people who produce new ideas that create value for your business and its customers.

Remember that change isn’t the enemy—it’s your friend.

Think Two Steps Ahead.

21 No matter how high you may rise in your organization, stay in touch with the details that affect its success.

Plan for the non-end. Although it’s difficult, you need to balance current interests with the needs of future generations. Strive to leave them a business and a dynamic that will raise as few questions and difficulties as possible.