“You’ll Miss 100% of the shots you don’t take”

Don’t Miss the Opportunity

“You’ll Miss 100% of the shots you don’t take”

Family Businesses, the successful ones, recognize that their longevity depends on keeping customers, employees and shareholders happy.

Recently a family business President commented on the challenges and the opportunities that have been presented to him. He expressed his personal drive, focus and intent. Many of these opportunities were born from tragedy or a loss. “Don’t miss the opportunity!”

History is full of great leaders, born from opportunity.

Opportunity comes in many guises. It can be a problem or the moment when all is going well. Carpe Diem is translated seize the day. In a Roman work by the poet Horace the real phrase maybe more powerful and complete. Carpe diem quam minimum credula postero – “Seize the Day, putting as little trust as possible in the future”, and the ode says that the future is unforeseen.

Some Keys to not missing the opportunity include:

• WILLINGNESS TO REINVENT — To endure, a family business must remain relevant. This can happen by chance if a company is fortunate enough to make a product that does not become obsolete. It can also happen by design, through continued reinvention.

• SUCCESSION PLANNING — When family is involved, crucial decisions regarding succession can become especially charged. Some family businesses strive to alleviate the potential for hard feelings by placing the responsibility for choosing new leadership in the hands of qualified members of the next generation.

• NO GUARANTEED EMPLOYMENT — Having a plan or policy how family members can join the business is key.

• SUCCESSION PLANNING — When family is involved, crucial decisions regarding succession can become especially charged. Some family businesses strive to alleviate the potential for hard feelings by placing the responsibility for choosing new leadership in the hands of qualified members of the next generation.

• OUTSIDE ADVICE — Family businesses tend to make emotional decisions. Having outside advisors, who can share different ideas, is another key.

Family Businesses, the successful ones recognize that their longevity depends on keeping customers, employees and shareholders happy. Three ball juggling employees, customers and shareholders present the opportunities every day. Great leaders don’t miss the opportunity, they understand the need to plan, to reinvent, that there are no guarantees and taking advice are all required.

At the Olympics the winners seize the opportunity, after years of following a training plan, they adjust; they know there are no guarantees and they welcome coach’s advice.

“Most successful men have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand.”