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"Change is the essence of succession. The challenge for the family business successor is answering two questions: What needs to change in order for our family and business to survive and grow, and what do we need to hold onto that is the foundation of our culture and our success. These questions are the source of the natural tension between the generations in the succession process.
The reason that this is such a challenge for a family business successor is that when you are born into a family business, you are born into a story that is already being told. You are born into the shadow of your parents and grandparents. The challenge then becomes the expectation that you will live up to the successes of your forbearers, which can feel like a daunting task."
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"Delivering a pitch, whether from a platform or across a boardroom table or over coffee at Starbucks, you are on stage.
You need to tap into the actor in you. Connecting emotionally with a large group or a single interviewer in conversation, calls for a performance that reaches out, bringing emotional resonance to the words. Actors start off fully confident in their brilliant scripts written by a William Shakespeare or a Tennessee Williams. They are not worried about their content. All they are concerned with is how they can make their script come alive to their audience."
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"It's natural to expect that many young companies fail, but what's remarkable is that in an overwhelming number of times, they fail from avoidable mistakes. Of course sometimes events occur that could never have been predicted—such as the loss of a key founder, or an unexpected government action that eliminates the need for the product—but these events are rare in our experience. This is a manifesto about the company killers that every CEO needs to avoid."
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"In the 21st century, human nature has discovered a new mirror. Thanks to the rise of smartphones and wearables, such as the Apple Watch, we can now monitor our body and behavior in exquisite detail, tracking everything from the amount of sleep we get to the number of calories we swallow. We can count our steps and resting pulse, compare our social network and spending habits. (There's even a smartphone app that can tell you how often you check your smartphone.) Only a few years before, quantifying these aspects of life would have required a trained team of professionals. Now we can do it with the slim computer in our pocket.
Unfortunately, it's not clear that this new feedback is helping us make better decisions. ... These new digital mirrors are certainly cool. I want to make them useful."
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"Your most loyal customers set the stage for continuous volume growth. If you listen to them, they can help you define how far afield you can extend. If you track them and induce them to introduce you to their friends and family, they can be your surest route to growth. If you forsake them at any point, they can, like jilted lovers, go from being fanatical fans to fanatical detractors. They will tell you in clear language what is a sin and what is unacceptable behavior. But don't turn away. You need to listen, question, listen again, and test."
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