Running any business is a huge responsibility at the best of times, but even more so when that business is a legacy and one that is the life-blood of your family. When a business is family-run, it tends to bring with it a different dynamic and there is often a whole different set of challenges that face those tasked with continuing the legacy.
Running any business is a huge responsibility at the best of times, but even more so when that business is a legacy and one that is the life-blood of your family. When a business is family-run, it tends to bring with it a different dynamic and there is often a whole different set of challenges that face those tasked with continuing the legacy. Whilst this may be the case, there is a long list of family-run businesses that continue to expand, strengthen and of course, make huge amounts of money year after year. It’s impossible to know the winning formula if you’re not involved in the day to day operations, but there are clearly some businesses that seem to be getting it right over and over again. Take a look at a few such companies here.
Co-founded in 1946 by dynamic husband and wife duo Joseph and Estée Lauder, Estée Lauder grew to become one of the most famous and beloved cosmetic producers in the world. Synonymous with luxury and style, the brand offers everything from premium skincare products, to fragrances, cosmetics and hair care. Aerin Lauder, granddaughter of the Lauders, is head of Global Advertising and the driving force behind the brand’s impressive marketing approach. She is also the public face of the brand, bringing an authenticity to it that would only be achievable through strong ties to the family. The Lauder’s sons Leonard and Ronald are at the helm of the company, with Leonard being the chairman of the board and their grandson William holding the position of COO.
Never in his wildest dreams could Sam Walton, founder of retail giant Walmart, ever have imagined that a single store in Arkansas would turn into the massive conglomerate it is today. Walmart is the largest retailer in the world and since its beginnings in 1962, has grown to include thousands of stores across the United States and the globe. Operating under its well-known name “Walmart” in the US and Puerto Rico, it is also known as Asda in the United Kingdom and Seiyu in Japan. The Walton family still owns and controls the business, with S Robson Walton (the son of Sam Walton) serving as the company’s chairman. Sam Walton built Walmart from the ground up and if its success over the decades is an indication of what’s to come, then this family-run businesses is sure to go from strength to strength.
The Trump Organisation
Originally known as Elizabeth Trump & Son, American businessman and investor Donald Trump took over the family business from his father, Fred Trump, in 1971, renaming it the Trump Organsation. Most of the company’s wealth comes from property investments and even after taking numerous hits due to temperamental economy, the Trump Organisation still has a net worth of roughly $4 billion. Whilst Donald still fulfills the role of president and chairman of the organisation, his daughter Ivanka and son Eric are both the current Executive Vice Presidents of Development and Acquisitions. This powerhouse of a business is truly a family affair and each Trump member seems to be more driven than the next – together, they are sure to achieve greatness for years to come.
Some families have successfully managed to keep not only their legacies alive, but they have also managed to do it while simultaneously growing the business for future generations. Family businesses can be delicate things, but with the right people in the right positions, a thirst for success and unwavering desire to bring glory to the family name, they can be thriving powerhouses.
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Featured image: http://myob.com.au