One of the oldest family-owned businesses in America started in Turkey. Let me explain. In 1618, Avedis Zildjian, an Armenian metalsmith, worked for the court of the Sultan of the Ottoman Empire. Avedis was able to fashion a set of cymbals out of tin, copper and silver which could make musical sounds without shattering. The Sultan officially recognized Avedis surname …
I could see the lines of tension.
Maybe tension wasn’t the right word. Heart-wrenching sorrow? Brokenness? They just didn’t know what to do.
I’d just gotten done speaking at a conference. My talk was on Family Legacy: Building the 150-year family. And they were the first couple in line to talk to me.
I wanted to collect some wisdom for grandchildren. I’ve got four grandchildren of my own. I did a quick scan and here’s what I came up with.
We’ve got a really big announcement. Truly. Announcing: Vyne Legacy.
I’ve been working in the generosity space for over 22 years. And as I’ve worked in the space, I started to make some observations. All too often, the giving was led by one person, or if both husband and wife were included, they often didn’t include their children. Why was that?
I often start our Family Legacy Workshop with a question:
What’s the purpose for family?
In response to the question, usually there’s a pause. Sometimes people remark, “That’s a good question.” But inevitably, they get rolling with comments like fun, companionship, community, support, love, care, teaching values, and showing God’s glory, mentally, spiritually and physically…
These are all good responses. But truly, pause and consider what is God’s purpose for family?
We don’t think long enough when we think about family business.
Most family-owned businesses last for 24 years. That’s it.
And if you’ve followed me, you know the statistics. There’s a 70% failure rate in passing a business to the second generation, and an 85% failure rate by the 3rd generation. Astounding.
What do you do with a dental practice?
Sell it? Or pass it on to your kids? Not exactly. To pass on a dental practice means your kids, or at least one of them, has to enter the dental field. I’m not sure if you’ve checked, but becoming a dentist is not on the top of the list of every kid.
It’s more than a cup of coffee!?
Bitty & Beau’s Coffee was established in 2016, and now has 23 locations with over 200 employees. But it’s always been more than about the coffee.
Being generous with your service leads to you being happier and healthier and it can lead to you finding what you want in life. However, so often today, happiness is measured by what others can do for you, rather than how you can serve others, even those in your family.
A company that has drafted a detailed mission statement and vision for their business will lead to a 50% increase in effectiveness. If a business is more likely to increase its effectiveness when it incorporates a mission statement, think about what could happen in your family if you take the first steps to identify the values that you want your children to inherit.
