…or we are a buggy whip or any other product whose purpose is largely irrelevant to the needs of the current marketplace.

Family businesses, built on the vision and hard-work of their founders, may no longer be viable a generation or two later because of the inevitable changes in the external business environment. Herein lies the danger of failing to envision a future for the business apart from the founder’s dream.

Building a culture of innovation into a family business can be challenging and require multiple approaches. To meet this challenge successfully, the stakeholders must come to grips with the fact that change needs to occur in order to save both the business and the family’s legacy.

However the need for innovative change may not be obvious. Even if seen, it may be resisted by the incumbent generation. Developing a culture that continually welcomes innovation as part of your ongoing business strategy–in talent acquisition, systems development, methodology, risk taking–will strengthen your possibility for success as a multi-generational family business.