If there is a single example of the embodiment of a family empire, it would be Ralph Lauren. The calculated (and sometimes risky) moves that Ralph and his son David have taken, both together and separately, have carried the company through the advent of the digital age, well beyond that of its competitors.

Fast Company recently profiled David’s efforts to turn his father’s empire into a digital leader in their September 2011 article, “The Prince of Polo.” Throughout the article, we found countless lessons of how family businesses can move forward through opportunities and challenges, including:

1. Join the Family Business for the Right Reasons
   In the article, David reminisces about his time growing up at Ralph Lauren and, at one point, mentions that the people who work at the company feel like his family. However, he clearly states “But if I couldn’t make a difference, I wouldn’t be here. My father wouldn’t want me to be here.”In fact, it took David several years to acquiesce and join his father in the business after a career in publishing. It would have been very easy for David to join his father in building the brand; however, David took the path that all next-generation family members should do – forge your own path and experiences, and when mutually ready, apply your lessons to your family business. Family businesses built on the expectations of entitlement rarely survive, but those built on outside experience, respect and love will thrive.
2. Respect the Differences Between the Generations
   Often, family business issues arise between two generations that neither understand nor respect each other. However, as we see from the article, the differences in worldviews between Ralph and David do not cripple one another; rather, they enhance one another and, in fact, have taken the company and brand in a new modern direction.The article states: “A man famously involved in every decision made at his company, Ralph acknowledges unfamiliarity with the digital world. ‘It was a project I wasn’t really knowledgeable about,’ he says. And not everything David suggested was immediately embraced. ‘I didn’t get it,’ Ralph says of the 4-D show, recalling when David first pitched it to him. ‘I had to take a step back and say, ‘I’m not sure of this.’ On my own I might not have done it.’ He was persuaded, he says, by David’s passion and insistence.Now, take a step back and think of the last time a member of the next generation presented you, a member of the senior generation, with an unconventional idea to grow the business. Did you respond with an open mind and a willingness to consider the idea? Or was the family member shut down for being too risqué or ‘out there’ to be considered a plausible, solid business idea?

   Like it or not, the way we do business is changing. And for both generations, it behooves us to actively listen as well as communicate our passions, ideas and thoughts for growing the family business.
   

3. Embrace the Bond That the Business Was Built On
   It’s so easy in our day-to-day lives to forget the bond upon which the family business is built. The family business is a business unlike any other, built on respect and love for one another. It’s so clear in the article that the Ralph Lauren brand and company would not be what it is today without the devotion and mutual respect of Ralph and David to not only do what’s right for their brand, but to do what’s right for each other, both as individuals and as a father-son team.In our experience, a family business that remembers not only its legacy, but also its people, will survive and thrive through generations to come.

To read the full article, “The Prince of Polo” from Fast Company, click here.

Related Articles:

• Gaining Credibility In The Family Business
• “Surviving and Thriving Through Generations” Family Business Webcast Recap

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