EDGE 2025 - James Ferragamo: Succession, Heritage, and the Family Business
Leadership
•
2m 39s
Explore how a dedication to education, personal growth, and practical experience laid the groundwork for meeting the challenges of running a family business and how that foundation prepares each generation of the company's leaders.
Key Takeaways:
- The Importance of Balance: James Ferragamo says that balancing family involvement and external leadership is crucial to avoid failure in a family business.
- The Role of Younger Employees: It is essential to allow younger generations to make mistakes and contribute while empowering the CEO, who James says should be from outside the family.
- The Value of External Experience: Gaining external experience before joining the family business can help family members become valuable commodities.
- Diversifying is Key: Diversifying the family's investments, such as into the hotel business, can help the business evolve and adapt.
- The Ingredients for Long-Term Success: A family business’s long-term success depends on maintaining discipline, a dynamic approach, and early succession planning.
Up Next in Leadership
-
SpaceX President Gwynne Shotwell – Le...
Join us for an exhilarating one-hour webinar featuring Gwynne Shotwell, President of SpaceX, as we delve into the principles of "Leadership in High-Velocity Environments."
Gwynne joined SpaceX in 2002 as its 11th employee, working alongside Elon Musk for over 22 years. They built the company to ...
-
The High-Performance Teams Playbook: ...
The rapidly changing corporate landscape demands teams that can adapt, innovate, and consistently perform at the highest levels. How do you create and lead high-performing teams?
Join us for the last session in a three-part series that champions the art and science of building high-performing t... -
Backstage Pass: Behind the Scenes of ...
Uncovering the right strategies is essential for creating lasting business relationships. What perspectives and skills are necessary, especially when dealing with private equity partnerships? If this resonates with you, this YPO Live session is designed for you.
Join us for a valuable event tha...
