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.