An excerpt from a spoken interview/talk emphasizing the need for businesses to plan for the future across generations. The speaker warns that many business owners have not developed or handed over a next generation to sustain the company, and stresses long-term thinking and building sufficient scale/opportunity for successors.
Chapters
I will say this about businesses too. You know, if you are not looking after your future, I think that's really, really critical factor because we're seeing a lot of people, and I see this in your world, Richard, but we're seeing a lot of people whose businesses they haven't built the next generation. They haven't built what's coming next, they haven't turned it over. And in my, in GCP person who's next closest to me in age is 18 years younger and they go to 40 years younger than I am. And so the business has been built to be able to carry on. The challenge for me is how do I create, how do we create it big enough so that there's enough for that, for that next generation as I've had the opportunity. But that's our challenge now. But if you're not thinking about the future, thinking about yourself, then it's not valid. It's not going to survive that long. It needs to be thought about in a much longer term.