Thermoforming Report

Leaving a Legacy

Due to some personal family dynamics, the topic of LEGACY has been at the forefront of my mind for the past several months. It has weighed on me even more so in the past few weeks. I will get into that as I wrap up this article.

No matter the relevance, the idea of LEAVING A LEGACY is certainly worth digging into and exploring further, both in our businesses and our personal lives.

Defining Legacy

First, the term ‘legacy’ warrants a clear definition. The Oxford dictionary’s second definition states, “the long-lasting impact of particular events, actions, etc. that took place in the past, or of a person’s life.” An article we found generalizes the description a bit, and I like it: “Building a legacy means creating something enduring that can be passed on”.  The article, entitled “Building a Legacy in Business,” goes on to discuss some quick lists on how to effectively do this with your businesses. One interesting point to me at the beginning of the article discusses long-term thinking. 

“Legacies have been a powerful part of societies for as long as humans have existed. Research shows that when people have benefited from the legacy of a prior generation, they are more likely to make long-term oriented decisions. Consideration of building a legacy is also helpful in influencing people in roles of power to do good. Research has shown that when people consider a long-term timeframe, they are more concerned with social responsibility.” [article link]

Short-Term Focus: Losing Sight of Legacy

In my own career, I’ve experienced the idea of ‘long-term oriented decisions’ — and neglect thereof — first-hand. 

I was part of an amazing team and organization that had great senior leaders at the helm. Our view was always long-term, and we thrived. People developed, results were consistent, and we all knew that though we may have struggles on any given month, we worked hard to deliver on the year because we had a clear mission and vision for the future through 5- and 10-year plans. 

Then a senior leadership change happened, and it quickly became all about ‘right now results’ – focusing more on month-end goals than long-term. Though there was an uptick in results due to the heavy-handed approach, this short-term viewpoint began to change how we made decisions on the whole. 

In my humble opinion, we made short-term decisions to do what we had to for that month… at the expense of the long-term. Morale began to be impacted – starting at the middle management leaders and ultimately throughout the entire plant and sector. We all knew that we were shortchanging the future for the present…

And it did. Leaders left the organization. Morale waned. Results year over year suffered. What was an organization founded on leadership for the long term – building a lasting legacy for years – gave way to short-term thinking. As a result, that legacy quickly faded.

Adversity: Sharpening Legacy

While legacy is developed through long-term planning, it is honed through tough times. A fabulous article highlights how adversity frames our point of view… if you allow it.  Ahmed Ali, a successful entrepreneur and business leader, penned a recent article in CEO Magazine, “Why Painful Moments Form the Foundations of Remarkable Success“. In it, he highlights what he learned, thanks to the many hardships he endured – and overcame. I strongly recommend you read the entire article!

Generational Company: Maintaining Legacy

As I reflect on companies that I work and partner with, Brentwood Industries comes to mind. They are one of the rare, third-generation organizations that continue to be successful (~13% make it to that point). 

Though the reasons are many, so much of it is a function of how the company was led by Palle Rye, then Peter Rye, and now Peter’s daughter, Caitlin Banta. Though I doubt much thought was given to ‘leaving a legacy’ back in the late 70’s, 80’s, and 90’s, the culture that was created and nurtured most certainly generated a legacy! It was carried on (and still is) through Peter (as acting Chief Strategy Officer), and as Caitlin took the reins in April as President, she most certainly feels the weight of how to maintain that legacy that has impacted so many lives over the years. 

In the press release announcing the change in leadership, Caitlin remarks, “I’m passionate about what we do and the people we serve. And I believe in the talent of our team to continue driving growth by delivering exceptional products and services and upholding the values that define who we are.” Though I took the liberty of emphasizing the last phrase, it points directly to their culture of legacy!

Wrapping Up: A Personal Meaning

Candidly, legacy isn’t necessarily what we think about as we go about our daily lives. But its influence is profound in shaping our days.

My father recently passed after a sudden stroke. Needless to say, it was a very difficult week for the family! As we all reflected on his life, we were in awe of how many people he’s impacted over his 87 years on this earth. My father was never gregarious or over the top; he poured his life into others, demonstrating his love and care for them, mentoring them, and much more. Though he will be dearly missed, we can all learn from his example: Live your life in a way that, though you may not even realize it, leaves a legacy!

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