Thanks to Kimberly Eddleston of FamilyBusiness.Org for hosting this insightful interview with Meghan Lynch.

 

Watch it here:

 

Many family businesses mistakenly confuse branding with marketing and think it’s not needed. However, once Meghan explains it’s about reputation, they quickly understand its value. This often requires older leaders to adopt a new mindset that focuses on new opportunities and becoming more entrepreneurial. They must not only focus on what to change, but also what to keep: the factors that have already brought them admiration and loyalty. As they think through how to brand themselves for the future, families must embrace data over gut feelings and have a rigorous, fact-based process for making decisions. Meghan adds that families should not be afraid to be aspirational in their branding, and depict the reputation they are striving for rather than reflecting what they have now. This will help them attract new talent and new customers and suppliers who want to make the journey with them.