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Below, Eric Becker shares five key insights from his new book, The Long Game: A Playbook of the Worlds Most Enduring Companies. Eric is the founder and chairman at Cresset, an award-winning multi-family office with billions in assets under management. He also co-founded Sterling Partners, a value-added, growth private equity firm. With his long history of starting, backing, and nurturing companies, Eric advises founders, entrepreneurs, private equity partners, and ultra-high worth families. Whats the big idea? Companies that last not one generation, not two, but for a hundred years and beyond share certain things in common. It is no accident when a company ends up lasting, rather than being sold. What it takes is setting your business up intentionally for the long game. Listen to the audio version of this Book Biteread by Eric himselfbelow, or in the Next Big Idea App. 1. Recognize a moment of truth Businesses dont fail for a lack of vision. They usually fail because of a lack of great execution. Its knowing what to do and when to do it that makes all the difference. Thats a moment of truth. Im fascinated with moments of truth. In a lifetime, how many moments of truth might there be? Its probably less than 20, or maybe less than a dozen. Theres just not that many of them. Learning to identify a moment of truth is an incredibly important skillwhether its deciding where to live, who to marry, choosing a career, or what kind of company to start. Every leader faces critical moments of truth, but recognizing when you are faced with that decision is essential. The ability to not only see and accept that you must act but also recognize when you shouldnt. A moment of truth is what follows. A Centurion has this special talent of recognizing moments of truth and making the necessary pivots. They learn who they can trust in these moments and make critical, tough decisions. If you make the right decision in a moment of truth, it can change everything. 2. Adopt a myth-busting mindset Centuries-old businesses are often seen as dusty, bureaucratic, or slow and resistant to change. But Ive found its the complete opposite. Centurions are some of the most agile, adaptive, and forward-thinking organizations in the world. Theyve mastered the art of adaptation because their very existence depends on it. Companies today that will likely outlive the next century share the same qualities. This is the idea of embracing resiliency, adaptability, and vision. Legacy organizations have a great sense of urgency. They dont tolerate poor performance, and they dont sit on their laurels. They have a sense of priority, importance, and timing. Centurions are some of the most agile, adaptive, and forward-thinking organizations in the world. Take a business like Ferragamo, or families like the Vanderbilts who have operated the historic 130-year-old Biltmore Estate since 1895, and even the famous Smuckers Family. On the surface, they might seem like echoes of the past, rooted in history and resistant to change. But dig a little deeper and youll see theyve survived through war, the Great Depression, the Great Recession, the Pandemic, natural disasters, competition, technologyyou name it, theyve seen it all. A myth-busting mindset helped them survive. Think about what stereotype you are working against. How can you break the myth? How can you hone that survival instinct to do whatever it takes to change perception and move your company forward? 3. Be a super steward Embracing stewardship supersedes any other mission-critical priority. Very few leaders or families truly understand what this means when we say it. Stewardship is recognizing that the enterprise is greater than any one individual in the organization, including you. Every decision you make is made with the understanding that this move will protect and preserve the company for generations to come. Thats not how most entrepreneurs and even many family businesses operate. As a result, there is a crisis happening in America right now involving succession. But when you consistently demonstrate that stewardship supersedes everything else within your organization, that ethos ripples into every facet of your organization and becomes ingrained within your business or family and onto the next generation. Its a big mindset shift, but stewardship has the power to become the protective shield for everything you love most. Thats how you start to build your legacy. Ive seen it time and again: when employees understand and are included in their companys mission and principles, and believe in it themselves, theyre proven to be more committed. Youre essentially building a dedicated army of stewards, passionately carrying out the founders vision. 4. Have a succession plan The best CEOs and leaders realize its not about them. Its about everyone else. They look at the organization or the family and realize that they are responsible for bringing this business into the future. Only one-third of family-owned businesses make it to the second generation, and just 12 percent survive to the third. I had grown up in a family business. My father started a company that lasted for 53 years, which was amazing. But he didnt have a succession plan. Ultimately, the company had to be sold. What had been missing? What had my dad needed to pass his business on? Ethical succession is seen in these 100-year-plus businesses. Having a viable, thoughtful, and ethical long-term succession plan is a critical part of being a steward. Only one-third of family-owned businesses make it to the second generation, and just 12 percent survive to the third. There is nothing that matters more to me than my own family and business knowing and trusting that the value Ive placed on the plan ahead will carry them forward for generations. The family office has to evolve in order to survive. 5. Build centurion culture from day one To break through and to get ahead, culture is critical. Centurions were the commanders that led 100 soldiers in the Roman army, and they didnt lead from behind. They led from up front. They were the strong leaders who set the culture for that group and took them forward into victory. When Avy Stein and I started Cresset, we put culture first and told people to act like owners. Now, 65 percent of Cresset is actually employee-owned. Our 100-year horizon shapes every decision, from technology to talent. From day one, we focused on questions like: What kind of company will we become? How will we treat each other? How will we treat customers and clients? We also told the first 10 team members tht we were on a 100-year journey together, which is what The Long Game is all about. When you build a company with that kind of long-term focus, you dont need an exit. Ironically, thats what makes it even more attractive, because its built to last, not to sell. We developed what we now call the culture card. We took all the principles and practices around great culture and put them all together on one card. Having a culture card is something that almost no business seems to do. And yet, it is the most important tool that weve used in building an organization in less than eight years to over $70 billion in assets under management. Enjoy our full library of Book Bitesread by the authors!in the Next Big Idea App. This article originally appeared in Next Big Idea Club magazine and is reprinted with permission.
Category:
E-Commerce
On October 27, Treasury Secretary Scott Bessent said that President Donald Trump has narrowed down his search to replace Federal Reserve chair Jerome Powell, whose term does not end until May 2026. Powell, who has butted heads with Trump over lowering interest rates amid the risk of increasing inflation, has said he will serve out the remainder of his term. After his term ends as chairman, his board term still extends until 2028. Trump is expected to announce a Federal Reserve chair replacement as early as December, according to reports. Were down to five,” Bessent told reporters as he was traveling with Trump on Air Force One, according to Yahoo Finance. “Were going to do a second round and we hope to present a good slate to the president right after Thanksgiving. . . . It will ultimately be his choice. Bessent said those five picks are: Michelle Bowman and Christopher Waller, both members of the Federal Reserves board of governers; Kevin Hassett, director of the National Economic Council; Kevin Warsh, a former Fed governor; and Rick Rieder, chief investment officer of global fixed income at BlackRock, according to several media outlets per CNBC. Trump’s choice must be confirmed by the Republican-controlled Senate. Like Powell, the new Fed chair will be charged with navigating inflation, the countrys weakening labor market, and stagnating growth. Fed members remain divided on whether the Trump administration’s economic policies, including high tariffs and a push for even lower interest rates, are helping or hurting the U.S. economy, CNN noted. Powell first became Fed chair in February 2018 and was reappointed for a second four-year term in May 2022. His term as a member of the Fed’s board of governors ends on January 31, 2028. Last month, he explained the Fed’s dilemma when it comes to cutting or raising interest rates: whether to use it to fight inflation or instead to help offset a struggling job market (while controlling prices and unemployment). We only have one tool, which is monetary policyreally, interest ratesand [the situation] is calling for different answers,” Powell said. “It’s a very difficult policy environment when your two goals are telling you two different things, you’ve got to make a compromise.”
Category:
E-Commerce
I once attended a slide presentation given by an executive in a telcom company. The presentation was highly technical, but that was not the main problem. It was boring because the speaker was using back-to-back visuals and had zero connection to his audience. When the one-hour session came to an end, the entire audience filed out of the room but the executive kept talking. He was so focused on his visuals that he didnt even realize the audience had left the room. This story illustrates the dangers of using slides. The speaker can easily lose touch with the audience, and the result is that the power you bring as a speaker gets lost. To retain your power when using visuals, follow these five fundamentals. 1. AVOID SLIDES WHENEVER POSSIBLE. First, consider not using slides at all. Strong leaders have no interest in competing with busy PowerPoints. The purpose of a talk should be to persuade and inspire, not simply to convey information. Often you can do that best without any visual props. So avoid slides unless there is a strong argument for using them. Still, there are times when you will need to use slides. It might be part of the corporate culture. Some visuals illustrate a new product or a new building. At times a chart drives home a point. If you are planning to use a deck, the next four guidelines suggest how to do so most effectively. 2. REALIZE THAT YOURE THE BEST VISUAL. Think of yourself as the best visual. You have energy, enthusiasm, vocal reach, and body language that tell your audience you believe what youre saying and they should too. You can bring forward your points with more impact than inanimate slides can. This should encourage you to keep the presentation focused on you and your convictions. Instead of fading into the visuals and reacting to them, lead with powerful statements using your strong presence to bring the presentation to life. Keep your visuals simple and uncluttered. The less time your audience spends reading the visuals the more time theyll spend looking at you and following you. Beware especially of cluttered word slides. Theyre distracting and often hard to understand. Theyll compete with you. Audience members will be reading all that text and tune you out. 3. MAKE SURE YOU HAVE ONE CLEAR, COMPELLING MESSAGE. Your leadership presence depends on a clear, credible, and well-supported message. The danger of using slides or visuals is that the whole presentation can easily become an information dump. And thats how its usually delivered. Fact after fact after fact. To save your presentation from the information junk heap, introduce a central message early on. For example, you might say: The message of this presentation is . . . and keep that message front and center throughout. Show that everything in your presentation supports this message. The argument on each slide should relate back to the message. At the end, come back to your message and show how it can be implemented. Apple reinvents the phone was the message Steve Jobs wanted his audience to take away when he introduced the iPhone. Thats the reason Apple reinvents the phone was the only message on the slide. And he repeated it several times during the presentation to reinforce it. 4. PRESENT WITH GREAT CONVICTION. Having slides doesnt lessen the need to show your commitment; rather, it doubles that need. Own each visual. Provide a narrative that shows youre in charge and that the deck is just a supporting character. As you walk through the presentation, state the message of each visual before showing it. Say, As youll see, this next slide argues that convincingly. To inspire your audience, strengthen your voice and body language. Your voice should be forceful and varied, in keeping with the substance youre conveying. Emphasize your points by looking at the audience and using pauses, as if to say, Did you get that? Your body language is important. Excellent posture conveys conviction, as do appropriate gestures that reinforce your points. 5. END WITH A CALL TO ACTION. Finally, end with a call to action. The call to action should echo the overall message that you began the presentation with. Explain to the audience what you want from them. Approval of the proposal? Buy-in? Or a full understanding of your argument and its implications for moving ahead. Your call to action might begin I trust you can now see how redoubling our focus on using AI will be the basis for strong growth next year. Whatever your message, show how it can be implemented. If you do this successfully, you will have led.
Category:
E-Commerce
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