Significance of ‘legacy mentorship’ for family businesses

By Theda Muller

In my humble opinion, Legacy Mentorship is the purest form of a methodology to preserve, maintain and ensure the highest level of continued success and evolution of a Legacy Organization.

Key is that redundancy of concepts, recreating business types and continuing to gain momentum and strive to ensure that upcoming generations can equally apply their gifts, talents, innovation, creativity and visions to the Legacy Organization, is the highest calling of a chairman or president of such a caliber organization.

The belief that everything lasts forever, especially when generations are borne into such Legacy Families with extreme wealth, success and power is a belief that must be meticulously strategized at the turn of a new upcoming generation, with the focus on current businesses, continual improvement and future success, not just unplanned succession, as it would realise its own set of problems that might take years to correct.

Many Legacy Organizations represents world renowned brands, where it’s not always assumed that those brands are the key livelihood of such an organization, because with the fast technology and concept changes, people must also be susceptible to those changes and existing businesses scalable to the same and more changes.

Therefore Legacy Mentorship for future Successors is key in this entire cycle, because the finest education at the most exclusive institutions, is not a key to ensuring the success of a future Successor, without the practical hands-on knowledge and experience, including nurturing their own innate gifts and talents within the Organization, by effectively being mentored how to apply such methodologies.

Hypothesis a Founder, President or Chairman has successfully initiated and established a brand of business which is now the forerunner in the industry. At some stage a Successor must be earmarked and groomed for the future role, where if talented, gifted or a visionary, the individual could have explosive ideas for additional complimenting business types or concepts to the existing brand, but if not afforded the exposure of experienced mentorship, this might never realise.

Some individuals believe that if something works, don’t change it, but that is really far from the truth, because if your future Successor has a vision and dream that could continue ensuring your place as the forerunner within your market or country for the next decades, then not conceding to Legacy Mentorship would mean losing market share, or your current business success and expansion could be stifled because of not being open to inevitable changes as upcoming generations have many brilliant ideas, but sometimes, they are forced to conform to tradition, because of family principles and history.

I do realise that this is an extremely sensitive subject, but it must be addressed where Legacy Mentorship is unavailable from the normal ‘run of the mill’ streams of mentors, this is a highly specialized arena that is facilitated with sacred confidentiality, commitment and sound relationship building of trust, utmost support and loyalty. So suffice to say, it is only directed at the very high eschalance of society, where codes of conduct and other sacred principles and ethics exists.

Legacy Mentorship is therefore performed at the highest level, a one-on-one interaction between the future Successor and the Legacy Mentor, with the blessing and full co-operation of the Founder, President or Chairman. It is a time consummated by both the future Successor and Legacy Mentor which culminates into a very close relationship of comradeship, dependency, confidentiality, ongoing mentorship advise, assistance and support and can even spill over into full support for the future Successor, ensuring they are able to effectively manage all issues within the arena of their personal lives.

Authentic Legacy Mentors are therefore far and few inbetween where they are only commissioned at the highest level, because some Outgoing Successors have identified the need for this accelerated progress, because they wish to ensure that their future Successors are fully prepared for the next decades. This approval is the outcome of Outgoing Successors also having experienced the decline within specific business sectors of their businesses, where they are aware that near future changes are inevitable, with the right knowledge, experience, talents, gifts and attitudes applied.

Legacy Organizations can only continue to maintain momentum and exceed their own expectations in the future, if they willing to afford Legacy Mentorship to their future successors with an open mind, because most of the time their future Successors are already identified, due to their unique abilities known to the family.
There is no limit of knowledge, experience or Legacy Mentorship that can be applied for the benefit of the future Successor and Legacy Organization.

Theda Muller
Theda Muller

Note: Theda Muller is a UAE-based visionary entrepreneur, CEO & Founder of various UAE companies, business advisor and legacy mentor, US trained and globally experienced. She is also an author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and workshops on debt recovery.