The role of non-family members
While Simon Thun is now at the helm of the firm as third-generation CEO, he breaks 15 years of Thun leadership under the control of non-family chief executives. During this time, the company experienced significant global growth. Equally, Simonâs father Peter was the first chief executive after Lene Thun, but he was her second son. Skillset and passion arenât always hereditary, nor should they be assumed.
This is a crucial point to take away for family enterprises. You need stories about your heritage, family, and values to be imparted by a family member, but you also need the competency and skill set required to lead its evolution. You need to then structure these resources with organizational efficiency and allow them to make changes. In the story of Thun, âeach successive family leader reinterprets the past, leaving an entrepreneurial legacy and engages in strategic actions that foster transgenerational entrepreneurship.â
Thun angels, which the family likens to the Porsche 911, now represent just 0.5% of sales, but they remain a flagship item. They will always be part of the family legacy and remain at the core of the Thun empire, which continues to evolve to serve customers of the future while beautifully respecting the traditions of their past.
Our research presents a recipe for success for family businesses wanting to innovate without losing sight of their heritage, and it starts with two simple steps: identifying the traditions you wish to instill in the next generation and giving them the power to innovate. Itâs a paradox that is powering the family enterprise ecosystem, and it could just be the key to your familyâs success.
Read the full paper here.