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Better Business, Better Life – Issue 169

 

WHAT’S INSIDE THIS ISSUE:

Business Tools & Real-life Lessons:

Back to the Brick: What Family Businesses Can Learn from Lego

Links to Useful Stuff:

3 Curated Blogs, Podcasts & Tools

Meet our Team:

Find of the Month:

When I work with family businesses, I often hear, “But it has to be a family member in the CEO seat – it’s our legacy.”

I get it.

Loyalty & tradition run deep. But I’ve also seen how dangerous it can be when the wrong person holds the reins.

It reminded me of Lego. I’ll never forget the pain of standing barefoot on one of their bricks – but the real pain was inside the business itself.

At one point they were haemorrhaging over $1 million a day. Warehouses were crammed with unsold stock, costs were spiralling, & the company had lost its way.

Even billion-dollar franchises like Star Wars & Harry Potter couldn’t save them.

By 2003, Lego was staring disaster in the face.

What’s all this got to do with EOS? Read on to find out…

PS: Even at my age I still enjoy making lego creations – I currently have a Ferrari that I am working on!

BUSINESS TOOLS & REAL-LIFE LESSONS

business action

Back to the Brick: What Family Businesses Can Learn from Lego

The issue wasn’t the lack of opportunity – it was distraction. Too many products, too many side bets, no clarity of focus.

And here’s the kicker: the family leadership couldn’t turn it around.

Then came a radical decision. For the first time in their history, the family hired an outsider as CEO.

Jørgen Vig Knudstorp slashed complexity, cut distractions, & brought accountability back into the business. Most importantly, he got Lego back to its Core Focus – inspiring creativity through the brick.

It wasn’t comfortable. But within 5 years, Lego was thriving again, & by 2015, they were the world’s #1 toy company.

The Family Business Lesson

Too often, family businesses assume the CEO role belongs to a family member. Loyalty trumps capability. But leadership isn’t about bloodline – it’s about the ability to protect & grow the business for the next generation.

Sometimes that means putting the right person in the seat – even if they aren’t family.

That’s why in EOS, we talk about Right People, Right Seats.

Every seat, including the CEO, needs to be filled by someone who both fits the company’s values & has the skills to deliver. Anything less risks the entire legacy.

The EOS Connection

Knudstorp essentially applied Core Focus before Lego had the EOS language for it. He stripped back to what Lego did best: inspiring creativity through the brick.

  • Core Focus: “Inspire & develop the builders of tomorrow” – everything else was noise.
  • Accountability: The “war room” culture was basically a Level 10 on steroids, with leaders accountable for measurables in front of their peers.
  • Traction: By cutting distractions, they could execute brilliantly on fewer, better bets.

The result wasn’t just survival – it was a flourishing legacy.

So, if you’re a family business, ask yourself.

Are you keeping someone in the CEO seat because of family ties, or because they’re truly the right person?

Have you strayed into distractions, or are you crystal clear on your Core Focus?

Do you have accountability, measurables, & discipline at the top?

Sometimes the bravest thing a family can do is to step aside – not because the business isn’t theirs, but because the legacy is bigger than any one person.

If you’re a family business wanting clarity, focus & accountability at the top, let’s talk at debra@businessaction.com.au

LINKS TO USEFUL STUFF

This section gives you quick access to 3 links - to articles, blogs, podcasts & stuff that will help you to create a better business & lead a better life.

Better Business and Life Resources

Article

business action

Why EOS is a Game-Changer for Family Businesses

Transform your family business with the EOS framework.

Read More

Podcast

business action

Blame it on EOS! A Family Business Tale

How one family business changed their story with EOS.

Listen Here

Life Stuff

business action

How to Exercise with Your
Kids

Build a fun and healthy life with your kids through exercise.

Read More

We are here to help you live a better life by creating a better business. We are real-life business owners with years of experience & a strong desire to make a huge difference to the lives of entrepreneurs.

If anything here resonates with you or you would like our help, then please get in contact. Just reply to this newsletter & let us know who you would like to speak to…. Or visit our webpage & contact any of our team from their own pages.

If you know someone who would benefit from reading this, then please forward it onto them. 💖

NEED HELP?

​If you’d like to learn more about any of these tools or would like to find out how I can help you achieve a better life through creating a better business, then book a free Discovery Call with me.

We’ll talk about what you want to get from your business & your life & come up with a plan to do that!

Book a FREE Discovery Call here

Debra Chantry-Taylor

Certified EOS Implementer | Accredited Family Business Advisor | Entrepreneurial Leadership & Business Coach | Speaker & Workshop Facilitator