Ben's 1x1x1 - June 21, 2024 🚀 - Legacy businesses

For those of you that are new here, every week I send what I call a 1x1x1.

One learning, reminder, or interesting thought from my week.
One interesting find/tool from my week.
One image from my life.

Let's dive in 👇

Interesting thought from the week

I've been thinking a lot about legacy businesses recently. Basically the business equivalent of a family heirloom that doesn't gather dust.

What the hell is a legacy business?

I think of a legacy business as one that can easily be passed down generation to generation. Often, these businesses have family meaning and family values embedded (at least my favorite ones do).

Like the time I was inspired to grow my hair out after seeing Lord of the Rings (thankfully have eliminated most photo evidence), I get really inspired every time I come across a legacy business.

Partially because they are just so rare! Approximately 12% of businesses in the US have been in operation for more than 50 years.

My favorite legacy businesses have the following aspects:

  • Sell a premium product
  • Have legacy or family property associated (think winery or fly fishing lodge)
  • Convey family stories or values through the products

I think a future goal may be to try and start a legacy business that fits the above criteria.

Anyone have experience in this realm? I'd love to hear from you!

Interesting find/tool of the week

Sometimes I feel like Patrick Star—slow, clueless, and living under a rock. But hey, I'm starting to catch up!

I recently took the time to look into the GPT marketplace. Y'all, it's so good!

Anytime I have a task, I check the GPT marketplace to lessen the load.

Image from my life

Summer concert season is here. Good times last night.

See you all next week!