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Profits alone will not guarantee long-term survival of your firm

It helps to have a core product that is much loved and can jump the generations.

Photo credit: | Shutterstock

What you need to know:

  • It helps to have a core product that is much loved and can jump the generations. An offering that is liked by young and old, that people return to over and over—that’s gold. It’s not enough to have it in one generation, though; it must be churned out consistently by newcomers to the business—and that’s where the problem lies.