Throughout the Olympic Games, each day brings incredible anticipation for what’s about to come. Favorites are supposed to deliver, and underdogs have the incredible chance to shine with their hours of sacrifice on full display.
Families are frequently spotlighted as broadcasters share the stories of these phenomenal athletes, whether it’s a mother and grandmother in the stands, a brother cheering on his sister, or the parents who have put in hours of sacrifice of their own to ensure their child had every opportunity to make it to the world’s largest stage.
Swedish-American world-record pole vaulter Armand “Mondo” Duplantis is a perfect example. Duplantis grew up in Louisiana, but chose to compete for his mother’s country (Sweden), where she competed internationally in the 1980s in volleyball and the heptathlon. His father is a former All-SEC pole vaulter. Both parents played a huge role in Mondo’s success in the Paris Olympics: Helena is his trainer/mom, and Greg is his technical coach/father. From pole vaulting across the living room to a homemade setup in the backyard, the trio has worked together to reach the pinnacle of pole vaulting while traveling the world and competing as a family.
Basketball player Devin Booker, tennis stars Venus and Serena Williams, gymnast Simone Biles, figure skater Kim Yu-na, pole vaulter Yelena Isinbayeva … the list goes on of Olympic athletes who were coached by their parents. And when you look back at the athletes, their families, and the Olympic games in general, there are five key lessons that come to mind that apply to both athletics and family businesses:
1. Clearly defined success matters
Clear rules and milestones are essential in determining success so that everyone involved knows what to expect to get to the next level. To participate in the Olympics, athletes must qualify. Each event has specific times, places, or results that must be achieved. You want to medal in the men’s 400M? Then you need to not just break 44 seconds, but probably break 43.5 as well — and outrace your competitors.
You want to move into a senior leadership position in your company one day? Demonstrate sales expertise, navigate difficult leadership transitions, and ensure the family reputation is upheld in the community. More often than not, measures of success are not defined well in family businesses and this limits growth.
2. Timeframes for performance are well defined
The Olympics take place every four years. The timeframe is well-defined and building performance plans to meet the expectations is clear. In family businesses, timeframes for progression, succession, and leadership roles must be clearly communicated to ensure balanced expectations.
3. Family support is critical for success
Even for athletes who didn’t have the direct guidance of their parents, the unwavering support of their families was essential in ensuring they reached every practice, stayed properly nourished, and remained focused on their goals. In family business, it’s essential for family members to support each other and stay focused on their goals, even more so when it comes to building a long-lasting legacy. The Olympics may appear more about the individual in many cases but recognize it is the family that ultimately succeeds, and in family businesses, the awards go to the present and future generations.
With family businesses, in particular, it is a fine line to balance external support and internal reinforcement — rarely is this balance a steady state for years and remains far more subjective than most sport performance objectives.
4. Families celebrate the athlete’s success
Look into the stands, observe the sidelines, and witness the watch parties of the families of these athletes. Frequently, the parents celebrate the success of medals even more than their children. When you’re performing at a high level, it’s easy to tell yourself “Great, I did it!” but then start thinking about how you’re going to do it again next time. After all, that’s what everyone expects, right?
Parents in many family businesses are burdened with their concerns about the business surviving into the next generation, which prevents celebrating the great successes of their future generations as they happen. Taking the time to genuinely celebrate benefits everyone, from athletes to business owners, by boosting morale, reinforcing the value of hard work and the practices that led to success, bringing teams and families closer, increasing motivation to achieve again, fostering pride in themselves and their organization, and encouraging reflection on what worked well and how to replicate that performance.
5. The highest levels of performance are finite
The Olympics appear to define the optimal ages for performance in each sport; however, there are exceptions like Quincy Wilson (16) racing the 4×400 relay and Mario Deslauriers (59) seeking a medal in equestrian.
We often hear about athletes that are past their prime and “need” to retire to make way for the next generation. With many athletes peaking in their late 20s and early 30s, this window is widely accepted as a time of transition or succession for athletes. In family business, the time frames for best performance are often unclear and frequently prolonged. When athletes retire, it clears space for the next athletes to step up; when senior generation leaders in family business occupy the role for a prolonged period, the next generation remains on the sideline waiting, “put me in coach, I am ready to play.”
The Olympic Games ignite excitement and solidarity for one’s country as we watch incredible athletes reach their peak performance. The events are filled with tears of joy and heartbreak — and lessons that apply to both athletics and family businesses. As the XXXIII Olympiad has come to a close, be inspired to live out your best performances in family business as your family looks at the horizon through the next generation.
