It is rare and challenging for businesses to last beyond the first generation of ownership and leadership, and rarer still for them to last into the third generation and beyond. There are many reasons for this, but a common one is that a company, once it has created its breakout, successful product, will cease to innovate and change. When vigilance on this front diminishes, it is nearly impossible for a company to remain competitive and survive.

When Robert Pasin started work for the very successful company his grandfather had founded, Radio Flyer, he was surprised to discover that his family’s company had fallen prey to just this. Innovation was minimal and as a result, the company was in danger of a decline. He undertook to rebuild a culture of innovation and discipline, and was remarkably successful; Radio Flyer was recently named to the top ten Fast Company list of Most Innovative Companies for 2023.