“IT’S ACTUALLY 12 TIMES”: TRADITION VS INNOVATION IN FAMILY BUSINESS

In a famously cheeky retort to critics who claimed AC/DC had made the same album eleven times, Angus Young quipped:

“No, that’s not right. It’s actually 12 times.”

This wasn’t just a punchline – it was a declaration of identity. AC/DC’s refusal to add keyboards or synths, their commitment to a raw, guitar-driven sound, and their global success (with Back in Black still the second-best-selling album of all time) reflect a powerful cultural truth: tradition can be a competitive advantage.

But what happens when the next generation wants to plug in a synthesizer?

⚖️ The Family Business Paradox: Tradition vs Innovation

Family businesses are often built on legacy – values, rituals, and ways of working that have stood the test of time. These traditions create cohesion, trust, and a sense of purpose. But they can also become constraints when the world changes faster than the family does.

The rising generation – often more attuned to digital tools, sustainability, and new business models – may push for innovation. This can create tension with the incumbent generation, who may see change as a threat to the very identity of the business.

This tension is not only natural – it’s necessary.

As Grant Thornton Australia’s Family Business Survey 2025 notes, incumbents tend to focus on operations and risk, while successors are more concerned with internal dynamics and innovation. Both perspectives are valid. The challenge is to build a bridge between them.

In my work assisting family firms to identify their shared values, many rank “carrying on the family tradition” alongside “creativity/innovation” as top values. This duality is not a contradiction – it’s a blueprint.

Some real world examples of this in action:

• LEGO: Once on the brink of bankruptcy, LEGO embraced digital play and co-creation with fans while staying true to its core value of creativity. The result? A thriving global brand that still feels like LEGO.
• Patagonia: A family-owned company that has embedded environmental activism into its DNA. It innovates constantly—materials, supply chains, even ownership structures—without compromising its founding values.

🛠️ Strategies for Balancing Both

1. Define the Non-Negotiables
   What are the sacred cows? What values or practices must be preserved at all costs? Clarify these early.
2. Create Innovation Sandboxes
   Allow the next generation to experiment in low-risk areas—new product lines, digital marketing, or pilot projects—without disrupting the core.
3. Use Storytelling as a Bridge
   Stories of past resilience and adaptation can inspire future innovation. They remind everyone that tradition itself was once an innovation.
4. Formalize Governance
   Use family councils, advisory boards, or charters to mediate between tradition and change. This creates a safe space for dialogue and decision-making.
5. Celebrate Both
   Don’t frame tradition and innovation as opposites. Frame them as partners. It’s not about choosing between tradition and transformation, but knowing which roots to preserve and which branches need room to grow.

🎤 Final Note: What Would Angus Do?

AC/DC didn’t innovate for innovation’s sake. They knew who they were – and they doubled down on it. But they also evolved subtly: better production, tighter songwriting, global touring strategies.

Family businesses can do the same. Honor the past. Embrace the future. And when someone says you’ve made the same album twelve times, smile – and keep playing your song.