31 Mar “A Horse Matters” — What Cowboy Poets Know About Wealth, Work, and Legacy
Baxter Black once said, “You’ll be amazed at how capable people think you are if they don’t know you well. Don’t waste that advantage.”
At first blush, it sounds like a cowboy quip. But beneath the humor is a quiet challenge — step into the role, even if you’re not sure you’re ready. Because more often than not, the world gives the reins to the one who’s willing to hold them.
That’s something we see time and again in family enterprises: The moment of transition rarely waits until everyone feels fully prepared. Legacy doesn’t come with a script — it comes with expectations, responsibilities, and a whole lot of potential. And in that moment, perception often becomes reality.
Last week, we talked about the sobering truth that 90% of family wealth doesn’t survive beyond the third generation. The reasons are well-known: lack of preparation, communication breakdowns, and the inability to adapt. But there’s another piece worth highlighting:
Leadership doesn’t wait for permission.
I had the opportunity to meet Baxter and have several conversations with him before he passed away in 2022. He was quick, bright, and a funny man. If you do not know Baxter, he was a large animal veterinarian, his family ran a feed lot, he was passionate about the Western way of life, and he was a regular on some of the men’s horse groups that I have the honor to be able to ride with. I know him as a Cowboy poet and wonderful storyteller.
When Baxter Black stepped into his first big veterinary role, he wasn’t the most experienced — but he was the one willing to try. That’s often all it takes to shift the arc of a family’s legacy. Not just for next-gen heirs, but for current leaders asking, “Who’s really ready to take this on?”
So this week, a new question:
Are we preparing heirs to look the part, or to live the part?
* Have they been given small wins to build confidence?
*Do they know how to lead a team — or just read a balance sheet?
*Are they aware that stewardship is earned in the eyes of others through accountability and service?
When your family’s future is riding on it, you don’t want heirs who inherit leadership — you want heirs who rise to it.
A Few Simple Next Steps:
Hold a Confidence Workshop
Let next-gen members present a proposal, lead a meeting, or make a key decision — then debrief as a group. You’re not just testing skills; you’re building belief.
Celebrate Competence Early
Catch them doing something right. Recognize when a family member steps up — not just for their performance, but for their initiative.
Pass the Reins Before the Saddle’s Empty
Waiting too long to transition leadership creates shadows, not clarity. Give space for the next leaders to grow into the role while the current generation can still ride beside them.
Legacy Is More Than Assets — It’s Attitude
The best family legacies aren’t just built on smart investing or airtight trusts. They’re built on courage, communication, and the wisdom to recognize that readiness isn’t always obvious — sometimes it just needs to be seen, encouraged, and trusted.
As Baxter put it, “I like living someplace where a horse matters.”
Let’s make sure your family lives in a place — and builds a business — where character, work ethic, and shared purpose matter just as much as the numbers.
Let’s raise up heirs who know how to ride — and when to lead.
Want help developing confident, capable next-gen leaders?
Let’s talk about a readiness assessment or a legacy leadership track for your family.
No Comments