Celebrating the Life of Lehman Brothers
September 15th, 2008When Henry Lehman, a German immigrant, opened a dry goods store in Alabama in 1844, he could not have predicted that his business would have been so successful. In 2007, when Lehman posted record income and earnings for the fourth year in a row, the organization could not have predicted that it would file for Chapter 11 bankruptcy today.
The pictures of young employees, or ex-employees, of Lehman Brothers – in casual clothes – carrying away their personal possessions from their offices on 7th Ave. in New York City are sad. This was an honorable organization and we can only guess at how many families will be turned on their heads by this event and its consequences. And in the midst of this kind of emotional and financial event, it’s hard for the rest of us to stand back, lick our own wounds, and assess the damage calmly. Our first thoughts are to share in the grief and acknowledge this human cost. However, we should also take the time to celebrate the life of a great institution. In doing so, we cannot but also be reminded at this time that there are few certainties in business!
I wonder if somewhere in the vaults of their 7th Avenue headquarters, there were twenty year, ten year or five year plans? Think of this when you next write your own business plan. My advice would be to keep your plan to one page only! Whilst from a PR perspective it is always good to believe absolutely in what you do, neither should you set your beliefs in stone. Stick to what you know and try to avoid what everyone else is doing. The sad and sudden decline of Lehman Brothers is a reminder that even the most reputable of organizations may be moving in the wrong direction. Learning to trust your own instincts and trying to create clear water between what you do and what everyone else does, can sometimes be the right approach.
But this isn’t a moment for wise words. We are all too shocked by this death and by what its repercussions might mean for us. In an Internet age, each individual and business depends on other individuals and businesses – and it’s a great sadness when any one of our acquaintances, especially one with such a distinguished history, doesn’t make it to fight another day.
