Aaron Keller

Private equity needs a rethink. There are legendary stories of leaders who went into a private equity–owned business and came out with a personal oath to never step inside again. You might know one—you might be one of those people. Yet the brush is too broad when it paints all of private equity as bad for culture, business, or humanity. It is a business model that serves an important role.

Brands are extensions of the founders, leaders, and teams who shepherd them. Great brands represent the best versions of ourselves. Those with great longevity, history, heritage, and meaning have become lighthouses on the shore, allowing us to navigate the waves of uncertainty. A few years ago, Apple, with its focus on personal security and privacy, provided an example when the company denied government access to customer data.

There’s a legendary story of Burger King’s “fast follower” strategy. While McDonald’s had a large team dedicated to selecting the perfect new location, Burger King had one person whose job was to open a new store as close as possible to each McDonald’s. As long as McDonald’s continued expanding, Burger King could piggyback on their success. This phenomenon isn’t limited to fast food; it happens in many industries, if you’re observant.