What Lisa Marie Presley Can Teach Brands About Legacy

What can the heiress of an American music icon teach ambitious entrepreneurs, brands, and business leaders about legacy? It turns out, quite a lot.

While most brands struggle to create fame and fortune, Lisa Marie Presley wrestled with her inherited fame and fortune. These two different challenges are both shaped by the essential need to balance brand legacy with identity.

Beware the identity trap

In today’s celebrity-dominated culture, public figures are not unlike brands. From Taylor Swift to soccer player Cristiano Ronaldo, mega personalities cultivate compelling propositions and profiles, backed by legions of devoted fans.

In many ways, businesses strive for the same outcome—an enduring brand identity. For individuals and brands, the challenge is to not get trapped by it. 

When your identity is inherited, it’s hard to know who you are. As revealed in her autobiography From Here to the Great Unknown (Random House, 2024), music royalty Lisa Marie Presley struggled to carve out a distinct image, overshadowed by her father’s immense legacy and physical resemblance.

Experimenting with ventures as a singer-songwriter and philanthropist, she admits, “I don’t know who I am … I never really got the chance to uncover my own identity.”

Under media scrutiny, the burden of sustaining the celluloid image of Presley’s perfection was relentless. A hurricane of rebellious independence, she echoed Irish songstress firebrand Sinead O’Connor who stayed true to her authentic herself. Both are salutary reminders of the power of individuality. Many modern executives feel boxed into their title, town, or industry and fail to consider the spectrum of career or strategic optionality.  

In family dynasties such as the Presleys, Murdochs, or Hiltons, expectations can be overwhelming.  It’s more acute when significant financial interests are at stake. Under intense pressure to perform for investors, some fall into what I call an “identity trap.” In my book TUNE IN: How to Make Smarter Decisions in a Noisy World (Harriman House, 2024), I describe how our innate desire to impress and stay rigorously consistent with a preconceived image degrades our decisions and long-term perspective.

Business leaders are not immune. The identities of Tesla, Apple and Virgin reflect the personalities of the founders and CEOs. Is there really any appetite or agenda for change? It can be a power-based trap from which it’s hard to escape.  

Prevent legacy as liability

Leaning too heavily on heritage can lead to stagnation or an over-preoccupation with the past. Many companies get so entangled in their history that they can’t see the future. Tradition becomes a crutch. Some stay stubbornly consistent with an image or offer that no longer serves them or the market.

Consider the household brand Tupperware, which recently filed for bankruptcy protection, among other legacy brands. Similarly, ambitious start-ups can exhibit a singular legacy-driven mindset, over-committed to pet projects even though the ideas may be commercially poor.

Honoring potential or actual legacy with the need for reinvention is a delicate balance.

Respect the rite of reinvention

Brand reinvention is not just for celebrities. It’s a survival strategy for business, especially as the average lifespan of a company has shrunk from 60 years in 1960 to 18 years. Failing to evolve predicts irrelevance, no matter how strong the brand.

Of course, some brands get it right. In early 2000, LEGO faced a crisis with declining sales and a market disconnect. Through strategic partnerships with Star Wars and Harry Potter, LEGO reinvented itself and emerged stronger. Even today, environmentally-conscious LEGO is replacing oil-based bricks with recycled plastic.

Mega family brands like Estée Lauder, Ford, and Walmart have steered the balance between legacy and reinvention, ensuring that their position and product line-ups stay future-focused.

For instance, Estée Lauder expanded its portfolio by acquiring cutting-edge brands like MAC, Tom Ford Beauty, and Aveda, and Smashbox Beauty Cosmetics to appeal to younger audiences.

Lisa Marie Presley dabbled with her musical heritage, releasing a debut album at age 35. Her life reminds us how brand identity and legacy are inextricably bound. But it’s possible to rewrite the story.

Since Graceland was commercialized in 1982, it’s now a $100 million business. The family preserved the past. Today, this mantle is being transferred to the next generation via her children. Yet, as Elvis fans age, this tourist trail has an inevitable shelf life.

The lesson is to respect authenticity and navigate the timing of any subsequent reinvention.

Don’t get trapped by the past

The ability to manage the tension between past success and future evolution keeps brands relevant. The challenge is to choose those dimensions that serve you and discard those that destroy you. Where reinvention is required, careful succession planning can facilitate a successful transition.

Whether running a startup, leading a dynasty, or managing your team, the lesson is clear. Respect legacy, and reinvent where necessary, but don’t let legacy dictate who you are. Above all, don’t get trapped by the past, especially if it belongs to someone else.