I am proud to carry on his legacy as the new company owner to the business he created over 13 years ago. As we planned my purchase of the company last fall between his chemo treatments and settling into our new office space, keeping his name as the company name was always a topic of discussion.
If we changed our name, how would the brand continue and our clients find us? If we kept it, how would we explain who Peter Hill was to new clients? My biggest fear was losing clients to too much change and the impression that the company no longer existed. Keeping the name was one way for us to show them our service would stay consistent. Many companies face these challenges, but especially when the founder’s namesake is in the company name. Does the founder in fact become the brand?
Many law firms continue with partner names in their titles long after the partner leaves. If Oprah died tomorrow would HARPO cease to exist? I doubt it. The brand equity that she has created is off the charts successful. As much as Oprah brings to her company, she has a whole team around her that really helped create her brand. Ralph Lauren is on the verge of retirement at the age of 73 and his megabrand will likely continue as-is without his leadership. His son, David, is posed to take over according to a recent Fast Company magazine article. Although David has a different vision, he will take his father’s company and continue to build on the established brand equity. It helps that David has the same last name but even if he didn't, I am sure “Ralph Lauren” will still be in existence years from now.
It’s been 9 months for now us without Peter, and so far the name has stuck. Our brand has stayed consistent and our clients have stayed with us. Peter’s name truly became the company brand. Prospects haven’t inquired to why there is no longer a ‘Peter Hill’ at Peter Hill Design. Our company culture, without our original leader, isn't too terribly different from when I started here over 10 years ago. Our small, close-knit team has stayed working together and our vendor and client relationships have stayed consistent.
What’s behind the name is what makes it valuable – the customer relationships, products and people. We might change our name down the road, but for now, "Peter Hill Design" still has brand equity and a nice ring to it!
