In the 1991 film “Other People’s Money,” actor Danny DeVito plays a memorable role as “Larry The Liquidator,” a ruthlessly opportunistic corporate raider who threatens to take over the family owned New England Wire and Cable business.

As Larry is in the process of taking over Gregory Peck’s business at the stockholder’s meeting, the character delivers the following gem about losing market share in a shrinking market:

“You know, at one time there must’ve been dozens of companies making buggy whips. And I’ll bet the last company around was the one that made the best goddamn buggy whip you ever saw. Now how would you have liked to have been a stockholder in that company? You invested in a business and this business is dead. Lets have the intelligence, lets have the decency to sign the death certificate, collect the insurance, and invest in something with a future.”

To borrow DeVito’s example in “Other People’s Money,” the modern automobile supplied the death knell to the horse-and-buggy industry.

What will eventually replace your business? What technological advance will render your product or service obsolete?

It may feel strange to think about a point in time where your business, company or product is no longer useful, but it shouldn’t be. As a business owner, it’s extraordinarily useful to be able to project into the future, to try to read the tea leaves for your product and market.

With time and forethought, you can plan in advance for nearly any potential outcome. By thinking ahead, you can help your business evolve with the times. Instead of being the company that passes the torch to the next big thing, be the next big thing. Pass the torch to yourself.

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