How to Build a Legacy That Lasts
Building, growing and preserving the legacy of the family business requires a strategic and holistic approach. Here are some recommendations to achieve this.
Define and communicate values and vision
Identifying the values and vision that guide the business and defining channels to communicate them clearly and consistently to all family members and shareholders will help create a shared image of the company and drive commitment to its purpose.
Promote unity and harmony within the family
Promoting communication and relationships among family members helps to strengthen unity. Group outings, workshops, and family gatherings encourage conversations about the business, the challenges it faces, and its future.
Preserving and sharing the family’s
historyIt is advisable to record and value the history of the family and the company through narrative, archives, memories or museums, as they promote a sense of pride and belonging among current and future generations.
Innovating and adapting to change
Valuing the legacy and traditions of the family business is not incompatible with being open to innovation and adapting to change. Each generation wants to make its contribution to the growth of the company. For this reason, many combine tradition with innovation. Emerging technologies, as well as the most innovative strategies and business models are key to being competitive and relevant in an environment of accelerated change.
Promoting responsible stewardship
There is a need to promote responsible management in which family members are encouraged to see themselves as custodians of the family business for future generations. Financial management, ethics and commitment to sustainability play a key role in this administration.
Prioritizing social
actionThe social actions in which the company is involved reflect the family’s values and its commitment to the community. Not only do they enhance the family’s legacy, but it also reinforces the company’s sustainability performance.
Source: Report on family business 2024.