In several of our interviews, we learned about the substantial contributions that many family business leaders and multiple generations of their family members are making to long-term social initiatives that reflect the family’s values and purpose in consequential ways.

Many also make significant ‘gifts in kind’ by donating their time and sharing their expertise on community and charity boards. Often, this takes the form of philanthropic activities with family members and their businesses giving back to society through financial contributions to organizations that are important to them. Many family businesses create and sustain their legacies by making meaningful contributions to the communities around them. The asset that future generations are responsible for taking forward usually involves many more people and the impact of its success or failure can be more substantial as a result. Founders who fail with one idea often go back to the beginning and start over. The responsibility to be a good owner and steward also grows exponentially with each generation.

Will I ever be as good as them? How can I continue to honor what they have created? It can be challenging to think about achieving what your parents or grandparents achieved and how they did so with far fewer resources at their disposal. However, there is also an appreciation for the significant responsibility that comes with carrying on the legacy. Receiving a legacy is often seen as an honor and a privilege and a legacy conversation can be a very positive one about “bringing it forward” and growing it. This legacy is not something that the next generation is simply given, but a responsibility they are asked to undertake to maintain the success of the business and the reputation of the family.

Its legacy is the generational value that the business family has contributed over several periods of time. A family business is an asset that has value at a specific point in time.

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