To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey. Read more about three optimistic findings from this year's results.
This article, “Building Your Legacy,” written by Joshua Nacht and originally published in Family Business Magazine, discusses the process in which multi-generational family businesses develop a sustainable legacy.
Charlie Rhomberg shares how Crescent Electric Supply overcomes the challenges of keeping over 100 shareholders across seven family branches informed and on the same page.
The author discusses how running a business and a family unit with an eye toward diversification is the best way to ensure a family’s legacy and, ultimately, the enjoyment of the fruits of the family’s labor for generations to come.
For family businesses, legacy can mean the succession of business and family assets from one generation to the next. In fact, Merriam-Webster defines “legacy” as: a gift by will, especially of money or other personal property, and/or something transmitted by or received from an ancestor or predecessor or from the past.
Whether you are a leader of a company, a parent, or both, here are some suggestions on how to preserve the legacy you are helping to create for the next generation.
A critical aspect of the longevity of a family business is selecting and preparing the next-generation leader.