Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
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.
As generations before us, most family business owners have invested considerable time, energy, savings, hopes, and dreams into the longevity of their business.
Michael Dierberg, Chairman of the Board at FB Corporation (First Bank), offers insight into the importance of engaging and connecting with other like-minded family business owners for support and collaboration.