The idea of legacy is age old. From the beginning of time, people have cherished the dream of building a legacy, a story that lives on for generations to come for the family and the community. For many people, legacy is a family business, and the wealth built by that family business. It doesn’t come naturally, however, even for successful family businesses. Ensuring that your family business legacy lives on for future generations takes careful preparation and attention to the smallest detail.
The following articles provide guidance and tips for helping to ensure that your family business and the wealth it has generated lives on for generations.
By: Ron Dohr
Values provide a foundation of culture, in business and in families alike. Shared values can inspire people to take on great things and to accomplish difficult tasks. Such values can also help bridge relationships across generations.
Family businesses must weather recessions, declines in sales and profits, threats from competitors, and perhaps most challenging, conflicts from other family members. One thing that transcends all of these issues, and can help address them, are the common values bonding the family business.
Because the majority of family businesses do not successfully pass from the founding generation to the next, it’s important to take formal steps to ensure that this legacy you’ve built lives on to provide for your family’s future generations.
Learn about the unexpected benefits of documenting your family business story.
by Leslie Dashew
When members of a family understand that they are all trying to achieve the same objectives and they recognize their interdependence, they take better care of their relationships.
Make sure you have all the important documentation in place to provide for your family.
There are many kinds of trusts you can establish for your beneficiaries. This article describes some of those trusts and how they can work for you.