Unlike Machu Picchu, a business legacy isn’t built of stone—but of vision, values, and purpose. A legacy is more than an inheritance of wealth or property; it’s a lasting gift that carries meaning, character, and continuity across generations. In the broader sense, it’s anything of enduring value passed from one generation to the next—just as the idea of democracy was a timeless legacy of ancient Greece.
The Essence of a Family Business Legacy
In a family business, legacy isn’t just an idea—it’s the foundation of what makes the business family-owned. When a founder passes leadership to the next generation, much more than assets change hands. What truly transfers are the values, vision, and sense of purpose that originally gave the business life.
When a founder builds with a long-term vision, the enterprise reflects that person’s beliefs, ethics, and worldview. These qualities shape the company’s reputation, its relationship with the community, and the way it treats employees, customers, and suppliers. Over time, this becomes the true essence of the family’s business legacy.
The Power of Vision and “Why”
Building an enduring business is challenging. But founders who are clear about why they do what they do are able to persevere through obstacles. Their business becomes an expression of their purpose—and their business legacy becomes a living representation of who they are.
A Case Study: The Marvin Family of Brands
The Marvin Cedar & Lumber Company, established in 1912 and now known as Marvin Family of Brands, stands as a powerful example of family business succession done right. Still family-held and managed after more than a century, Marvin is the premier U.S. producer of custom windows and doors.
Its founder, George G. Marvin, was known for honesty, generosity, and community leadership—qualities that continue to define the company today. From supporting local farmers during the Depression to ensuring steady work for his employees, George Marvin built not just a company but a legacy of integrity, stewardship, and innovation. These values became the foundation of the family’s succession plan, guiding the business through five generations of ownership.
How to Define and Protect Your Own Business Legacy
The groundwork for your business legacy begins with you—the founder or current leader. Each generation that follows contributes to its meaning and value. As you prepare to transition your company, take time to reflect:
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What is your business legacy? Identify the core values and contributions that define it.
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Why is this your legacy? Understand how it has evolved and how family members have shaped it.
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What does this legacy mean? Explore what it represents for you, your family, and your community.
Building a Legacy That Lasts
Your family business succession plan should do more than transfer ownership—it should preserve purpose, culture, and values. In upcoming articles, we’ll explore how to ensure your business legacy endures, including the nine key stages of successful family business transition and practical ways to keep your legacy alive for future generations.
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