KENNESAW, Ga. | Apr 5, 2024

Founder legacy can be a strong influence on any venture. However, due to the intimate relationship between family founders and next-generation successors, legacy impacts can take center stage in family business succession. While the pressure to maintain a legacy orientation has been shown to be stronger in family-owned businesses, family members tend to view their founders with a more multidimensional perspective as parents, community leaders, family matriarchs/patriarchs, as well as successful business owners. In other words, while family businesses tend to have a much stronger legacy orientation, this can inspire a relatively wider range of motivations, behaviors, and goals when compared to non-family businesses with similarly strong legacy orientations.

Family business research has identified three separate dimensions of family legacy: biological, social, and material, the latter of which is often the sole emphasis in studies of legacy in non-family businesses. The multidimensional approach to family legacy explains why family successors can often appear, from the outside looking in, to radically alter the strategic intent of their firm when taking ownership but are still confident they are respecting the legacy of their parent/founder whom they perceive more as an innovator and disruptor than just as the leader of a successful business.

Want to learn more?

Harvard Business Review: How to Build Upon the Legacy of Your Family Business and Make it Your Own

KPMG: The Enduring Legacy of Business Families

Shanna Coulter | Owner, Local Color Art Studio

Local Color Art Studio is a makerspace welcoming artists of all skill levels. Our vision extends beyond just creating art; it's about nurturing a vibrant artistic culture in Canton and leaving a mark on the quality of art in our community.

From the outset, we knew the legacy we wanted to create. We want to empower individuals, enrich lives, and shape the cultural identity of the community for generations to come. To do this, we listen to our community. By actively engaging with local artists, we've crafted a space that meets their needs and fuels their creativity.

At Local Color Art Studio, we believe in the power of community-driven initiatives. By providing a platform for artists to thrive and grow, we aspire to cultivate generations of artists who will shape Canton's cultural landscape for years to come.

Want to learn more? Local Color Art Studio

Patagonia's legacy is built upon its unwavering commitment to environmental sustainability, social responsibility, and activism. Founded by Yvon Chouinard in 1973, the company has long championed environmental causes, advocating for issues like climate change mitigation and the protection of public lands. Central to its legacy is a dedication to sustainable products, utilizing materials like organic cotton and recycled polyester while offering repair services to prolong the lifespan of its gear.

To preserve its legacy, Patagonia took a unique approach by transferring ownership to a trust and nonprofit, ensuring that profits—approximately $100 million annually—are directed towards environmental initiatives. This move secures the company's mission-driven ethos for future generations.

Patagonia's legacy is one of environmental stewardship, social activism, and corporate leadership. Through its actions, it not only preserves its values but also inspires positive change in the business world and beyond.

Want to learn more? The Daily: After 50 Years, Patagonia Focuses on Leaving Lasting Legacy

We welcomed nearly 50 people on March 21, 2024 for a panel discussion about professionalization. Attendees enjoyed networking with fellow business owners and professionals, and the panel discussion was informative and thought provoking.