Legacy is an intangible, invisible force that affects the decision making of the next generation in a family business. Psychologists call the motivation to build legacy generativity, and it stems from the concern for the welfare, well-being, and security of future generations. Developing and sustaining legacy is a way for family members to perpetuate the family identity and purpose. But are legacies always positive? The paradox is that legacy has been shown to lead to both positive and negative outcomes for organizations and individuals. Legacy is an asset to a family business when…
