Imagine the third or fourth generation of descendants of the founder of the family fortune: These family members never saw their parents come home late night after night. They never experienced the sacrifices, frustrations, and risks required to build the fortune. To them, fate rolled the dice and made them heirs. Legacy creation is the path to creating a deeper connection to the family story that built the foundation of their lives today.
A clear understanding of the family history can be used in several ways:
1. Documentation
Once and for all, the past is documented so the family can always go back to films, interviews, press clippings and photos. Here lies the explanation of how the fortune was created, what it took to build it, and which traits the founder possessed to contribute something so extraordinary.
2. Guidance for the Future
When the past is mapped out, the family gains insight into how crises were handled in earlier times. Were decisions short- or long-term in nature? Were companies sold or passed on? Was there a focus on wealth preservation and/or family cohesion? Articulating how the past was managed allows the next generation to make conscious decisions about which patterns should stay in the past – and what they want to carry forward in their own ownership.
3. Rituals
A legacy film or book can be a powerful ritual marking the transition from childhood to adulthood in the next generation. For example, when a teenager turns 15, they are shown the legacy film or given the book, offering insight into what they are the heirs of. In a well-structured next gen programme, they are also introduced to the rights and responsibilities of ownership, and the path forward is discussed with the family and possibly an external mentor. In this way, history becomes a knowledge foundation for the young person to stand on when making their own life choices.
How Do You Document Your Family Business’s Legacy?
As with all storytelling, it’s a clear advantage if the end product is engaging, educational, and has heart. Here are five tips for how to best document your family’s legacy:
1. Ensure a Clear Connection to the Present
Be clear about what you want to use the past for today. What should the viewer or reader take away from it? Once you’ve defined this, it becomes easier to decide which stories should be documented and which can fade into history.
2. Show the Person Behind the Myth
In some families, the fortune is so vast that the next generation won’t have the opportunity to meet the individual(s) who gave them such financial wingspan. Your book or film can create identity, belonging, and recognition for the next generation—if you show the real human being behind the wealth, with all their strengths and flaws.
It’s valuable for the next generation to know that their grandparents or great-grandparents also had doubts, felt nervous before big decisions, and made mistakes. This gives them stronger shoulders to carry the responsibility of ownership.
3. Money Isn’t Everything
It’s certainly not the whole story. Beyond building wealth, what else can the next generation be proud of? Was the fortune based on a remarkable invention? A breakthrough in medical research? The creation of an entirely new industry? Was there a tradition of philanthropy? Were loyal employees rewarded? Did the local community benefit through jobs and growth? Was a distinctive corporate culture nurtured?
All of this helps paint a picture of who the founder was—and what she or he achieved beyond just building a fortune.
4. ‘No Man Is an Island’
Include the key people who surrounded the founder in your documentation. How did they contribute to the journey? How do/did they view the founder’s accomplishments? It’s important for the next generation to understand that no one succeeds alone—and that partnerships with colleagues, family members, friends, and advisers help build a stronger whole.
5. Think Quality Over Quantity
The technology we use today will seem outdated in just one or two generations, so now is not the time for home video and poor sound. Bring in professional producers and filmmakers to create something your family will still enjoy 30-50 years from now. A well-produced 45-minute film delivers more value than four hours of shaky footage with bad audio. Or send the book to a proper printer so it earns a proud place on the shelf.
Contact us to learn more about how we can help you build a strategy for your family’s legacy creation.
