Part 2 - Defining our Legacy - Flipbook - Page 15
B O O D L E H AT F I E L D -
LESSONS IN LEGACY
T
here is a pervasive narrative that family in businesses are unlikely to
survive beyond the third generation. In fact, in our experience, family
owned businesses are often more robust and long-lived than counterparts
in different forms of ownership and even if a business doesn’t pass down
multiple generations, the family may continue to stay in “business” together.
Family ownership brings with it recognised advantages: the ability to pivot and
make quick decisions when necessary, a tendency towards taking the long term
view over an attraction to turning a quick profit, and an aversion to racking up
debts that bring greater risk, should the economy turn. The question of legacy
is of course central to discussions around how a family in business endures for
the long term.
