Part 2 - Defining our Legacy - Flipbook - Page 22
Maintaining
& evolving
legacy.
Where a business is concerned, dependent on sector or style
of business, it’s likely the commercial operation itself will
need to adapt over the years, and so too will its structures and
governance if it is to remain relevant. The most successful
family businesses are likely to be taking a conscious view
on legacy and how it is defined, as part of conversations
about wealth transfer – even when they recognise that these
discussions can be a challenge.
“
As a firm that has advised many high-profile families
and individuals over the last 300 years, we think that
one golden thread that runs through many successful
legacies is setting out a future vision and then getting
buy-in to that from across the wider family.
If everyone is aligned and new family members are
inspired into that combined vision then conflict
can be avoided and individuals know what they are
collectively working towards. This need not be about
exerting tight control but rather setting a framework
that others can operate within, a little like a beautiful
garden where a landscape structure has been set but
then freedom given to others to plant different seeds.
K Y R A M O T L E Y, PA R T N E R AT B O O D L E H AT F I E L D
