Pauceanu, Alexand ina Ma ia; Zaha ia, Rodica Milena; Benchis, Melisa Pe a
A icle
The old, he new, and he used one: Assessing legacy in
amily i ms
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Sugges ed Ci a ion: Pauceanu, Alexand ina Ma ia; Zaha ia, Rodica Milena; Benchis, Melisa Pe a
(2025) : The old, he new, and he used one: Assessing legacy in amily i ms, Adminis a i e
Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 3, pp. 1-23,
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Ci a ion: Pauceanu, A. M., Zaha ia, R.
M., & Benchis, M. P. (2025). The Old,
he New, and he Used One—
Assessing Legacy in Family Fi ms.
Adminis a i e Sciences,15(3), 106.
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A icle
The Old, he New, and he Used One—Assessing Legacy in
Family Fi ms
Alexand ina Ma ia Pauceanu 1,* , Rodica Milena Zaha ia 2and Melisa Pe a Benchis 3
1Open Ins i u e o Tecchnology, XBX 1425 Ta’Xbiex, Mal a
2Depa men o In e na ional Business and Economics, The Bucha es Uni e si y o Economic S udies,
010374 Bucha es , Romania; milena.zaha ia@ ei.ase. o
3Depa men o Public Managemen , Uni e si y o Vaasa, 65200 Vaasa, Finland; [email p o ec ed]
*Co espondence: d [email p o ec ed]
Abs ac : The cu en s udy aims o de e mine he meaning and he ole o legacy in
he de elopmen o amily businesses om he pe spec i e o mul igene a ional amily
businesses. Employing Thema ic Analysis (TA) and Gioia me hodology, he ansc ip o
in-dep h in e iews wi h ep esen a i es o i e amily businesses, om di e en indus ies
(mili a y p oduc s and wine, banking and jewel y) we e analyzed and checked agains he
li e a u e. The indings show ha legacy is a complex p ocess ha e ol es no only om i s
co e elemen s, bu as a pa o business in ol emen in socie y. Acco ding o hese elemen s,
he e a e ou pa e ns o legacy, namely legacy o knowledge, legacy o alues, legacy o
ela ionships, and legacy o con ibu ion o socie y. These ou pa e ns o legacy de e mine
a speci ic ype o doing business: “Sus ainabili y S ewa ds”, “Knowhow Hando e ”,
“Values Inhe i ance”, and “In e gene a ional Bluep in ”. Each ype co esponds o a unique
app oach o managing and p ese ing he legacy wi hin he amily business. A se o
bes p ac ices ha amily businesses seeking o consolida e hei legacy is p oposed as a
p ac ical alue o his s udy.
Keywo ds: amily business; legacy; amily legacy; bes p ac ices; quali a i e esea ch
1. In oduc ion
The success ul passing down o legacy con ibu es o he longe i y and success o am-
ily businesses in he dynamic business landscape (Habbe shon & Williams,1999;Zellwege
e al.,2012a). Unde s anding wha exac ly legacy is, howe e , has been a sou ce o much
deba e o esea che s (Bal aza e al.,2023;Ba be a e al.,2018). Recen wo k has ocused on
he wha o legacy: he esou ces ha a e ans e ed be ween gene a ions, such as ma e ial
a i ac s and/o emo ional iden i y- ela ed imma e ial con en (Radu-Le eb e e al.,2022;
Rös öm & Liedholm,2023). O he schola s ha e e lec ed on who is ans e ing legacy
and how legacy is passed down o new gene a ions (Faßbende e al.,2019;Jaskiewicz
e al.,2015,2020;Mag elli e al.,2022). In all cases, concep s such as alues, knowledge, and
ela ionships a e now pe cei ed o be ex emely impo an in unde s anding he ex en o
which legacies can su i e and lou ish o e gene a ions (A ono & Wa d,2000;Fe ei a
e al.,2021;Heino e al.,2020;Kenyon-Rou inez,2001;Mo eno-Menéndez & Casillas,2021;
Ramadani e al.,2018;Rös öm & Liedholm,2023;U ami e al.,2017).
The cu en s udy aims o de e mine he meaning and he ole o legacy in he de el-
opmen o amily businesses om he pe spec i e o mul igene a ional amily businesses.
In-dep h in e iews wi h ep esen a i es o i e amily businesses om di e en indus ies
(mili a y p oduc s and wine, banking, and jewel y) we e analyzed and checked agains
Adm. Sci. 2025,15, 106 h ps://doi.o g/10.3390/admsci15030106
Adm. Sci. 2025,15, 106 2 o 23
he li e a u e, wi h he aim o showing ha legacy is a complex p ocess ha e ol es no
only om i s co e elemen s, bu as a pa o he business in ol emen in he socie y. As o
he ole o legacy in he de elopmen o amily business, his s udy concludes ha legacy
de e mines a speci ic ype o doing business. The con ibu ion o his s udy is empi ical.
The analysis e ealed o e a ching ca ego ies o legacy ha eme ge om he accumula ion
and ansmission o knowledge, alues, ela ionships, and in ol emen in socie y o e
ime, and shape a speci ic ype o business. A se o bes p ac ices ha amily businesses
seeking o consolida e hei legacy is p oposed as a p ac ical alue o his s udy.
The s uc u e o his pape s a s wi h a li e a u e e iew ha looks in o he amily
business cons uc , emphasizing he ole and he e olu ion o legacy. The pape con inues
wi h he me hodology, whe e de ailed in o ma ion abou he a ionale o collec ing da a,
he ins umen s used, and he analysis in ol ed a e p o ided and explained. The indings
a e he nex sec ion o he pape , ollowed by conclusions. The limi s o he esea ch and
a enues o u he in es iga ions end he wo k.
2. Li e a u e Re iew
Family businesses ep esen a unique in e sec ion o amily dynamics and business
ope a ions (Ch isman e al.,2003;Shephe d & Pa zel ,2017), and hei success is o en
con ingen on he ela ionship be ween hei alues, knowledge, and ela ionships (A ono
& Wa d,2000;Chaudha y e al.,2021;Fe ei a e al.,2021;Ramadani e al.,2018;Roye e al.,
2008). Some esea che s ha e ocused on addi ional a iables such as ex e nal s akeholde s’
iew o he business (Sagede e al.,2018) and socio-economic e en s like COVID-19 (Massis
& Rondi,2020). A c i ical body o li e a u e has e ol ed o e ime (Bal aza e al.,2023;Bi d
e al.,2002;Chaudha y e al.,2021;Ch isman e al.,2005;Roye e al.,2008) ha explo es
hese pa e ns and hei ole (Be g eld & Be g eld,2022;A dyan e al.,2023;Fe ei a e al.,
2021;Ramadani e al.,2018;Zellwege e al.,2010) in he de elopmen and su i al o legacy
in amily businesses ac oss gene a ions (Ba be a e al.,2018;Handle ,1994;Jaskiewicz e al.,
2015,2020).
Legacy is a kind o in isible hand ha ies he pas wi h he p esen and u u e in a
amily business (Radu-Le eb e e al.,2024, p. 42). The no ion o legacy, a i al componen in
amily i ms (Le B e on-Mille e al.,2004), can be iewed as a pe o ma i e ac , in luenced
by he wo ds and ac ions o s akeholde s (Aus in,1962;Ba ad,2003;Heino e al.,2020). The
concep o legacy in amily businesses goes beyond me e inancial gains; i encompasses
alues, adi ions, epu a ion, and he impac on he communi y and socie y (Sha ma,2004).
Legacy o ma ion is o en linked o he ounde ’s ini ial ision and alues, which a e
deeply embedded in he o ganiza ion’s cul u e and passed down h ough he gene a ions
(A dyan e al.,2023;Handle ,1994;Manelli e al.,2023). The li e a u e sugges s ha a keen
sense o legacy os e s long- e m hinking (Mille e al.,2008), commi men , and a sense o
esponsibili y among amily membe s (Mille & Le B e on-Mille ,2005), which a e c ucial
o he sus ainabili y o he business (Fe ei a e al.,2021;Mille & Le B e on-Mille ,2005).
We emb ace a he s a o his esea ch he de ini ion om Radu-Le eb e e al. (2024, p. 37),
which conside ed legacy as “a co-cons uc ed p ocess by which mo i a ed legacy sende s
and ecei e s build, in e p e , and use alues, no ms, knowledge, and belie s om he pas
by ei he ac ing on hem di ec ly o h ough he media ion o e bal, symbolic, physical,
and isual a i ac s, in a pa icula amily business, indus y, and coun y con ex ”.
Th ee concep s, knowledge, alues, and ela ionships, ha e eme ged as c i ical when
discussing he sus ained success o amily i ms ac oss gene a ions (Ca lock & Wa d,2001),
especially in an e e -e ol ing business landscape.
Knowledge ans e is, in his sense, a c i ical ac o o he sus ainabili y and de-
elopmen o legacy in amily businesses (Boyd e al.,2015;Cab e a-Suá ez e al.,2001;
Adm. Sci. 2025,15, 106 3 o 23
Le onja e al.,2021;Pipa anan aku n & Rac ham,2022). The li e a u e highligh s he im-
po ance o knowledge ans e be ween gene a ions as a de e minan o success (Boyd
e al.,2015;Cab e a-Suá ez e al.,2001;Schmid & Muehl eld,2017). This includes no only
he ans e o echnical skills and expe ise, bu also he ansmission o aci knowledge,
alues, and adi ions ha a e unique o he amily business (Le B e on-Mille e al.,2004;
Le B e on-Mille & Mille ,2016).
Values in amily businesses a e deeply en enched and o en shape he company’s
cul u e (Ceja e al.,2010;Zellwege e al.,2012b), decision-making p ocesses (Fox e al.,
2010), and long- e m s a egies (Gómez-Mejía e al.,2015). Sha ma, 2004) no ed ha he
sha ed alues wi hin a amily can in luence he i m’s s a egic di ec ion and i s abili y
o adap o changes. The alues held by a amily play a c ucial ole in he cons uc ion
o he legacy o a amily business, as hey o en unde pin he mission and ision o he
business, in luencing no only he s a egy bu also he app oach o social esponsibili y
and he b oade ole o he business in socie y (Schweige e al.,2023;Camisón-Zo noza
e al.,2020;Gómez-Mejía e al.,2015;Ma ques e al.,2014).
Mo eo e , ela ionships, bo h wi hin he amily and wi h ex e nal s akeholde s
(A di o e al.,2020;Da is e al.,2021;Heino e al.,2020), play a pi o al ole in he business’s
ope a ions. The quali y o ela ionships among amily membe s can signi ican ly impac
he i m’s pe o mance and i s abili y o na iga e challenges (Basco,2014;F ies e al.,2021),
as well as he ans e o legacy o he nex gene a ion (Hanson e al.,2019;Jaskiewicz
e al.,2015). Family dynamics in ela ionships o en in luence decision-making, con lic
esolu ion, and he o e all managemen o he business, hus in luencing legacy (Alde son,
2015;A dyan e al.,2023;del Ca men Ga cía A oyo e al.,2020;Dunn,1999). Fo ins ance,
issues ela ed o succession planning, dis ibu ion o esponsibili ies, and equi y among
amily membe s a e o en in luenced by amily dynamics (Baùe al.,2013;Yezza e al.,
2021). Schola s ha e a gued ha managing hese dynamics e ec i ely is key o he success
and longe i y o amily businesses and hei legacy (Ge sick e al.,1997;Conz e al.,2023).
Ra he han pu posing o build a heo y on legacy, ou s udy s a s om a heo e ical
ame ha co e elemen s, such as alues, knowledge, and ela ionships, a e undamen al o
building he legacy, and seeks o iden i y o he ac o s, ou side he amily, ha con ibu e
o he legacy. Also, he s udy in ends o o e a p ac ical pe spec i e, including a lis o
bes p ac ices ha amily businesses conside in consolida ing hei legacy o sus ain and
nu u e hei business o e ime. The empi ical alue o his s udy esides in he insigh s
o e ed by i e mul igene a ional companies.
3. Me hodology
The aim o his pape is o challenge he cu en unde s anding o he legacy o amily
businesses s a ing om he ision o mul igene a ional amily business ep esen a i es.
The pu pose is o iden i y how hei legacy is o med (i o he ac o s in eg a e wi h co e
elemen s, such as alues, knowledge, and ela ionships) and o de e mine he ole o legacy
in he amily business.
We adap ed he Thema ic Analysis (TA) and Gioia me hodology o analyzing da a in
o de o iden i y he pa e ns o legacy cha ac e izing amily business and o de e mine i
hese pa e ns gene a e speci ic ypes o amily business. Thema ic Analysis is app op ia e
o quali a i e business da a, mos ly when da a a e no e y la ge (Humble & Mozelius,
2022), as is he case o he p esen esea ch, i is lexible, and pe mi s us o sys ema ically
iden i y, o ganize, and desc ibe pa e ns in ou da ase (Delgosha e al.,2022;Cla ke &
B aun,2017). The Gioia me hodology pe mi s a da a s uc u e ha cap u es he e olu ion
o hemes om i s -le el coding (Gioia e al.,2013;Mish a & Dey,2022). The Gioia
me hodology emphasizes a s uc u ed app oach o da a analysis wi h h ee key componen s:
Adm. Sci. 2025,15, 106 4 o 23
i s -o de concep s (pa icipan -cen ic e ms), second-o de hemes ( esea che -d i en
in e p e a ions), and agg ega e dimensions (highe -le el heo e ical cons uc s) (Magnani
& Gioia,2023).
Bo h quali a i e me hods a e compa ible and complemen a y, as bo h p io i ize he
pe spec i es om in e iews and gene a e codes, concep s, o hemes g ounded in he da a.
The coding p ocess o TA se ed, in his esea ch, as a ounda ion o he Gioia me hodology.
And TA’s hemes co esponded o second-o de hemes in he Gioia me hodology.
The esea ch ollowed se e al s eps and used so wa e and AI ools o assis in ou analysis.
3.1. Selec ing Cases and Collec ing Da a
In ou ini ial esea ch, we came ac oss a p es igious amily business associa ion called
he Henokiens. A e e iewing hei membe ship c i e ia and conside ing he his o y and
p es ige o he associa ion, we decided o use hei en y c i e ia as he p ima y basis o
selec ing ou amily business s udy cases.
To be eligible o membe ship in he Henokiens associa ion, companies mus mee
ou c i e ia (Les Hénokiens,2023):
1. They mus be a leas 150–200 yea s old (spanning a leas h ee gene a ions);
2. A descendan o he ounde mus manage hem;
3. The amily mus s ill own he company o be he majo i y sha eholde ;
4. The companies mus be inancially heal hy.
In addi ion, companies ha join his associa ion mus ollow he ecommended bes
p ac ices ou lined in he “51-Poin s Guideline” (Les Hénokiens,2023).
We decided o each ou o hose companies ope a ing in he associa ion in he Eu opean
egion, conside ing bo h language limi a ions and he speci ic ac i i ies o hei businesses.
Twen y- wo amily businesses ha e been con ac ed o his s udy. These businesses
we e chosen because hey ha e a long his o y and a e known o hei commi men o
an en e p ising spi i , sus ainabili y, and e hics wi hin he amily business con ex . We
ecei ed 5 esponses ou o he 22 con ac ed. Table 1p esen s gene al cha ac e is ics o he
i ms analysed in his s udy.
Table 1. Re e ences o he s udy cases.
Company 1 Be e a 15 h gene a ions 3388+ employees
Fi ea ms manu ac u ing company
Company 2 Anonym Company 8 h gene a ions 5300 employees
P i a e bank and inancial se ices
Company 3 Champagne
Billeca -Salmon 7 h gene a ions 87 employees Champagne houses and make s
Company 4 C. Hoa e & Co. 12 h gene a ions 201–500 employees Banking and inancial se ices
Company 5 Anonym Company 6 h gene a ions a ound
800 employees Jewel y make s and selle s
Sou ce: esea ch conduc ed by he au ho s, 2023.
We conduc ed semi-s uc u ed in e iews wi h key s akeholde s in each amily busi-
ness. Ou goal was o ga he pe sonal s o ies, in e gene a ional na a i es, and iewpoin s
on he amily’s business legacy. All in e iews we e eco ded, ansc ibed, and ho oughly
analyzed o iden i y ecu ing hemes and pa e ns. Da a we e been collec ed be ween
Ma ch and May 2023 h ough online in e iews.
In addi ion o he in e iews, we used seconda y da a o gain a mo e comp ehensi e
unde s anding o he amily businesses’ his o ical legacies and sus ainabili y p ac ices.
Adm. Sci. 2025,15, 106 5 o 23
These da a sou ces included he academic li e a u e, indus y epo s, p ess eleases, ideos,
and public documen s ela ed o he businesses’ sus ainabili y e o s and his o y.
We made su e o conduc ou esea ch e hically by ob aining in o med consen om
all in e iew pa icipan s. I eques ed, we kep hei iden i ies anonymous in ou indings.
We also ollowed da a p o ec ion and con iden iali y guidelines, espec ing he p i acy and
sensi i i y o he in o ma ion sha ed by he amily businesses.
3.2. Analyzing Da a
The in e iews con ained h ee open ques ions:
(1) Tell us a li le bi abou he his o y o you amily business. This ques ion had he
pu pose o making he esponden com o able and willing o speak abou hei business.
(2) How would you de ine he legacy o you business? Wha elemen s/componen s
do you conside impo an o be ansmi ed o gene a ions o he success o you amily
business? This ques ion was mean o b ing he concep o legacy in o he discussion and
o lead he esponden o o e as many insigh s as possible abou he legacy in hei case.
(3) Wha ole does legacy play in you amily business? This ques ion is in ended o
de e mine i he e is special a en ion owa ds legacy in he amily business and how legacy
shapes hei way o doing business.
A e comple ing he ansc ip o each in e iew, we analyzed he da a om each
case using TA, gene a ing he codes. These codes we e e ised by all au ho s agains he
ansc ip s in o de o ensu e ha all ideas exp essed by he esponden s we e ep esen ed.
As a esul , we ob ained a comp ehensi e se o codes eady o u he ca ego iza ion.
The nex s age was o iden i y how codes clus e , which co esponds o hemes, speci ic
o TA and Gioia’s me hodology. Da a ob ained om he in e iews gene a ed a connec ion
be ween codes and pa e ns o legacy and led o wha we ha e called ypes o amily
business, acco ding o he ole o legacy. We ea ed legacy pa e ns ( hemes acco ding
o TA) as second-o de hemes (acco ding o he Gioia me hodology). Fu he analysis
o hese hemes suppo ed he idea ha each pa e n o legacy shapes amily business
ypes (agg ega e dimensions). Appendix A, oge he wi h Figu e 1(lis and equency
o codes), was ansla ed o a be e isual impac o hese connec ions be ween codes,
hemes, and agg ega e dimensions, as shown in Figu e 2. A each s ep, esea che s e isi ed
and adjus ed g ouped codes acco ding o he na a i e o he in e iews, and e- e i ied
he ou comes wi h o he esea ch pape s in o de o ensu e ha all he in o ma ion om
in e iews has been ob ained and analyzed.
Adm. Sci. 2025,15, 106 6 o 23
Adm. Sci. 2025, 15, x FOR PEER REVIEW 6 o 23
Figu e 1. Codes and hei equency. Sou ce: in e iews (2023).
0 50 100 150 200 250 300
Adap abili y
Business pa ne s acco ding o amily alues
Cha i y/Philan h opy
Commi men
Con inuing adap a ion
Cus ome s as close iends/ amily
Documen ed his o y
Empa hy
Engagemen
E hical pu poses
E hical beha iou
Example
De elopmen
En ep eneu ial
Family his o y
Family ies
Family alues
Family business
He i age
His o ical in ol emen in communi y/socie y
Hones y
Iden i y
Independence
Inno a ion
In e gene a ional cus odianship
In e gene a ional na a i es/s o y elling
Knowledge
Legacy
Long- e m planning
Loyal y
Pas lessons
Repu a ion o keep
Rela ionships wi h cus ome s and supplie s
Rela ionships wi h employees
Quali y and excellence
Selec ion
Socially esponsible/ esponsibili y
Success and ailu es as lessons
S ewa dship
Suppo o communi y/socie y
The p inciple o unlimi ed liabili y
T adi ion
T ans o ma i e p ac ices
T ansmission
T us
Values
Values en ichmen
Values keeping
Figu e 1. Codes and hei equency. Sou ce: in e iews (2023).
Adm. Sci. 2025,15, 106 7 o 23
Adm. Sci. 2025, 15, x FOR PEER REVIEW 7 o 23
Figu e 2. Connec ions be ween codes, pa e ns o legacy, and ypes o amily businesses (image is
AI-gene a ed).
4. Resul s and Discussions
4.1. Legacy in Family Business: Impo an Elemen s
Ou esul s g a i a e o he second and hi d ques ions, as he main ocus was o see
wha legacy is o he esponden s, in he case o hei mul igene a ional amily business
(second ques ion), and how hei in e p e a ion o legacy shapes hei way o doing busi-
ness o e gene a ions ( hi d ques ion). Al hough he i s ques ion o ou in-dep h in e -
iew was mos ly in ended o con ex ualize he esea ch, i was also a esou ce o he sec-
ond and he hi d ques ions, as he esponden s, a e eeling com o able speaking abou
hei business, o e ed a lo o insigh abou he impo ance o legacy in he e olu ion o
hei amily business.
The esea ch app oach owa ds he in e iews was, om he beginning, o cap u e
he esponden s’ insigh s, a he han ollow a p e-es ablished concep ual amewo k. As
he Gioia me hodology ecommends, we ea ed “ he in o man s as knowledgeable
agen s” (Gioia e al., 2013, p. 27) in he sense ha hey know bes wha legacy means o
hei own business.
A e he ansc ip o he in e iews, 48 codes eme ged as i s -o de analysis, which
adhe e ai h ully o in o man e ms (Gioia e al., 2013, p. 20). Al hough a his poin he e
was no a emp o dis ill ca ego ies (Gioia e al., 2013, p. 20), hese codes e lec a high
concen a ion o legacy a ound co e elemen s, such as knowledge, alues, ela ionships,
and socie y (Figu e 1, Appendix A), as he li e a u e sugges s (Ca lock & Wa d, 2001;
Sha ma, 2004).
Ha ing hese codes, oge he wi h he insigh s om he li e a u e on he co e ele-
men s ha de ine legacy, we looked o simila i ies and di e ences among hese codes in
he con ex o he in e iews, g ouping hem in o clus e s ha exp ess he meaning o
legacy om he pe spec i e o he esponden s. “The clus e ing p ocess” ha gene a ed
u he second-o de ca ego ies, ma ked a s ep o wa d in he analysis, in ol ing he use
Figu e 2. Connec ions be ween codes, pa e ns o legacy, and ypes o amily businesses (image is
AI-gene a ed).
4. Resul s and Discussions
4.1. Legacy in Family Business: Impo an Elemen s
Ou esul s g a i a e o he second and hi d ques ions, as he main ocus was o see
wha legacy is o he esponden s, in he case o hei mul igene a ional amily business
(second ques ion), and how hei in e p e a ion o legacy shapes hei way o doing business
o e gene a ions ( hi d ques ion). Al hough he i s ques ion o ou in-dep h in e iew
was mos ly in ended o con ex ualize he esea ch, i was also a esou ce o he second
and he hi d ques ions, as he esponden s, a e eeling com o able speaking abou hei
business, o e ed a lo o insigh abou he impo ance o legacy in he e olu ion o hei
amily business.
The esea ch app oach owa ds he in e iews was, om he beginning, o cap u e he
esponden s’ insigh s, a he han ollow a p e-es ablished concep ual amewo k. As he
Gioia me hodology ecommends, we ea ed “ he in o man s as knowledgeable agen s”
(Gioia e al.,2013, p. 27) in he sense ha hey know bes wha legacy means o hei
own business.
A e he ansc ip o he in e iews, 48 codes eme ged as i s -o de analysis, which
adhe e ai h ully o in o man e ms (Gioia e al.,2013, p. 20). Al hough a his poin he e
was no a emp o dis ill ca ego ies (Gioia e al.,2013, p. 20), hese codes e lec a high
concen a ion o legacy a ound co e elemen s, such as knowledge, alues, ela ionships,
and socie y (Figu e 1, Appendix A), as he li e a u e sugges s (Ca lock & Wa d,2001;
Sha ma,2004).
Ha ing hese codes, oge he wi h he insigh s om he li e a u e on he co e elemen s
ha de ine legacy, we looked o simila i ies and di e ences among hese codes in he
con ex o he in e iews, g ouping hem in o clus e s ha exp ess he meaning o legacy
om he pe spec i e o he esponden s. “The clus e ing p ocess” ha gene a ed u he
second-o de ca ego ies, ma ked a s ep o wa d in he analysis, in ol ing he use o mo e
Adm. Sci. 2025,15, 106 8 o 23
abs ac ca ego ies. The second-o de concep s ( he eme ged hemes) sugges ha legacy
is, om he pe spec i e o esponden s, a mul i alen concep , de ined by co e elemen s
(knowledge, alues, and ela ionships) (Ca lock & Wa d,2001) ha a e essen ial o be
ansmi ed o gene a ions o he success o he amily business (Appendix A).
Apa om hese co e elemen s, he analysis iden i ied o he elemen s ha a e impo -
an in p ese ing and ans e ing he legacy o u u e gene a ions, which highligh ed he
impo ance o con ibu ion o socie y, e y o en men ioned in he in e iews, as “ esponsi-
bili y”, “engagemen ”, sus ainabili y”, “commi men ” o “e hical beha io .” We concluded
ha , oge he wi h he legacy o knowledge, legacy o alues, and legacy o ela ionships,
we may alk abou he legacy o con ibu ion o socie y. These second-o de concep s,
called pa e ns o legacy, eme ged qui e luidly om he i s -o de concep in he p ocess
o con on a ion wi h he codes, he in e iews, and insigh s om he li e a u e. Based on
Appendix A, Figu e 2shows how he e is almos a na u al mig a ion o codes ( i s -o de
concep ) ha ini ially looked like a lis o e ms (Figu e 1) o like he i s kno s in a spide ’s
web (ligh blue in Figu e 2) owa ds mo e consis en and o ganized hemes (ligh g een in
Figu e 2).
As a esul , he second-o de analysis sugges s he heo e ical inding ha , o he
cases we in es iga ed, legacy is a complex concep in which pa e ns go e ned by cen al
elemen s like knowledge, alues, ela ionships, and con ibu ion o socie y o m a dense,
in e wined ne wo k, as is obse able in Figu e 2. The second-o de hemes, as esea che -
d i en in e p e a ions, demons a e, also, ha legacy is an e olu iona y co-cons uc ed
p ocess inhe i ed and en iched by each gene a ion in a mul igene a ional amily business
(Mille & Le B e on-Mille ,2005;Radu-Le eb e e al.,2024). Fu he , we will discuss
hese pa e ns esul ing om he analysis, and also p o ide quo es om he in e iews,
as e idence.
4.1.1. Legacy o Knowledge
Legacy o knowledge is cen al o unde s anding how knowledge is passed down
h ough gene a ions, especially in amily- un businesses.
In ecen heo ies abou amily businesses, he concep o legacy has aken on a mo e
p o ound and expansi e meaning. One such heo y pu o wa d by Chi ico and Sal a o
(2008) emphasizes he impo ance o a “legacy o knowledge” in amily- un businesses. I
encapsula es he accumula ed wisdom, p ac ices, and expe ise wi hin a amily business
ha is passed down ac oss gene a ions.
This pa e n o legacy o knowledge, which also con ains he concep s o alues—
quali y and excellence, example, e c.—is ans e ed h ough a ious channels o ans e
ools, such as documen a y his o y, and e en s. Chi ico and Sal a o (2008) in oduced he
idea, and ou indings unde sco e he ans e o his legacy no me ely h ough angible
means bu also h ough in angible ones such as by example o con inuous sel -de elopmen .
Table 2o e s quo es ha demons a e his.
This no ion includes no only p ac ical knowledge bu also alues ha a e seen as an
essen ial pa o knowledge. The in e gene a ional ansmission o hese legacies, bo h in
he o m o eal-li e p ac ices and amewo ks, as well as alues wi hin hose p ac ices,
shapes he way a business ope a es. While p ac ices can be imp o ed and adap ed o e
ime, alues end o be mo e ing ained and can only be buil posi i ely.
In a amily business, he legacy o knowledge can be luid and adap able, inco po-
a ing inno a ions and ma ke changes. I includes ope a ional p ac ices, managemen
s a egies, and knowledge o he business’s p ac ical aspec s. Ou indings on he adap able
na u e o he legacy o knowledge in amily businesses, despi e echnological ad ance-
men s, complemen and ex end Ch isman e al.’s (2003) pe spec i e. By emphasizing he
Adm. Sci. 2025,15, 106 15 o 23
The e o e, he idea o sus ainabili y becomes ing ained in he p ac ices and ela ion-
ships ha amily businesses conduc o e ime. This ype o business e ol es a ound
he ela ionship be ween he amily business and socie y, and maybe in no o he ype o
business is he connec ion wi h socie y mo e impo an han in he case o a amily business.
(2)
Values Inhe i ance
In ano he ype, he e is he no ion ha company alues a e shaped and in luenced by
mul iple gene a ions o he amily. The ounde es ablishes he co e alues, which should
emain consis en h oughou he yea s—“I hink on one hand, legacy is abou being able
o keep and s ick o he o iginal pa h, and he es o i is, how I would say, ac ical and
s a egic mo es ha you’ e made o adap he plan along he way o keep hose alues.
Bu I hink he co e alues p inciples in ou case a e undamen ally he same hing as we
did 200 yea s ago” (Company 3).
Howe e , each successi e gene a ion con ibu es o hese alues, adding o hem and
e ining hem, all while main aining he co e p inciples—“Le ’s say we’ e chosen hese
alues o e many, many gene a ions, and each gene a ion lea ns om he one be o e. I ’s
like a elay whe e e e yone is always wo king oge he ” (Company 5). O e ime, hese
p ac ices in luence bo h he company and he a ious gene a ions in ol ed. The pa e n
explains he impo ance o company alues and p ac ices, which e ol e o e gene a ions.
While he ounde o he amily business c ea es he co e alues, subsequen gene a ions
can con ibu e o and enhance hose alues. These p ac ices and alues become pa o
he company’s DNA, uni ying gene a ions, and in luencing he company’s di ec ion and
ac ions: “The sense o pu pose o me is exac ly as ou alues” (Company 3).
(3)
Knowhow Hando e
An impo an ype o amily business iden i ied in ou esea ch shows a connec ion
be ween he concep o “good” and he ole o inno a ion and pa ne s wi hin he company.
I appea s ha pa ne s, who may o may no be amily membe s, a e c ucial in he p ocess
o inno a ion, which is deemed a posi i e o ce in a amily business.
The pa ne s, d i en by sha ed alues and objec i es, collabo a e o c ea e inno a-
ion, con ibu ing o he g ow h o he business. The hi d ype in ol es he ans e o
knowledge and p ac ices ac oss gene a ions wi hin he amily business. Communica ion
plays a i al ole in his p ocess, as knowledge is o en passed down h ough examples
and p ac ical expe iences. The use o he wo ds “know” and “example” by in e iewees
indica es he impo ance o expe ien ial lea ning and he alue o inhe i ed knowledge in
shaping he amily business’s p ac ices and legacy.
(4)
In e gene a ional Bluep in
Ano he ype o amily business e eals ha he e is an in e gene a ional ans e o
legacy. The indi idual, being pa o a g oup o a amily, is pa o a ansgene a ional
sys em—“I wo ked alongside my a he ” and “I o en wish I knew mo e abou he pe sonal
in e ac ions— o ins ance, how my g and a he wo ked wi h his a he ” (Company 5).
To ans e all pa e ns o amily business legacy b ings wi h i a huge esponsibili y:
“[. . .] we see ou sel es as s ewa ds o cus odians o he business and one o he big hings
ha is each pa ne ’s esponsibili y is inding you successo and b inging hem success ully
in o he business” (Company 4).
This pa e n unde sco es he impo ance o examples and p inciples wi hin he amily
business, as hey p o ide he knowhow o u u e gene a ions. These examples and
p inciples in luence he wo ld in he o m o he amily business’s ou pu . Con e sely,
he wo ld, encompassing ex e nal ac o s such as ma ke ends, cus ome s, and global
e en s, can also in luence he amily business’s legacy—“so I see he legacy o unning
Adm. Sci. 2025,15, 106 16 o 23
a 351-yea -old business as ac ually abou aking ha ans o ma ion and injec ing i in o
he business and inding hings ha ma ch up wi h a e y disce ning cus ome g oup”
(Company 4). This ecip ocal ela ionship be ween he wo ld and he amily business
a ec s he pe cep ion o he en ep eneu ial legacy bo h wi hin he amily and ex e nally.
To o e a p ac ical pe spec i e on hese indings, we assembled a lis o bes p ac ices
ha amily businesses seeking o consolida e hei legacy can ake in o conside a ion:
1.
Regula ly sha e and discuss business and amily s o ies wi h he younge gene a ion.
This ensu es he legacy is unde s ood, app ecia ed, and ca ied o wa d. Encou age in-
e gene a ional dialogue and in ol e younge amily membe s in business ope a ions
when possible.
2.
C ea e a wo kplace en i onmen ha p omo es espec , g a i ude, and open commu-
nica ion. Regula ly solici eedback om employees and in ol e hem in decision-
making p ocesses, such as h ough design mee ings. Ensu e hey eel alued and
in eg al o he business’s success.
3.
While i is essen ial o hono and p ese e adi ional p ac ices, always s ay open
o new ideas and echnologies. Collabo a e wi h ex e nal alen s, be hey a is s o
echnologis s, o b ing esh pe spec i es and inno a i e solu ions o he business.
4.
When conside ing new p ojec s o in es men s, always weigh he po en ial bene i s
agains he isks. Ensu e ha e en in he e en o a se back, he company’s ounda ion
emains in ac .
5.
The ounda ion o any business, especially hose ha a e amily-owned, lies in he
alues impa ed and he a i ude owa ds isk. In a business whe e decisions can
ha e signi ican pe sonal inancial implica ions, unde s anding and mi iga ing isks
becomes c ucial. This means unning he business om a long- e m pe spec i e and
ensu ing ha all pa ies in ol ed ha e a co ec a i ude owa d isk.
6.
D awing examples om he his o y o he business can be ins umen al in unde -
s anding hei cu en way o ope a ing. The successes and ailu es o he pas can
se e as aluable lessons and can help in making in o med decisions.
7.
Viewing he business as some hing ha needs o be handed down in be e shape
o he nex gene a ion is i al. This equi es a long- e m ision and unde s anding
ha one’s ole is no jus abou immedia e p o i bu ensu ing he business h i es o
u u e gene a ions.
8.
E en i a business has a ich his o y, i is essen ial o adap o changing imes and inno-
a e cons an ly. S aying in sync wi h cus ome expec a ions and e ol ing acco dingly
ensu es he business emains ele an and sus ainable.
9.
E hics and alues should be he unde pinnings o any business decision. This no only
ensu es he us o cus ome s bu also aligns he business wi h b oade socie al goals.
Whe he i is abou being good banke s o good ci izens, ha ing a clea pu pose and
s aying ue o i is c ucial.
10.
To build a long-las ing ela ionship wi h clien s and c ea e loyal y, quali y plays a
pi o al ole. T us is buil o e ime and h ough he consis en deli e y o quali y
p oduc s o se ices. This us becomes he ounda ion o a success ul, long- e m
ela ionship wi h he clien .
5. Conclusions
This s udy e eals he in ica e in e play o in e connec ed componen s ha cons i u e
he legacy o a amily business— he legacy o knowledge, he legacy o alues, and he
legacy o ela ionships—as well as he impo ance o o he elemen s g ouped unde he
ca ego y o legacy o con ibu ion o socie y. Each o hese ace s plays a pi o al ole
in p ese ing and passing down he amily business ac oss gene a ions, in luencing i s
Adm. Sci. 2025,15, 106 17 o 23
sus ainabili y, adap abili y, and o e all success. Ou indings p o ide a clea , s uc u ed
iew o how he alues, beha io s, and s a egies in amily- un businesses a e shaped
by in e gene a ional in luences. This esea ch acili a es a deepe unde s anding o how
businesses e ol e and sus ain hemsel es o e ime and leads o wha we ha e iden i yed
as as ype o amily business: Sus ainabili y S ewa ds, Value Inhe i ance, Know-how
Hando e , In e gene a ional Bluep in .
6. Limi a ions and Fu u e Resea ch
This s udy has ce ain limi a ions. The limi ed numbe o case s udies migh no
cap u e he ull spec um o expe iences in a ious amily businesses, gi en hei di e se
con ex s and p ac ices. While quali a i e da a om in e iews p o ided aluable insigh s,
hese in e p e a ions a e no enough o build a heo y o o gene alize he esul s on he
en i e spec um o amily businesses. Howe e , he insigh s o e ed by he ep esen a i es
o mul igene a ional amily businesses lead o use ul conclusions ha can se e as a solid
s a o u he esea ch and o e insigh s ha add o he empi ical li e a u e on his
p oli ic opic.
Despi e he assu ance o da a con iden iali y and he consen gi en by each in e -
iew pa icipan , he e we e p obably conce ns ha may ha e a ec ed he in e iewees’
openness. Some aspec s ha e p obably been bypassed in he discussion, and he in en ion
o he esea che s was no o incon enience he in e locu o , no o discuss con o e sial
aspec s ha su ound some indus ies o e en he companies we in e iewed. Howe e ,
he pu pose o his inqui y was o ha e he pe spec i e o amily businesses on legacy and
i s ole in amily business, and we asse ha his pu pose was eached.
Addi ionally, while we ouched upon amily dynamics in businesses, a deepe in es i-
ga ion migh o e mo e ex ensi e insigh s. As amily businesses cons an ly e ol e, ou
s udy migh no e lec u u e changes o challenges hey ace. Howe e , s a ing om
hese indings, u u e esea ch should conside a b oade ange o amily businesses ac oss
di e en cul u al and economic backg ounds. Mo eo e , gi en ha socie y’s pe cep ion
o amily business shapes hei legacy and iden i y, u u e esea ch could also explo e
he socie al impac s o amily businesses. By assessing he b oade socie al implica ions,
esea che s could in es iga e he con ibu ions o amily businesses o social and economic
de elopmen . Mo eo e , analyzing he e ec s o a amily business’s alues, p ac ices, and
communi y in ol emen on socie al pe cep ions may shed ligh on he impac o ex e nal
ela ionships on he legacy and iden i y o amily businesses.
Au ho Con ibu ions: Concep ualiza ion, A.M.P. and M.P.B.; me hodology, All au ho s, da a collec-
ion A.M.P. and M.P.B.; o mal analysis, A.M.P., R.M.Z. and M.P.B.; w i ing—o iginal d a p epa a-
ion, All au ho s; w i ing— e iew and edi ing, All au ho s. All au ho s ha e ead and ag eed o he
published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : The s udy was conduc ed in acco dance wi h he Decla a ion
o Helsinki, and app o ed by he Cen e o Resea ch in In e na ional Business and Economics (CCREI)
(p o ocol code No. 1 and 4 Ap il 2023).
In o med Consen S a emen : In o med consen was ob ained om all subjec s in ol ed in he s udy.
Da a A ailabili y S a emen : Da a ha e been collec ed h ough in e iews and he in e iews
a e con iden ial.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
Adm. Sci. 2025,15, 106 18 o 23
Appendix A
Table A1. F om pa e ns o legacy o ypes o amily business.
1s -O de Concep
Codes
2nd-O de Concep s
Pa e ns o Legacy
2nd Resea ch Ques ion
Agg ega e Dimensions
Type o Family Business
3 d Resea ch Ques ion
Adap abili y Legacy o knowledge Knowhow Hando e
Business pa ne s acco ding o amily
alues
Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Cha i y/philan h opy Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
Commi men
Legacy o con ibu ion o socie y
Legacy o knowledge
Legacy o alues
Sus ainabili y S ewa ds
Knowhow Hando e
Values Inhe i ance
Con inuing adap a ion Legacy o knowledge
Legacy o alues
Knowhow Hando e
Values inhe i ance
Cus ome s as close iends/ amily Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Documen ed his o y Legacy o ela ionships
Legacy o knowledge
In e gene a ional Bluep in
Knowhow Hando e
Empa hy Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
Engagemen
Legacy o con ibu ion o socie y
Legacy o ela ionships
Legacy o knowledge
Sus ainabili y S ewa ds
In e gene a ional Bluep in
Knowhow Hando e
E hical pu poses
Legacy o con ibu ion o socie y
Legacy o alues
Legacy o ela ionships
Sus ainabili y S ewa ds
Values Inhe i ance
In e gene a ional Bluep in
E hical beha io
Legacy o con ibu ion o socie y
Legacy o alues
Legacy o ela ionships
Sus ainabili y S ewa ds
Values Inhe i ance
In e gene a ional Bluep in
Example
Legacy o alues
Legacy o con ibu ion o socie y
Legacy o knowledge
Values Inhe i ance
Sus ainabili y S ewa ds
Knowhow Hando e
De elopmen Legacy o alues
Legacy o knowledge
Values Inhe i ance
Knowhow Hando e
En ep eneu ial spi i Legacy o knowledge
Legacy o alues
Knowhow Hando e
Values Inhe i ance
Family his o y Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Family ies Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Family alues Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Family business Legacy o ela ionships
Legacy o con ibu ion o socie y
In e gene a ional Bluep in
Sus ainabili y S ewa ds
He i age Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Adm. Sci. 2025,15, 106 19 o 23
Table A1. Con .
1s -O de Concep
Codes
2nd-O de Concep s
Pa e ns o Legacy
2nd Resea ch Ques ion
Agg ega e Dimensions
Type o Family Business
3 d Resea ch Ques ion
His o ical in ol emen in
communi y/socie y
Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
Hones y Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Iden i y Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Independence Legacy o alues Values Inhe i ance
Inno a ion Legacy o knowledge Knowhow Hando e
In e gene a ional cus odianship Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
In e gene a ional na a i es/s o y elling
Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Knowledge Legacy o knowledge Knowhow Hando e
Legacy Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Long- e m planning Legacy o knowledge
Legacy o alues
Knowhow Hando e
Values Inhe i ance
Loyal y Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Pas lessons Legacy o knowledge Knowhow Hando e
Repu a ion o keep Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Rela ionships wi h pa ne s Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Rela ionships wi h employees Legacy o ela ionships
Legacy o alues
In e gene a ional Bluep in
Values Inhe i ance
Quali y and excellence Legacy o alues
Legacy o knowledge
Values Inhe i ance
Knowhow Hando e
Selec ion Legacy o knowledge Knowhow Hando e
Socially esponsible/ esponsibili y Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
Success and ailu es as lessons Legacy o knowledge Knowhow Hando e
S ewa dship Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
Suppo o communi y/socie y Legacy o con ibu ion o socie y
Legacy o alues
Sus ainabili y S ewa ds
Values Inhe i ance
The p inciple o unlimi ed liabili y Legacy o alues
Legacy o con ibu ion o socie y
Values Inhe i ance
Sus ainabili y S ewa ds
T adi ion Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
T ans o ma i e p ac ices Legacy o knowledge
Legacy o ela ionships
Knowhow Hando e
In e gene a ional Bluep in
T ansmission Legacy o ela ionships In e gene a ional Bluep in
Adm. Sci. 2025,15, 106 20 o 23
Table A1. Con .
1s -O de Concep
Codes
2nd-O de Concep s
Pa e ns o Legacy
2nd Resea ch Ques ion
Agg ega e Dimensions
Type o Family Business
3 d Resea ch Ques ion
T us Legacy o alues
Legacy o ela ionships
Values Inhe i ance
In e gene a ional Bluep in
Values Legacy o alues Values Inhe i ance
Values en ichmen Legacy o alues Values Inhe i ance
Values keeping Legacy o alues Values Inhe i ance
Sou ce: in e iews da a.
Re e ences
Alde son, K. (2015). Con lic managemen and esolu ion in amily-owned businesses. Jou nal o Family Business Managemen ,5, 140–156.
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