The old, the new, and the used one: Assessing legacy in family firms

Pauceanu, Alexandrina Maria; Zaharia, Rodica Milena; Benchis, Melisa Petra Article The old, the new, and the used one: Assessing legacy in family firms Administrative Sciences Provided in Cooperation with: MDPI – Multidisciplinary Digital Publishing Institute, Basel Suggested Citation: Pauceanu, Alexandrina Maria; Zaharia, Rodica Milena; Benchis, Melisa Petra (2025) : The old, the new, and the used one: Assessing legacy in family firms, Administrative Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 3, pp. 1-23, https://doi.org/10.3390/admsci15030106 This Version is available at: https://hdl.handle.net/10419/321250 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. 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The Old, the New, and the Used One— Assessing Legacy in Family Firms. Administrative Sciences,15(3), 106. https://doi.org/10.3390/ admsci15030106 Copyright: © 2025 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/ licenses/by/4.0/). Article The Old, the New, and the Used One—Assessing Legacy in Family Firms Alexandrina Maria Pauceanu 1,* , Rodica Milena Zaharia 2and Melisa Petra Benchis 3 1Open Institute of Tecchnology, XBX 1425 Ta’Xbiex, Malta 2Department of International Business and Economics, The Bucharest University of Economic Studies, 010374 Bucharest, Romania; [email protected] 3Department of Public Management, University of Vaasa, 65200 Vaasa, Finland; [email protected] *Correspondence: dr[email protected] Abstract: The current study aims to determine the meaning and the role of legacy in the development of family businesses from the perspective of multigenerational family businesses. Employing Thematic Analysis (TA) and Gioia methodology, the transcript of in-depth interviews with representatives of five family businesses, from different industries (military products and wine, banking and jewelry) were analyzed and checked against the literature. The findings show that legacy is a complex process that evolves not only from its core elements, but as a part of business involvement in society. According to these elements, there are four patterns of legacy, namely legacy of knowledge, legacy of values, legacy of relationships, and legacy of contribution to society. These four patterns of legacy determine a specific type of doing business: “Sustainability Stewards”, “Knowhow Handover”, “Values Inheritance”, and “Intergenerational Blueprint”. Each type corresponds to a unique approach to managing and preserving the legacy within the family business. A set of best practices that family businesses seeking to consolidate their legacy is proposed as a practical value of this study. Keywords: family business; legacy; family legacy; best practices; qualitative research 1. Introduction The successful passing down of legacy contributes to the longevity and success of family businesses in the dynamic business landscape (Habbershon & Williams,1999;Zellweger et al.,2012a). Understanding what exactly legacy is, however, has been a source of much debate for researchers (Baltazar et al.,2023;Barbera et al.,2018). Recent work has focused on the what of legacy: the resources that are transferred between generations, such as material artifacts and/or emotional identity-related immaterial content (Radu-Lefebvre et al.,2022; Röström & Liedholm,2023). Other scholars have reflected on who is transferring legacy and how legacy is passed down to new generations (Faßbender et al.,2019;Jaskiewicz et al.,2015,2020;Magrelli et al.,2022). In all cases, concepts such as values, knowledge, and relationships are now perceived to be extremely important in understanding the extent to which legacies can survive and flourish over generations (Aronoff & Ward,2000;Ferreira et al.,2021;Heino et al.,2020;Kenyon-Rouvinez,2001;Moreno-Menéndez & Casillas,2021; Ramadani et al.,2018;Röström & Liedholm,2023;Utami et al.,2017). The current study aims to determine the meaning and the role of legacy in the development of family businesses from the perspective of multigenerational family businesses. In-depth interviews with representatives of five family businesses from different industries (military products and wine, banking, and jewelry) were analyzed and checked against Adm. Sci. 2025,15, 106 https://doi.org/10.3390/admsci15030106 Adm. Sci. 2025,15, 106 2 of 23 the literature, with the aim of showing that legacy is a complex process that evolves not only from its core elements, but as a part of the business involvement in the society. As for the role of legacy in the development of family business, this study concludes that legacy determines a specific type of doing business. The contribution of this study is empirical. The analysis revealed overarching categories of legacy that emerge from the accumulation and transmission of knowledge, values, relationships, and involvement in society over time, and shape a specific type of business. A set of best practices that family businesses seeking to consolidate their legacy is proposed as a practical value of this study. The structure of this paper starts with a literature review that looks into the family business construct, emphasizing the role and the evolution of legacy. The paper continues with the methodology, where detailed information about the rationale of collecting data, the instruments used, and the analysis involved are provided and explained. The findings are the next section of the paper, followed by conclusions. The limits of the research and avenues for further investigations end the work. 2. Literature Review Family businesses represent a unique intersection of family dynamics and business operations (Chrisman et al.,2003;Shepherd & Patzelt,2017), and their success is often contingent on the relationship between their values, knowledge, and relationships (Aronoff & Ward,2000;Chaudhary et al.,2021;Ferreira et al.,2021;Ramadani et al.,2018;Royer et al., 2008). Some researchers have focused on additional variables such as external stakeholders’ view of the business (Sageder et al.,2018) and socio-economic events like COVID-19 (Massis & Rondi,2020). A critical body of literature has evolved over time (Baltazar et al.,2023;Bird et al.,2002;Chaudhary et al.,2021;Chrisman et al.,2005;Royer et al.,2008) that explores these patterns and their role (Bergfeld & Bergfeld,2022;Ardyan et al.,2023;Ferreira et al., 2021;Ramadani et al.,2018;Zellweger et al.,2010) in the development and survival of legacy in family businesses across generations (Barbera et al.,2018;Handler,1994;Jaskiewicz et al., 2015,2020). Legacy is a kind of invisible hand that ties the past with the present and future in a family business (Radu-Lefebvre et al.,2024, p. 42). The notion of legacy, a vital component in family firms (Le Breton-Miller et al.,2004), can be viewed as a performative act, influenced by the words and actions of stakeholders (Austin,1962;Barad,2003;Heino et al.,2020). The concept of legacy in family businesses goes beyond mere financial gains; it encompasses values, traditions, reputation, and the impact on the community and society (Sharma,2004). Legacy formation is often linked to the founder’s initial vision and values, which are deeply embedded in the organization’s culture and passed down through the generations (Ardyan et al.,2023;Handler,1994;Manelli et al.,2023). The literature suggests that a keen sense of legacy fosters long-term thinking (Miller et al.,2008), commitment, and a sense of responsibility among family members (Miller & Le Breton-Miller,2005), which are crucial for the sustainability of the business (Ferreira et al.,2021;Miller & Le Breton-Miller,2005). We embrace at the start of this research the definition from Radu-Lefebvre et al. (2024, p. 37), which considered legacy as “a co-constructed process by which motivated legacy senders and receivers build, interpret, and use values, norms, knowledge, and beliefs from the past by either acting on them directly or through the mediation of verbal, symbolic, physical, and visual artifacts, in a particular family business, industry, and country context”. Three concepts, knowledge, values, and relationships, have emerged as critical when discussing the sustained success of family firms across generations (Carlock & Ward,2001), especially in an ever-evolving business landscape. Knowledge transfer is, in this sense, a critical factor for the sustainability and development of legacy in family businesses (Boyd et al.,2015;Cabrera-Suárez et al.,2001; Adm. Sci. 2025,15, 106 3 of 23 Letonja et al.,2021;Pipatanantakurn & Ractham,2022). The literature highlights the importance of knowledge transfer between generations as a determinant of success (Boyd et al.,2015;Cabrera-Suárez et al.,2001;Schmidt & Muehlfeld,2017). This includes not only the transfer of technical skills and expertise, but also the transmission of tacit knowledge, values, and traditions that are unique to the family business (Le Breton-Miller et al.,2004; Le Breton-Miller & Miller,2016). Values in family businesses are deeply entrenched and often shape the company’s culture (Ceja et al.,2010;Zellweger et al.,2012b), decision-making processes (Fox et al., 2010), and long-term strategies (Gómez-Mejía et al.,2015). Sharma, 2004) noted that the shared values within a family can influence the firm’s strategic direction and its ability to adapt to changes. The values held by a family play a crucial role in the construction of the legacy of a family business, as they often underpin the mission and vision of the business, influencing not only the strategy but also the approach to social responsibility and the broader role of the business in society (Schweiger et al.,2023;Camisón-Zornoza et al.,2020;Gómez-Mejía et al.,2015;Marques et al.,2014). Moreover, relationships, both within the family and with external stakeholders (Arditto et al.,2020;Davis et al.,2021;Heino et al.,2020), play a pivotal role in the business’s operations. The quality of relationships among family members can significantly impact the firm’s performance and its ability to navigate challenges (Basco,2014;Fries et al.,2021), as well as the transfer of legacy to the next generation (Hanson et al.,2019;Jaskiewicz et al.,2015). Family dynamics in relationships often influence decision-making, conflict resolution, and the overall management of the business, thus influencing legacy (Alderson, 2015;Ardyan et al.,2023;del Carmen García Arroyo et al.,2020;Dunn,1999). For instance, issues related to succession planning, distribution of responsibilities, and equity among family members are often influenced by family dynamics (Baùet al.,2013;Yezza et al., 2021). Scholars have argued that managing these dynamics effectively is key to the success and longevity of family businesses and their legacy (Gersick et al.,1997;Conz et al.,2023). Rather than purposing to build a theory on legacy, our study starts from a theoretical frame that core elements, such as values, knowledge, and relationships, are fundamental to building the legacy, and seeks to identify other factors, outside the family, that contribute to the legacy. Also, the study intends to offer a practical perspective, including a list of best practices that family businesses consider in consolidating their legacy to sustain and nurture their business over time. The empirical value of this study resides in the insights offered by five multigenerational companies. 3. Methodology The aim of this paper is to challenge the current understanding of the legacy of family businesses starting from the vision of multigenerational family business representatives. The purpose is to identify how their legacy is formed (if other factors integrate with core elements, such as values, knowledge, and relationships) and to determine the role of legacy in the family business. We adapted the Thematic Analysis (TA) and Gioia methodology for analyzing data in order to identify the patterns of legacy characterizing family business and to determine if these patterns generate specific types of family business. Thematic Analysis is appropriate for qualitative business data, mostly when data are not very large (Humble & Mozelius, 2022), as is the case of the present research, it is flexible, and permits us to systematically identify, organize, and describe patterns in our dataset (Delgosha et al.,2022;Clarke & Braun,2017). The Gioia methodology permits a data structure that captures the evolution of themes from first-level coding (Gioia et al.,2013;Mishra & Dey,2022). The Gioia methodology emphasizes a structured approach to data analysis with three key components: Adm. Sci. 2025,15, 106 4 of 23 first-order concepts (participant-centric terms), second-order themes (researcher-driven interpretations), and aggregate dimensions (higher-level theoretical constructs) (Magnani & Gioia,2023). Both qualitative methods are compatible and complementary, as both prioritize the perspectives from interviews and generate codes, concepts, or themes grounded in the data. The coding process of TA served, in this research, as a foundation for the Gioia methodology. And TA’s themes corresponded to second-order themes in the Gioia methodology. The research followed several steps and used software and AI tools to assist in our analysis. 3.1. Selecting Cases and Collecting Data In our initial research, we came across a prestigious family business association called the Henokiens. After reviewing their membership criteria and considering the history and prestige of the association, we decided to use their entry criteria as the primary basis for selecting our family business study cases. To be eligible for membership in the Henokiens association, companies must meet four criteria (Les Hénokiens,2023): 1. They must be at least 150–200 years old (spanning at least three generations); 2. A descendant of the founder must manage them; 3. The family must still own the company or be the majority shareholder; 4. The companies must be financially healthy. In addition, companies that join this association must follow the recommended best practices outlined in the “51-Points Guideline” (Les Hénokiens,2023). We decided to reach out to those companies operating in the association in the European region, considering both language limitations and the specific activities of their businesses. Twenty-two family businesses have been contacted for this study. These businesses were chosen because they have a long history and are known for their commitment to an enterprising spirit, sustainability, and ethics within the family business context. We received 5 responses out of the 22 contacted. Table 1presents general characteristics of the firms analysed in this study. Table 1. References to the study cases. Company 1 Beretta 15th generations 3388+ employees Firearms manufacturing company Company 2 Anonym Company 8th generations 5300 employees Private bank and financial services Company 3 Champagne Billecart-Salmon 7th generations 87 employees Champagne houses and makers Company 4 C. Hoare & Co. 12th generations 201–500 employees Banking and financial services Company 5 Anonym Company 6th generations around 800 employees Jewelry makers and sellers Source: research conducted by the authors, 2023. We conducted semi-structured interviews with key stakeholders in each family business. Our goal was to gather personal stories, intergenerational narratives, and viewpoints on the family’s business legacy. All interviews were recorded, transcribed, and thoroughly analyzed to identify recurring themes and patterns. Data were been collected between March and May 2023 through online interviews. In addition to the interviews, we used secondary data to gain a more comprehensive understanding of the family businesses’ historical legacies and sustainability practices. Adm. Sci. 2025,15, 106 5 of 23 These data sources included the academic literature, industry reports, press releases, videos, and public documents related to the businesses’ sustainability efforts and history. We made sure to conduct our research ethically by obtaining informed consent from all interview participants. If requested, we kept their identities anonymous in our findings. We also followed data protection and confidentiality guidelines, respecting the privacy and sensitivity of the information shared by the family businesses. 3.2. Analyzing Data The interviews contained three open questions: (1) Tell us a little bit about the history of your family business. This question had the purpose of making the respondent comfortable and willing to speak about their business. (2) How would you define the legacy of your business? What elements/components do you consider important to be transmitted to generations for the success of your family business? This question was meant to bring the concept of legacy into the discussion and to lead the respondent to offer as many insights as possible about the legacy in their case. (3) What role does legacy play in your family business? This question is intended to determine if there is special attention towards legacy in the family business and how legacy shapes their way of doing business. After completing the transcript of each interview, we analyzed the data from each case using TA, generating the codes. These codes were revised by all authors against the transcripts in order to ensure that all ideas expressed by the respondents were represented. As a result, we obtained a comprehensive set of codes ready for further categorization. The next stage was to identify how codes cluster, which corresponds to themes, specific to TA and Gioia’s methodology. Data obtained from the interviews generated a connection between codes and patterns of legacy and led to what we have called types of family business, according to the role of legacy. We treated legacy patterns (themes according to TA) as second-order themes (according to the Gioia methodology). Further analysis of these themes supported the idea that each pattern of legacy shapes family business types (aggregate dimensions). Appendix A, together with Figure 1(list and frequency of codes), was translated for a better visual impact of these connections between codes, themes, and aggregate dimensions, as shown in Figure 2. At each step, researchers revisited and adjusted grouped codes according to the narrative of the interviews, and re-verified the outcomes with other research papers in order to ensure that all the information from interviews has been obtained and analyzed. Adm. Sci. 2025,15, 106 6 of 23 Adm. Sci. 2025, 15, x FOR PEER REVIEW 6 of 23 Figure 1. Codes and their frequency. Source: interviews (2023). 0 50 100 150 200 250 300 Adaptability Business partners according to family values Charity/Philanthropy Commitment Continuing adaptation Customers as close friends/family Documented history Empathy Engagement Ethical purposes Ethical behaviour Example Development Entrepreneurial Family history Family ties Family values Family business Heritage Historical involvement in community/society Honesty Identity Independence Innovation Intergenerational custodianship Intergenerational narratives/story telling Knowledge Legacy Long-term planning Loyalty Past lessons Reputation to keep Relationships with customers and suppliers Relationships with employees Quality and excellence Selection Socially responsible/responsibility Success and failures as lessons Stewardship Support for community/society The principle of unlimited liability Tradition Transformative practices Transmission Trust Values Values enrichment Values keeping Figure 1. Codes and their frequency. Source: interviews (2023). Adm. Sci. 2025,15, 106 7 of 23 Adm. Sci. 2025, 15, x FOR PEER REVIEW 7 of 23 Figure 2. Connections between codes, patterns of legacy, and types of family businesses (image is AI-generated). 4. Results and Discussions 4.1. Legacy in Family Business: Important Elements Our results gravitate to the second and third questions, as the main focus was to see what legacy is for the respondents, in the case of their multigenerational family business (second question), and how their interpretation of legacy shapes their way of doing business over generations (third question). Although the first question of our in-depth interview was mostly intended to contextualize the research, it was also a resource for the second and the third questions, as the respondents, after feeling comfortable speaking about their business, offered a lot of insight about the importance of legacy in the evolution of their family business. The research approach towards the interviews was, from the beginning, to capture the respondents’ insights, rather than follow a pre-established conceptual framework. As the Gioia methodology recommends, we treated “the informants as knowledgeable agents” (Gioia et al., 2013, p. 27) in the sense that they know best what legacy means for their own business. After the transcript of the interviews, 48 codes emerged as first-order analysis, which adhere faithfully to informant terms (Gioia et al., 2013, p. 20). Although at this point there was no attempt to distill categories (Gioia et al., 2013, p. 20), these codes reflect a high concentration of legacy around core elements, such as knowledge, values, relationships, and society (Figure 1, Appendix A), as the literature suggests (Carlock & Ward, 2001; Sharma, 2004). Having these codes, together with the insights from the literature on the core elements that define legacy, we looked for similarities and differences among these codes in the context of the interviews, grouping them into clusters that express the meaning of legacy from the perspective of the respondents. “The clustering process” that generated further second-order categories, marked a step forward in the analysis, involving the use Figure 2. Connections between codes, patterns of legacy, and types of family businesses (image is AI-generated). 4. Results and Discussions 4.1. Legacy in Family Business: Important Elements Our results gravitate to the second and third questions, as the main focus was to see what legacy is for the respondents, in the case of their multigenerational family business (second question), and how their interpretation of legacy shapes their way of doing business over generations (third question). Although the first question of our in-depth interview was mostly intended to contextualize the research, it was also a resource for the second and the third questions, as the respondents, after feeling comfortable speaking about their business, offered a lot of insight about the importance of legacy in the evolution of their family business. The research approach towards the interviews was, from the beginning, to capture the respondents’ insights, rather than follow a pre-established conceptual framework. As the Gioia methodology recommends, we treated “the informants as knowledgeable agents” (Gioia et al.,2013, p. 27) in the sense that they know best what legacy means for their own business. After the transcript of the interviews, 48 codes emerged as first-order analysis, which adhere faithfully to informant terms (Gioia et al.,2013, p. 20). Although at this point there was no attempt to distill categories (Gioia et al.,2013, p. 20), these codes reflect a high concentration of legacy around core elements, such as knowledge, values, relationships, and society (Figure 1, Appendix A), as the literature suggests (Carlock & Ward,2001; Sharma,2004). Having these codes, together with the insights from the literature on the core elements that define legacy, we looked for similarities and differences among these codes in the context of the interviews, grouping them into clusters that express the meaning of legacy from the perspective of the respondents. “The clustering process” that generated further second-order categories, marked a step forward in the analysis, involving the use of more Adm. Sci. 2025,15, 106 8 of 23 abstract categories. The second-order concepts (the emerged themes) suggest that legacy is, from the perspective of respondents, a multivalent concept, defined by core elements (knowledge, values, and relationships) (Carlock & Ward,2001) that are essential to be transmitted to generations for the success of the family business (Appendix A). Apart from these core elements, the analysis identified other elements that are important in preserving and transferring the legacy to future generations, which highlighted the importance of contribution to society, very often mentioned in the interviews, as “responsibility”, “engagement”, sustainability”, “commitment” or “ethical behavior.” We concluded that, together with the legacy of knowledge, legacy of values, and legacy of relationships, we may talk about the legacy of contribution to society. These second-order concepts, called patterns of legacy, emerged quite fluidly from the first-order concept in the process of confrontation with the codes, the interviews, and insights from the literature. Based on Appendix A, Figure 2shows how there is almost a natural migration of codes (first-order concept) that initially looked like a list of terms (Figure 1) or like the first knots in a spider’s web (light blue in Figure 2) towards more consistent and organized themes (light green in Figure 2). As a result, the second-order analysis suggests the theoretical finding that, for the cases we investigated, legacy is a complex concept in which patterns governed by central elements like knowledge, values, relationships, and contribution to society form a dense, intertwined network, as is observable in Figure 2. The second-order themes, as researcherdriven interpretations, demonstrate, also, that legacy is an evolutionary co-constructed process inherited and enriched by each generation in a multigenerational family business (Miller & Le Breton-Miller,2005;Radu-Lefebvre et al.,2024). Further, we will discuss these patterns resulting from the analysis, and also provide quotes from the interviews, as evidence. 4.1.1. Legacy of Knowledge Legacy of knowledge is central to understanding how knowledge is passed down through generations, especially in family-run businesses. In recent theories about family businesses, the concept of legacy has taken on a more profound and expansive meaning. One such theory put forward by Chirico and Salvato (2008) emphasizes the importance of a “legacy of knowledge” in family-run businesses. It encapsulates the accumulated wisdom, practices, and expertise within a family business that is passed down across generations. This pattern of legacy of knowledge, which also contains the concepts of values— quality and excellence, example, etc.—is transferred through various channels or transfer tools, such as documentary history, and events. Chirico and Salvato (2008) introduced the idea, and our findings underscore the transfer of this legacy not merely through tangible means but also through intangible ones such as by example or continuous self-development. Table 2offers quotes that demonstrate this. This notion includes not only practical knowledge but also values that are seen as an essential part of knowledge. The intergenerational transmission of these legacies, both in the form of real-life practices and frameworks, as well as values within those practices, shapes the way a business operates. While practices can be improved and adapted over time, values tend to be more ingrained and can only be built positively. In a family business, the legacy of knowledge can be fluid and adaptable, incorporating innovations and market changes. It includes operational practices, management strategies, and knowledge of the business’s practical aspects. Our findings on the adaptable nature of the legacy of knowledge in family businesses, despite technological advancements, complement and extend Chrisman et al.’s (2003) perspective. By emphasizing the Adm. Sci. 2025,15, 106 15 of 23 Therefore, the idea of sustainability becomes ingrained in the practices and relationships that family businesses conduct over time. This type of business revolves around the relationship between the family business and society, and maybe in no other type of business is the connection with society more important than in the case of a family business. (2) Values Inheritance In another type, there is the notion that company values are shaped and influenced by multiple generations of the family. The founder establishes the core values, which should remain consistent throughout the years—“I think on one hand, legacy is about being able to keep and stick to the original path, and the rest of it is, how I would say, tactical and strategic moves that you’ve made to adapt the plan along the way to keep those values. But I think the core values principles in our case are fundamentally the same thing as we did 200 years ago” (Company 3). However, each successive generation contributes to these values, adding to them and refining them, all while maintaining the core principles—“Let’s say we’ve chosen these values over many, many generations, and each generation learns from the one before. It’s like a relay where everyone is always working together” (Company 5). Over time, these practices influence both the company and the various generations involved. The pattern explains the importance of company values and practices, which evolve over generations. While the founder of the family business creates the core values, subsequent generations can contribute to and enhance those values. These practices and values become part of the company’s DNA, unifying generations, and influencing the company’s direction and actions: “The sense of purpose for me is exactly as our values” (Company 3). (3) Knowhow Handover An important type of family business identified in our research shows a connection between the concept of “good” and the role of innovation and partners within the company. It appears that partners, who may or may not be family members, are crucial in the process of innovation, which is deemed a positive force in a family business. The partners, driven by shared values and objectives, collaborate to create innovation, contributing to the growth of the business. The third type involves the transfer of knowledge and practices across generations within the family business. Communication plays a vital role in this process, as knowledge is often passed down through examples and practical experiences. The use of the words “know” and “example” by interviewees indicates the importance of experiential learning and the value of inherited knowledge in shaping the family business’s practices and legacy. (4) Intergenerational Blueprint Another type of family business reveals that there is an intergenerational transfer of legacy. The individual, being part of a group or a family, is part of a transgenerational system—“I worked alongside my father” and “I often wish I knew more about the personal interactions—for instance, how my grandfather worked with his father” (Company 5). To transfer all patterns of family business legacy brings with it a huge responsibility: “[. . .] we see ourselves as stewards or custodians of the business and one of the big things that is each partner’s responsibility is finding your successor and bringing them successfully into the business” (Company 4). This pattern underscores the importance of examples and principles within the family business, as they provide the knowhow for future generations. These examples and principles influence the world in the form of the family business’s output. Conversely, the world, encompassing external factors such as market trends, customers, and global events, can also influence the family business’s legacy—“so I see the legacy of running Adm. Sci. 2025,15, 106 16 of 23 a 351-year-old business as actually about taking that transformation and injecting it into the business and finding things that match up with a very discerning customer group” (Company 4). This reciprocal relationship between the world and the family business affects the perception of the entrepreneurial legacy both within the family and externally. To offer a practical perspective on these findings, we assembled a list of best practices that family businesses seeking to consolidate their legacy can take into consideration: 1. Regularly share and discuss business and family stories with the younger generation. This ensures the legacy is understood, appreciated, and carried forward. Encourage intergenerational dialogue and involve younger family members in business operations when possible. 2. Create a workplace environment that promotes respect, gratitude, and open communication. Regularly solicit feedback from employees and involve them in decisionmaking processes, such as through design meetings. Ensure they feel valued and integral to the business’s success. 3. While it is essential to honor and preserve traditional practices, always stay open to new ideas and technologies. Collaborate with external talents, be they artists or technologists, to bring fresh perspectives and innovative solutions to the business. 4. When considering new projects or investments, always weigh the potential benefits against the risks. Ensure that even in the event of a setback, the company’s foundation remains intact. 5. The foundation of any business, especially those that are family-owned, lies in the values imparted and the attitude towards risk. In a business where decisions can have significant personal financial implications, understanding and mitigating risks becomes crucial. This means running the business from a long-term perspective and ensuring that all parties involved have a correct attitude toward risk. 6. Drawing examples from the history of the business can be instrumental in understanding their current way of operating. The successes and failures of the past can serve as valuable lessons and can help in making informed decisions. 7. Viewing the business as something that needs to be handed down in better shape to the next generation is vital. This requires a long-term vision and understanding that one’s role is not just about immediate profit but ensuring the business thrives for future generations. 8. Even if a business has a rich history, it is essential to adapt to changing times and innovate constantly. Staying in sync with customer expectations and evolving accordingly ensures the business remains relevant and sustainable. 9. Ethics and values should be the underpinnings of any business decision. This not only ensures the trust of customers but also aligns the business with broader societal goals. Whether it is about being good bankers or good citizens, having a clear purpose and staying true to it is crucial. 10. To build a long-lasting relationship with clients and create loyalty, quality plays a pivotal role. Trust is built over time and through the consistent delivery of quality products or services. This trust becomes the foundation of a successful, long-term relationship with the client. 5. Conclusions This study reveals the intricate interplay of interconnected components that constitute the legacy of a family business—the legacy of knowledge, the legacy of values, and the legacy of relationships—as well as the importance of other elements grouped under the category of legacy of contribution to society. Each of these facets plays a pivotal role in preserving and passing down the family business across generations, influencing its Adm. Sci. 2025,15, 106 17 of 23 sustainability, adaptability, and overall success. Our findings provide a clear, structured view of how the values, behaviors, and strategies in family-run businesses are shaped by intergenerational influences. This research facilitates a deeper understanding of how businesses evolve and sustain themselves over time and leads to what we have identifyed as as type of family business: Sustainability Stewards, Value Inheritance, Know-how Handover, Intergenerational Blueprint. 6. Limitations and Future Research This study has certain limitations. The limited number of case studies might not capture the full spectrum of experiences in various family businesses, given their diverse contexts and practices. While qualitative data from interviews provided valuable insights, these interpretations are not enough to build a theory or to generalize the results on the entire spectrum of family businesses. However, the insights offered by the representatives of multigenerational family businesses lead to useful conclusions that can serve as a solid start for further research and offer insights that add to the empirical literature on this prolific topic. Despite the assurance of data confidentiality and the consent given by each interview participant, there were probably concerns that may have affected the interviewees’ openness. Some aspects have probably been bypassed in the discussion, and the intention of the researchers was not to inconvenience the interlocutor, nor to discuss controversial aspects that surround some industries or even the companies we interviewed. However, the purpose of this inquiry was to have the perspective of family businesses on legacy and its role in family business, and we assert that this purpose was reached. Additionally, while we touched upon family dynamics in businesses, a deeper investigation might offer more extensive insights. As family businesses constantly evolve, our study might not reflect future changes or challenges they face. However, starting from these findings, future research should consider a broader range of family businesses across different cultural and economic backgrounds. Moreover, given that society’s perception of family business shapes their legacy and identity, future research could also explore the societal impacts of family businesses. By assessing the broader societal implications, researchers could investigate the contributions of family businesses to social and economic development. Moreover, analyzing the effects of a family business’s values, practices, and community involvement on societal perceptions may shed light on the impact of external relationships on the legacy and identity of family businesses. Author Contributions: Conceptualization, A.M.P. and M.P.B.; methodology, All authors, data collection A.M.P. and M.P.B.; formal analysis, A.M.P., R.M.Z. and M.P.B.; writing—original draft preparation, All authors; writing—review and editing, All authors. All authors have read and agreed to the published version of the manuscript. Funding: This research received no external funding. Institutional Review Board Statement: The study was conducted in accordance with the Declaration of Helsinki, and approved by the Centre of Research in International Business and Economics (CCREI) (protocol code No. 1 and 4 April 2023). Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. Data Availability Statement: Data have been collected through interviews and the interviews are confidential. Conflicts of Interest: The authors declare no conflict of interest. Adm. Sci. 2025,15, 106 18 of 23 Appendix A Table A1. From patterns of legacy to types of family business. 1st-Order Concept Codes 2nd-Order Concepts Patterns of Legacy 2nd Research Question Aggregate Dimensions Type of Family Business 3rd Research Question Adaptability Legacy of knowledge Knowhow Handover Business partners according to family values Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Charity/philanthropy Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance Commitment Legacy of contribution to society Legacy of knowledge Legacy of values Sustainability Stewards Knowhow Handover Values Inheritance Continuing adaptation Legacy of knowledge Legacy of values Knowhow Handover Values inheritance Customers as close friends/family Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Documented history Legacy of relationships Legacy of knowledge Intergenerational Blueprint Knowhow Handover Empathy Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance Engagement Legacy of contribution to society Legacy of relationships Legacy of knowledge Sustainability Stewards Intergenerational Blueprint Knowhow Handover Ethical purposes Legacy of contribution to society Legacy of values Legacy of relationships Sustainability Stewards Values Inheritance Intergenerational Blueprint Ethical behavior Legacy of contribution to society Legacy of values Legacy of relationships Sustainability Stewards Values Inheritance Intergenerational Blueprint Example Legacy of values Legacy of contribution to society Legacy of knowledge Values Inheritance Sustainability Stewards Knowhow Handover Development Legacy of values Legacy of knowledge Values Inheritance Knowhow Handover Entrepreneurial spirit Legacy of knowledge Legacy of values Knowhow Handover Values Inheritance Family history Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Family ties Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Family values Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Family business Legacy of relationships Legacy of contribution to society Intergenerational Blueprint Sustainability Stewards Heritage Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Adm. Sci. 2025,15, 106 19 of 23 Table A1. Cont. 1st-Order Concept Codes 2nd-Order Concepts Patterns of Legacy 2nd Research Question Aggregate Dimensions Type of Family Business 3rd Research Question Historical involvement in community/society Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance Honesty Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Identity Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Independence Legacy of values Values Inheritance Innovation Legacy of knowledge Knowhow Handover Intergenerational custodianship Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Intergenerational narratives/storytelling Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Knowledge Legacy of knowledge Knowhow Handover Legacy Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Long-term planning Legacy of knowledge Legacy of values Knowhow Handover Values Inheritance Loyalty Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Past lessons Legacy of knowledge Knowhow Handover Reputation to keep Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Relationships with partners Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Relationships with employees Legacy of relationships Legacy of values Intergenerational Blueprint Values Inheritance Quality and excellence Legacy of values Legacy of knowledge Values Inheritance Knowhow Handover Selection Legacy of knowledge Knowhow Handover Socially responsible/responsibility Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance Success and failures as lessons Legacy of knowledge Knowhow Handover Stewardship Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance Support for community/society Legacy of contribution to society Legacy of values Sustainability Stewards Values Inheritance The principle of unlimited liability Legacy of values Legacy of contribution to society Values Inheritance Sustainability Stewards Tradition Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Transformative practices Legacy of knowledge Legacy of relationships Knowhow Handover Intergenerational Blueprint Transmission Legacy of relationships Intergenerational Blueprint Adm. Sci. 2025,15, 106 20 of 23 Table A1. Cont. 1st-Order Concept Codes 2nd-Order Concepts Patterns of Legacy 2nd Research Question Aggregate Dimensions Type of Family Business 3rd Research Question Trust Legacy of values Legacy of relationships Values Inheritance Intergenerational Blueprint Values Legacy of values Values Inheritance Values enrichment Legacy of values Values Inheritance Values keeping Legacy of values Values Inheritance Source: interviews data. References Alderson, K. (2015). Conflict management and resolution in family-owned businesses. Journal of Family Business Management,5, 140–156. [CrossRef] Arditto, L., Cambra-Fierro, J. J., Fuentes-Blasco, M., Jaraba, A. O., & Vázquez-Carrasco, R. (2020). How does customer perception of salespeople influence the relationship? A study in an emerging economy. Journal of Retailing and Consumer Services,54, 101952. [CrossRef] Ardyan, E., Sutrisno, T. F. C. W., & Padmawidjaja, L. (2023). 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