【KPMG】Unlocking legacy in family businesses

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Unlocking legacy — The path to superior

growth in family businesses

Balancing tradition and change

for enduring success

Executive summary

kpmg.com/privateenterprise

www.spgcfb.org

Introduction

How can family businesses balance tradition with

innovation and create a legacy and a successful

business that spans generations?

To explore the essence of family business legacies in

today’s contemporary environment, the STEP Project

Global Consortium and KPMG Private Enterprise

conducted a comprehensive survey of family business

leaders across the world. Four regional roundtable

discussions were held with family business leaders

and, in some cases, next-generation family members,

following a detailed analysis of the survey results.

The insights gathered from the survey and discussions

demonstrate the important link between legacies and

long-term business performance, which can help to

guide other family businesses who want to keep their

legacies on a future-forward path.

All of the charts throughout this report contain

data derived from the 2024 STEP Project Global

Consortium and KPMG Private Enterprise Global

Family Business Survey.

2 | Unlocking legacy — The path to superior growth in family businesses

Key insights

Legacies contribute to families’ socioemotional

wealth

Deep connections to the family’s history fosters a sense of pride and

dedication to the business and is a key ingredient in family members’

socioemotional wealth.

The family’s legacy inﬂuences important decisions

The shared purpose and values of the family act as a compass for

guiding decisions that may affect the family, the business, customers,

employees, suppliers and local communities.

Legacies connect the present and the future

Legacy not only creates bonds between generations, it also shapes

the vision and strategic decisions for the future that foster sustainable

business performance.

Adhering to tradition and embracing innovation

One of the most common challenges facing family businesses is the

need to balance tradition and change to adapt to changing market

dynamics and business conditions.

Legacies can be essential for future-oriented,

long-term growth

Family business legacies are building blocks that will help to shape

the future for generations to come.

It’s important to recognize and confront the legacy

paradox

Legacy is a source of identity and inspiration, but it can also be a

liability if it is so entrenched in tradition that it stands in the way of

innovation, change and agility.

Legacy and transgenerational entrepreneurship

can have an impact on performance

Family businesses that report high ﬁnancial performance and

sustainability practices also tend to have strong legacy and

transgenerational entrepreneurship scores.

A new way for family businesses to assess the

strength of their legacies and transgenerational

entrepreneurship

The introduction of a new legacy matrix helps family businesses

identify themselves in one of four legacy types based on their

transgenerational entrepreneurship and legacy scores.

The family’s accumulated wisdom can be a

priceless asset

The knowledge, expertise and skills passed from generation to

generation can help give family businesses a unique competitive edge.

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Unlockinglegacy—ThepathtosuperiorgrowthinfamilybusinessesBalancingtraditionandchangeforenduringsuccessExecutivesummarykpmg.com/privateenterprisewww.spgcfb.orgIntroductionHowcanfamilybusinessesbalancetraditionwithinnovationandcreatealegacyandasuccessfulbusinessthatspansgenerations?Toexploretheessence...

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