A true
family legacy is more than just the legal documents distributing your assets
when you die. In order to nurture
the legacy, you must understand what your family legacy is. A true family legacy encompasses the
values and passions that fuel your family. It is perpetuated through family stories, your family’s
belief about wealth, and how you live out your family values on a daily basis.
A legacy is formed by the sequences of actions that resemble one another and
are lived out in each generation.
It is the repeated behaviors and actions that shape your family legacy.
Like it
or not – everything you do and say contributes to or influences your legacy.
Building a legacy is not a one-time event. Rather, it is a lifelong process
that is influenced by, and also influences, family. Each family is special and
unique. Each generation needs to adopt and add to the family legacy and
definition of family wealth. The wealth of a family consists of more than
simply the financial capital. Your family has special family intellectual
wealth, family social wealth, family spiritual wealth, and a unique familyness.
So what
are a few family activities that you can do to begin defining your family legacy?
1. As a family, write a family
mission statement, complete with
your family values and beliefs, and discuss what it means to see those values
in action.
2. Record family stories through conversations with parents,
grandparents, and other relatives either through audio, video or written word.
You may decide to record the younger generation interviewing their senior
family members.
3. Define what wealth means to your family legacy.
Engaging
in a legacy dialogue should not create opposition in the family. Rather, it should be an opportunity to
experience the free flow of thoughts between family members to build a
congruence of thoughts that will unite the family and strengthen the business.
Articulating
legacy goals will influence a business family’s worldviews; competitiveness;
beliefs about wealth and philanthropy; and how major decisions are made.
The legacy you leave is the life you lead.
What legacy are you creating right now?
