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The Old, the New, and the Used One—Assessing Legacy in Family Firms

Author

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  • Alexandrina Maria Pauceanu

    (Open Institute of Tecchnology, XBX 1425 Ta’Xbiex, Malta)

  • Rodica Milena Zaharia

    (Department of International Business and Economics, The Bucharest University of Economic Studies, 010374 Bucharest, Romania)

  • Melisa Petra Benchis

    (Department of Public Management, University of Vaasa, 65200 Vaasa, Finland)

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.

Suggested Citation

  • Alexandrina Maria Pauceanu & Rodica Milena Zaharia & Melisa Petra Benchis, 2025. "The Old, the New, and the Used One—Assessing Legacy in Family Firms," Administrative Sciences, MDPI, vol. 15(3), pages 1-23, March.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:3:p:106-:d:1613905
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    References listed on IDEAS

    as
    1. Fries, Alexander & Kammerlander, Nadine & Leitterstorf, Max, 2021. "Leadership Styles and Leadership Behaviors in Family Firms: A Systematic Literature Review," Journal of Family Business Strategy, Elsevier, vol. 12(1).
    2. Jaskiewicz, Peter & Combs, James G. & Rau, Sabine B., 2015. "Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship," Journal of Business Venturing, Elsevier, vol. 30(1), pages 29-49.
    3. Juliana R. Baltazar & Cristina I. Fernandes & Veland Ramadani & Mathew Hughes, 2023. "Family business succession and innovation: a systematic literature review," Review of Managerial Science, Springer, vol. 17(8), pages 2897-2920, November.
    4. Yezza Hedi & Chabaud Didier & Calabrò Andrea, 2021. "Conflict Dynamics and Emotional Dissonance during the Family Business Succession Process: Evidence from the Tunisian Context," Entrepreneurship Research Journal, De Gruyter, vol. 11(3), pages 219-244, July.
    5. Martina Sageder & Christine Mitter & Birgit Feldbauer‐Durstmüller, 2018. "Image and reputation of family firms: a systematic literature review of the state of research," Review of Managerial Science, Springer, vol. 12(1), pages 335-377, January.
    6. Hedi Yezza & Didier Chabaud & Andrea Calabrò, 2021. "Conflict Dynamics and Emotional Dissonance during the Family Business Succession Process: Evidence from the Tunisian Context," Post-Print hal-03549722, HAL.
    Full references (including those not matched with items on IDEAS)

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