The Legacy Continues

“Legacy is an intangible asset, which serves as a source of identity.”

James H. Davis highlighted #legacy as an intangible asset in his article “Wrestling with Legacy in a Family Business” which was published in Harvard Harvard Business Review on 29th September, 2022. The idea was further endorsed when I observed few #familybusinesses from the perceptive of their legacy.

During my visit to a stainless-steel manufacturing unit, which was arranged by the third-generation owner, back in 2010, I saw a vintage-looking handmade safe / locker. On inquiry about the product, I was informed that this first unit was prepared by his grandfather with his own hands. Initially, the business founder used to make all the products with his own hands. Then, he started delegating tasks and trained the labor force and started the journey of manufacturing stainless steel equipment for various commercial purposes. The facilitator who thankfully arranged my visit informed me that their speciality is that they offer customized products according to the business’s needs – it was initiated by the founder and until now this #legacy is followed by the #business.

Another third-generation family member of a stationary distribution thankfully shared the rule his grandfather has set which is continued by his generation as well. It was decided by him that a certain portion of the income every month would be allocated for philanthropy initiatives. The same ratio continues to be a part their #familybusiness #legacy and it has stayed the same over all the years.

From my personal experiences, there is one which still resonates in my mind is when I was travelling with one of my colleagues to the agricultural land bought by his grandfather. It excited me when he showed me the religious area as a landmark to identify the exact place which the whole family was visiting after a long time. I was further informed that this landmark was utilized for the accurate demarcation of the land as well. That place still continues as a benchmark legacy for that #familyowned land.

These are the few amongst many family-owned entities who carry their family legacy from generation to generation. Businesses continues to adapt these intangible assets and earn financial as well as non-financial benefits through these intangible assets.