Family enterprise legacy insights

What’s received may not be what you hope to pass on: Family Business legacy past, present, and future

Blog
10 minute read

Danielle Valkner

Family Office Leader, PwC US

Belinda Sneddon

Managing Director, US Family Enterprise Advisory Services, PwC US

At the re:connect event co-hosted by Northwestern University’s Kellogg School of Management, PwC, and Egon Zehnder, nearly 70 family business members explored the legacies they’ve received—and those they hope to pass on. The findings revealed a striking shift: while past generations emphasized hard work and commitment, today’s leaders aspire to pass down values centered on humanity—self-fulfillment, authenticity, love, and humility.

This contrast reflects a broader sociocultural evolution toward individualism, empathy, and purpose-driven living—one that’s reshaping family business legacy and next generation leadership across industries. As family enterprises revisit their succession planning strategies, many are seeking to align traditional values of diligence with modern priorities of emotional intelligence and inclusion.

This white paper urges families to adopt a “both-and” mindset—balancing discipline with compassion—to strengthen continuity and harmony across generations. By reframing legacy as both a reflection of work ethic and humanity, families can sustain the drive that built their success while fostering multigenerational wealth strategies grounded in shared values and long-term purpose.

Insights from re:connect Questions on family business legacy, next gen leadership and succession planning

Many participants expressed a desire to pass on values that focus less on diligence and sacrifice and more on humanity—qualities such as love, authenticity, humility, and self-fulfillment. This marks a noticeable shift from the hard work–oriented legacy many received from prior generations.

Families can benefit from viewing legacy as a “both-and” rather than an “either-or.” Balancing commitment and compassion helps preserve the discipline that built earlier success while making space for the emotional awareness that sustains harmony across generations.

A “both-and” mindset means valuing and transmitting both hard work and humanity. Rather than seeing them as opposites, families can treat these qualities as complementary forces that strengthen the business and family relationships alike.

Younger generations are emphasizing authenticity, purpose, and emotional intelligence. These emerging values are reshaping how family leaders define success, make decisions, and engage with employees, communities, and each other.

Legacy can be both positive and negative. It can be something that inspires the next generation to greater heights but it can also hold back future generations, curtailing growth and innovation. Effective legacy planning encourages families to reflect on the values they’ve inherited while intentionally shaping those they’ll pass on. To inspire the next generation and encourage innovation, think about the core values you want the next generation to embody, then consider how to transfer that in flexible, collective ways more likely to “stick.” This can happen at the mission level or with regard to specific values of the family.

The legacy family business members want to pass on

(PDF of 2.8MB)

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