Leaving a legacy as a business owner means shaping how your influence, values, and impact will be remembered, both within the business, your family, and broader community.
For generational business owners and high-net-worth families, legacy is intimately tied to succession, purpose, and giving back through thoughtful philanthropic strategies that endure for generations.
The Many Dimensions of Legacy
A business owner’s legacy can take many forms, from the ongoing life of the company itself to the empowerment of employees and the upliftment of the community. Some entrepreneurs, like Warren Buffett, Melanie Perkins and Mike Cannon-Brookes, make philanthropy central to their legacy, committing vast portions of their fortune to public good, while also leaving enduring business models and brand identities behind. Others may express legacy through mentorship, opportunity creation, or even a name that survives through a brand for years to come.
Family Legacy: From Founder to Dynasty
Whereas an individual’s legacy might live in personal achievement—think Steve Jobs and the iPhone—the legacy of a family business transcends any one person. It’s about continuity, shared values, and long-term impact. Founders often struggle with the shift from single visionary to family matriarch/patriarch, as real legacy-building means making space for successors to find their own paths and strengths. The transition from the first (founder) to the second generation is notoriously tricky. Success demands humility, open communication, and sometimes, a change from unilateral decision-making to shared governance.
Strategies for Enduring Legacy
Sustaining a legacy isn’t easy, though. It requires clear purpose, disciplined planning, and adaptability. Generational families that thrive tend to:
- Articulate Core Values: Clarify what the family and business stand for, from ethical standards to community involvement. For example, when Kristin and Mena Mikhail of the HEVEN Group set up the HEVEN Giving Fund , they said they were able to “think about what makes us mad, glad, or sad, and boldly commit to doing something about it. It has changed how we approach life, and the intention of the legacy we intend to leave”.
- Develop Robust Governance: Establish boards or structures blending family and external advisors to foster accountability and continuity. This is common in Family Office structures where a founder sets up their own Family Office Giving Fund but involves family and employees in the philanthropic opportunities.
- Prioritise Succession Planning: Invest early in the next generation’s skills and leadership development; around 30% of family firms make it to the second generation, and only 12% to the third. In a recent year-end philanthropic conversation, spanning three generations from 75-year-old patriarchs to 8-year-old youngsters, the essence of giving and its profound impact was beautifully articulated .
- Foster Family Participation: Host regular meetings and retreats, nurture dialogue, and allow young family members to grow beyond just being “the children”. Craig Ferguson, founder of Antipodean Capital, established a Giving Fund through BlueRock and involved his children “to establish a succession plan for generations to come, so involving our children was key. We believe it's important for the younger generation to be engaged and contribute to such initiatives”.
- Innovate and Learn Continuously: Stay abreast of changes, encourage new ideas, and celebrate family history to instil identity and pride. We recently had the privilege of attending a pitch night with The Funding Network, where we saw some of our BlueRock clients who have set up a family Giving Fund in attendance to learn more about grassroots organisations doing incredible things in the community. Very inspiring!
- Support Community & Philanthropy: Successful families often embed giving back into business identity, strengthening both reputation and shared purpose. There are so many benefits to corporate philanthropy that span far wider that the direct impact itself .
Philanthropy as Legacy: The Role of Structured Giving
For high-net-worth individuals, structured philanthropy can become a cornerstone of legacy. Public ancillary funds (“PuAFs”) offer an accessible, powerful way to pool resources, gain immediate tax benefits, and create an enduring vehicle for family giving. This structure:
- Enables broad participation from many donors,
- Offers tax-deductible giving and investment growth over time,
- Strengthens long-term relationships with charitable causes,
- Allows families to involve future generations in giving decisions.
A public ancillary fund lets families direct support according to their values, while also passing down a hands-on lesson in stewardship, generosity, and impact.
The Human Side: Making Space for the Next Generation
True legacy is not just about what is left “to” others, but what is left “in” them. One aging founder described his children as “partners,” not just heirs. He recognised that legacy means giving them room to thrive, contribute, and redefine the family’s impact for their own times. This generational dialogue—balancing guidance with genuine empowerment—is what transforms wealth into legacy.
Leaving Your Own Legacy
Leaving a legacy as a business owner is about building something that outlives your own involvement—whether that’s a thriving enterprise, a philanthropic foundation, or an empowered next generation. Public ancillary funds provide a flexible, tax-effective platform to anchor a family’s giving strategy, involve the next generation, and ensure that generosity becomes an enduring hallmark of the family’s story.
For those who have built wealth, the challenge now is to build legacy—thoughtfully, collaboratively, and with an eye on the impact their story will have, long after headlines have faded.
Feel free to reach out to BlueRock's philanthropy consulting team to have a fun conversation about what legacy means to you and how you can involve your family in an impactful and tailored philanthropy experience.
