“The ability for family businesses to weave their legacy through generations is powerful as they pass down experiences, values and knowledge. Then it’s up to the next generation to leave their own mark by exploring new ideas that will take their legacy to another level.”
Robyn Langsford
Global and Australian Lead, KPMG Family Business & Private Clients
How can family businesses balance tradition with innovation and create a legacy and a successful business that spans generations?
To explore the essence of family business legacies in today’s contemporary environment, the STEP Project Global Consortium and KPMG Private Enterprise conducted a comprehensive survey of family business leaders across the world.
Four regional roundtable discussions were held with family business leaders and, in some cases, next-generation family members, following a detailed analysis of the survey results.
The insights gathered from the survey and discussions demonstrate the important link between legacies and long-term business performance, which can help to guide family businesses who want to keep their legacies on a future-forward path.
Drawing on this survey of more than 2,600 family-owned business leaders in 80 countries, Unlocking legacy – the path to superior growth in family businesses explores the nature of family business legacies and shares insights on how they can drive performance, sustainability and future growth.
The survey’s findings show that family businesses in Australia are well placed to capture these benefits and thrive as new generations step in. Key to achieving this is to view family business legacies through a future-focused lens as intentional and essential ingredients for sustainable growth.
The Legacy Matrix
KPMG has introduced the Legacy Matrix — the outcome of extensive STEP Project Global Consortium research, brought to life through the 2024 Global Family Business survey data, which measured business families’ levels of transgenerational entrepreneurship and legacy scores.
By exploring the Legacy Matrix assessment tool, family businesses can identify themselves in one of four legacy types: Static, Preservative, Evolving and Dynamic.
Each of these legacy types differs in terms of the level of transgenerational entrepreneurship and legacy score of the family business, and the matrix is designed to help family businesses reflect on their current legacy and understand where it may lead them in the future.
Take the Assessment Today
Applying the legacy matrix to your family business may be an important first step in assessing the strength of your legacy, identifying practical actions to take and how it may be impacting the performance of your business.
If you are interested in discussing your legacy challenges and opportunities in your family business, please reach out to Daniel Trimarchi - KPMG Director, Family Business & Private Clients & Director, Global Centre of Excellence for Family Business. KPMG will be hosting a national series of lunches in September as we continue to unpack the findings from the research. Please reach out to Daniel or your local KPMG contact if you would like to find out more.
KPMG is a professional services firm with global reach, and deep expertise in audit and assurance, tax and advisory and in the family business sector.
