Family business owners have a rich history which they can use as a template for their future narrative. Personal to the family, legacy is as much about the ability to reinvent themselves, as to endure the test of time. It determines what they will become and our UK participants agreed protecting the business is essential.
How legacy plays out though is changing. Whilst protecting the family business is a priority, what families want from it is evolving. Providing employment for family members is something only 14% of family businesses are now focused on. Whilst they may not consider the business as an employment vehicle for the whole family, many are still looking to their next generation to secure their legacy with over half planning to pass the business onto them. The figure grows to 71% of those who already have the next generation working in the business.
Hastings Hotels have always set out to grow their prestigious hotels group in Northern Ireland, supporting local suppliers and the tourism industry. The latest chapter of their legacy is their recent transformation of the iconic Grand Central hotel in central Belfast. This is not only a prestigious addition to their collection, but is also helping grow the region’s profile overseas and attract international spend. Personal to the Hastings family, their legacy is having a positive impact on their region daily and is a source of pride to many in Northern Ireland.
