Main Menu
circle

Governing Legacy: Going beyond the Governance Marathon

ArticlesEngagementFamily BusinessGovernanceProcessesStructuresSuccession

In an article published in FFI Practitioner, LGA Advisor Jeremy Cheng explores the dynamic nature of legacy within family enterprises and the critical role of governance in its evolution. He emphasizes that legacy is not a static inheritance, but a co-constructed entity shaped by interactions between legacy “senders” (e.g., founders) and “receivers” (e.g., successors). This perspective challenges the traditional approach of preserving legacy through rigid governance structures, advocating instead for adaptable systems that accommodate evolving interpretations across generations.

In a study titled The Governance Marathon, sponsored by the FFI 2086 Society, Jeremy and his co-authors introduced the concept of “governance dynamic durability.”

The essence of dynamic durability lies in maintaining an open, living, organized, and adaptable governance system. Governance is a social practice with a technical component. The system remains alive and open due to the underlying governing practices, while the technical component defines essential organizational boundaries. Families, with their unique characteristics, activate and reactivate specific building blocks of dynamic durability. These include (i) Space; (ii) Multi-role participation; (iii) Alignment; (iv) Regeneration; and (v) Tackling Legitimacy. Together, these elements form what we refer to as the G-SMART model of dynamic durability (see Figure 1).

The G-SMART Model of Dynamic Durability

By applying this model, families can develop governance systems that are both durable and dynamic, facilitating the continuous co-creation of legacy that resonates with all stakeholders. 

For advisors, understanding a family’s temporal orientation toward legacy is crucial. Once this orientation is clear, they can work with client families to develop an effective approach to governing their legacy.

Jeremy has developed a model that encompasses four distinct approaches to governing legacy, namely (i) Preservation, (ii) Restoration, (iii) Regeneration, and (iv) Co-creation. Each approach caters to families in different life stages. Families will have to adjust their approach as their anticipated futures evolve across generations.

Approaches to Governing Legacy

The full FFI article is available here.

Author(s)

Jeremy Cheng

Facebook Twitter Linkedin-in

Related services

Preferred Language:


Lansberg Gersick Advisors complies with GDPR guidelines. Please confirm you agree to receiving Emails from us:

Please check the box to agree to our data protection policy

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Recommended for you
Podcasts

The Succession Conspiracy – Moving Beyond the Struggle of Letting Go

In this episode of the LGA Lighthouse podcast, host Tim Yeung continues his two-part conversation with LGA co-founders Kelin Gersick and Ivan Lansberg. Building on their previous discussion about family systems, they dive into one of the most persistent and emotionally charged challenges in family enterprise: the Succession Conspiracy. They explore why succession is so frequently avoided and how to transform it from an individual struggle into a shared institutional process.
Podcasts

The Power of Models – Navigating the Network of Families

In this episode of the LGA Lighthouse podcast, host Tim Yeung kicks off a two-part conversation with family enterprise pioneers and LGA co-founders Ivan Lansberg and Kelin Gersick. They explore the practical power of conceptual models—not as academic concepts, but as essential tools for helping families make sense of the deep complexity inherent in multi-generational businesses.
Newsletter

LGA Insights – April 2026

Welcome to the April edition of LGA Insights for 2026!
In this Edition, our colleague Neus Feliu explores the transition of independent directors from a mere “governance milestone” to a source of true strategic impact.
We also share a reflective piece by Mika Mazor, who challenges the common perception of conflict within the family enterprise. While many families view tension as a threat to be avoided or suppressed, Mika argues that silence is often the more dangerous signal, one that masks deeper systemic vulnerabilities.
Podcasts

From Transaction to Continuity – Rethinking Executive Search in the Family Enterprise

In this episode of the LGA Lighthouse podcast, host Tim Yeung sits down with Bill Strandberg, Managing Partner of Strandberg, to discuss the critical nuances of executive search within family-owned businesses. Bill explores why hiring a leader in a family system is not merely a recruitment task, but a vital decision for long-term leadership continuity.
Podcasts

How Coaching Unlocks Family Enterprise Potential

In this episode of the LGA Lighthouse podcast, host Tim Yeung sits down with Wendy Ulaszek, a Partner at LGA and Head of Leadership Coaching. With a PhD in clinical psychology and extensive experience coaching leaders within family enterprise systems, Wendy explores the intersection of human behavior and enterprise governance.
The discussion focuses on how individual growth serves as a catalyst for healthier family systems and provides a roadmap for leaders looking to transition from their current state to their aspirational potential.