Unlocking legacy — The path to superior growth in family businesses
By Marie‑Pier Lauzon‑Laprise, Partner, KPMG
Balancing tradition and change for enduring success
Foreword
Finding ways for tradition and innovation to coexist is one of the most common challenges in building a lasting legacy in family businesses. By exploring the essence of legacy and its impact on business performance, the detailed data analysis, academic insights and the firsthand experiences of family business CEOs in this report contribute to a deeper understanding of the importance of balancing tradition and innovation for long‑term success in family businesses.
Not only does legacy connect generations and help ensure the continuity and heritage of entrepreneurial success, but it also shapes the long‑term vision of the family’s business and guides their strategic choices. Should they expand into new markets? Invest in cutting‑edge technology? Diversify or stay true to their traditional business operations?
Legacy may sometimes weigh heavily on those choices, and we believe it’s necessary for family businesses to recognize when it’s right to lean on tradition or when they should dare to leap into the unknown — without the fear of losing what defines the family and the family enterprise.
While legacy has often had a historical perspective, a more contemporary view expands that definition by recognizing that legacy is an important building block for the future because of the positive contribution it makes to business performance and to the environmental, social, employee and supplier sustainability impact of family businesses.
This future‑oriented view of the “essence” of legacy is an important perspective — not only because of the impact it may have on businesses today, but for how it can be leveraged for the success of future generations.
Forty‑three percent of the 2,683 respondents to the survey reported a combination of high business, environmental and social performance alongside strong legacies — reinforcing the link between legacy strength and business performance.
The essence of legacy is future‑centric
To explore the essence of family business legacies — opportunities and challenges — the STEP Project Global Consortium and KPMG Private Enterprise surveyed 2,683 family business CEOs across 80 countries in late 2023.
These businesses, with an average CEO age of 42 and some operating for over 150 years, represent significant maturity and experience. Regional roundtables with family leaders and next‑generation members highlighted the “legacy paradox”:
Legacy can be an asset when it fuels identity, inspiration and innovation, but a liability when excessive attachment to tradition blocks agility and change.
Multi-Family Offices at an Inflection Point: Scaling with Purpose in a Data-Driven Era
To support needs and to answer challenges —such as legacy—Multi-family offices (MFOs) are entering a new phase—one where scale, sophistication, and personalization must coexist.
Recent perspectives from KPMG across wealth and asset management point to a clear shift:
family offices are becoming integrated investment platforms, not just stewards of capital.
1. From Consolidation to Continuous Insight
Expectations are evolving quickly:
• Near real-time visibility across all asset classes
• Decision-grade reporting (not just historical)
• Ability to simulate liquidity, risk, and intergenerational scenarios
This is pushing MFOs toward continuous insight environments.
2. Data Architecture as Strategic Infrastructure
A consistent constraint observed across KPMG’s work: data fragmentation.
Leading MFOs are addressing this by building integrated platforms where:
• Core systems such as Multifonds anchor accounting and operational data
• Data is standardized and governed across custodians and asset classes
• Analytics are embedded directly into workflows
The shift:
from systems of record to platforms of insight
3. Operating Model: Precision Between Control and Leverage
MFOs are redefining what they:
• Keep in-house (investment oversight, governance, family interface)
• Leverage externally (administration, selected analytics, infrastructure)
The objective is not cost reduction—it’s flexibility without loss of control.
4. The Augmented Investment Function
Investment teams are becoming increasingly data-enabled:
• Portfolio-wide scenario modeling
• Aggregated risk views across public and private assets
• Early adoption of AI-driven insights
This is creating a new model:
The augmented CIO—judgment, amplified by data
5. Mini Use Cases (Observed Across the Market)
Use Case 1 — Consolidated Transparency Across Complex Structures
An MFO managing multiple families across jurisdictions struggled with fragmented reporting across custodians and private investments.
By implementing an integrated data layer anchored on Multifonds:
• Achieved a single, reconciled view of assets and exposures
• Reduced reporting cycle time from weeks to days
• Enabled more frequent, tailored reporting to different family stakeholders
Impact: Improved trust, faster decisions, and scalability for onboarding new families.
Use Case 2 — Liquidity & Scenario Planning for Direct Investments
A growing MFO increased its allocation to direct and co-investments, creating liquidity planning challenges.
By layering analytics on top of its core data platform:
• Built forward-looking liquidity and capital call scenarios
• Enabled CIO-level visibility across commitments and cash positions
• Improved coordination between investment and operations teams
Impact: More proactive decision-making and reduced liquidity risk.
6. Governance & the Next Generation Effect
Next-gen stakeholders are accelerating change:
• Higher expectations for transparency and interactivity
• Interest in impact, ESG, and thematic investing
• Demand for more dynamic reporting formats
This reinforces the need for flexible, well-governed data platforms.
Closing Perspective
The most advanced MFOs are evolving toward a platform mindset:
Orchestrating capital, data, and insight—seamlessly.
Those who invest early in data foundations and operating model clarity will scale more effectively—without compromising the bespoke nature of the family office model.”
Connect with the author
Marie-Pier Lauzon-Laprise, CPA | LinkedIn
Partner, KPMG Canada’s Family Office, based in Montréal.
With more than 15 years of experience, she advises families, entrepreneurs and business leaders on family office structuring, governance, and long‑term wealth planning.
Last updated in Sep 2026.