“A legacy doesn’t simply mean taking over from what your ancestors built but instilling those core values in yourself and passing them down to the next generation.”
Coming from a family that values traditions and legacy, I’ve had a fixed notion of what it’s like to run a family business.
Let me share some background about that. My grandfather had a flourishing career as an accountant. Being good at his profession took him places and brought him to great heights. During his time, he headed the Bureau of Internal Revenue and, afterward, set up his own accounting and auditing firm.
His children, my mother and aunt, eventually became accountants and took over the firm he built. They were guided to a path that led them to become CPAs, and in the case of my aunt, a lawyer specializing in tax cases. That company is still active to this day after four decades.
Unfortunately, this wasn’t a career path that sparked my interest. If my grandfather were still alive, I envision the frown of disappointment on his face, knowing that the third generation in our family would not be continuing the legacy he built. I adore my grandfather and what he has built, but accounting and finance were never really for me. Luckily, I have the best parents in the world, giving me the freedom to choose a career path I am interested in and letting me become the person I want to be.
The case is different, though, with the Follosco family. Having the chance to meet and talk to Maret Follosco Bautista, CL Follosco Group’s CEO, I saw the concept of a family-run business in a different light. As the company initially ventured into agriculture, the organization’s current state has expanded and diversified into several different businesses.
This was brought about by the varying interests of the family members and allowing them to explore other fields that may be related to the family’s core business. This expansion contributed to the organization’s growth and, at the same time, allowed members of the family to venture out into doing something that they found fulfilling. Not to say that the Follosco family keeps everything within themselves, but they do give back to the people who helped them along the way and foster their development along with theirs.
What probably captured me most during Ms. Bautista’s talk with the class was her mentioning that she was merely the steward of her generation. Her reign as the current CEO is meant to carry their family business and transition it to the next generation. I admire how humbly she sees herself as the organization’s leader, ensuring that the strong foundation and values their father built are passed down to the generation after her. Among these values are integrity, prudence, and living within your means. In my opinion, this is what makes her and the company great.
Here are my key takeaways from this CEO series session. The only person who can tell you where to go is yourself. Sometimes, something that seems destined for you is not what you truly want. What is important is that the roots and values you have from family are something you build your foundation on, whatever you decide to do.
A legacy doesn’t simply mean taking over from what your ancestors built but instilling those core values in yourself and passing them down to the next generation. Given this realization, I may not be continuing the business that my grandfather built. Still, I am continuing his legacy by keeping the values and discipline he taught us in my heart. When the time comes for me to pass down that legacy to the next generation, I will ensure that the legacy will go on.
The author is an MBA student at the Ramon V. Del Rosario College of Business of De La Salle University. He wrote this reflection paper for his class on Trends and Issues in Business and Management: CEO Series. He can be reached at amando_clemente@dlsu.edu.ph.
The views expressed above are the author’s and do not necessarily reflect the official position of DLSU, its faculty, and its administrators.
