The Role of Story in Legacy Company Exit Strategies

For many multigenerational companies, particularly in manufacturing, the story begins with Grandpa. He came home from World War II, saw an opportunity, started a business and stamped his name on the door. Seven decades later, proudly or stubbornly, that name is still there even as new generations step in.

But here’s a truth that’s often hard to swallow: the name that meant everything to Grandpa and his first customers often means less to a potential buyer today. Buyers aren’t investing in nostalgia, though the founder story is interesting and oftentimes builds trust. They’re investing in growth potential, market relevance and a story that positions the company for the future.

Even global giants have recognized this. Ernst & Young shortened its name to EY. Federal Express became FedEx. These weren’t radical reinventions, but subtle shifts that signaled a modern, contemporary and agile mindset. If the largest firms in the world can update their stories, so can privately held, legacy-owned manufacturers.

A Company’s Story Changes as the World Changes

When Grandpa launched his company in the late 1940s or 1950s, business was local or regional or specific to a niche industry. A handshake and a family name went a long way during the Industrial Revolution Today, the world is bigger (global markets, supply chains and customer bases) and smaller (global competitors can reach your customers in real time).

What remains relevant is the trust and relationships built over decades. What needs to evolve is how that trust is communicated to the next generation of leaders, customers and future investors. A story rooted in the past, relevant to the present and positioned for the future is what makes a company attractive to private equity firms and acquirers.

That’s where multigenerational companies often need help. K+L Storytellers works with businesses to hone their story while respecting history and family legacy. Done well, it can mean the difference between a business that feels “tired” and a thriving enterprise ready for its next chapter.

We’ve seen firsthand how a refreshed narrative can transform a company’s trajectory. Here are three examples.

From Two-Town Pony to National Wunderkind

One aviation services company was known only in two local markets. Its brand was tied to a founder’s name and geography, which capped its potential. Through a rebrand and a new story, K+L Storytellers helped the company reposition nationally. Within three years, it was no longer a small-town business but a fast-growing player on the national stage. What changed? How they told their story: a new name, a snappy brand voice, creative photography/videography and press coverage.

Honoring the Founder; Preparing for Tomorrow

In another company, Dad was nearing 90. He came into the office every day, a living embodiment of the company’s legacy. But the markets and technology had shifted dramatically for this business advisory firm. The next generation was wrestling with how to adapt without dishonoring Dad’s impact. K+L Storytellers helped them craft a narrative that acknowledged Dad’s vision while creating space for modernization. The result was a company poised for the future, built on the foundation of its past.

Saving a Failed Merger with a New Story

Sometimes legacy issues are compounded by strategic missteps. Three companies merged but failed to integrate. Morale suffered, customers were confused and growth stalled. K+L Storytellers was called in to rebrand and uncover the real story that united all three entities. This included extensive interviews with leadership to gain messaging alignment, new website content, branded swag and new mission, vision and values statements. Within two years, that redefined story positioned the company for a successful sale to a much larger organization with more than 1,000 employees. The founders, the employees and the acquirer all benefitted.

Lessons for Legacy Businesses

The thread across these examples is clear: your story is one of your most valuable assets, especially when planning an exit. Here are six key lessons multigenerational companies need to take to heart:

1.    A modern, contemporary story is non-negotiable. Buyers want to see a company that looks forward, not just backward.

2.    Relevance matters. In a changing world, connect your story must connect to current market needs and future opportunities.

3.    A new story helps retain the best of who you are. It doesn’t erase your legacy. It reframes it in a way that resonates today.

4.    Honor your founder and family history by showing how their values still drive the business.

5.    Redefine your vision story. Potential buyers want to know where you’re going and how you’re positioned for growth and innovation.

6.    Talk about your strengths, share stories that highlight the best parts of your company.

Why Story Matters for Your Exit Strategy

If you’re considering a buyout, succession or even just shoring up long-term stability, your story is strategic. A compelling, contemporary narrative can make your company more attractive, increase its valuation and ensure the founder’s legacy lives on in a meaningful way.

So ask yourself: Does our story make us look like the company of yesterday or the company of tomorrow?

Because when the time comes for an exit, buyers will already know the answer.