However, this blend of personal and professional relationships can also present challenges. Preserving a multigenerational legacy demands a customized approach to managing family dynamics, succession planning and effective capital structuring and management. Here are four considerations for navigating the complexities of a multigenerational family enterprise.

Engage future generations

Not every family member will be inclined to work in the business. Still, Deloitte found that 46% of the upcoming generation expects to hold leadership, C-suite or executive-level roles within five years, and 28% of current leaders plan to transfer power within that time frame. In preparation, it’s a good idea to examine and simplify existing ownership structures to avoid fragmentation in later generations.

Multigenerational companies can create a family constitution to help define prerequisites for joining the company, such as meeting specified educational requirements or gaining external experience. They can also form a family board to facilitate interaction, including annual meetings, role playing and family culture training.

These companies engage with independent advisors, such as bankers, financial planners, lawyers and accountants, to assist with succession planning. Advisors can offer strategic and unbiased perspectives, help families focus on long-term goals and bridge generational gaps.

Establish a board

A board of directors is one of the best resources a family business can invest in to sustain its success beyond the founder’s tenure. A board brings wisdom, professional expertise and objective oversight, helping the company make smarter, future-focused decisions. When forming a board, owners should outline primary goals, whether that’s developing more formal corporate governance or assisting in leadership succession.

The board’s structure is also important, including the number of members, the ratio of family-to-outside advisors, the diverse skill sets they provide and even their ages. Research supports the advantages of age diversity in boards, which are often comprised of more tenured individuals. For example, a PwC report found that age diversity helps facilitate smoother leadership transitions, as it allows older members to seamlessly pass along knowledge to the next gen.

Establishing formal agreements that outline roles, term limits, confidentiality, attendance requirements and decision-making processes will help foster accountability and trust. And finally, owners need to account for potential exit strategies to delineate the conditions under which the board may need to be restructured or even dissolved.

Preserve the philanthropic legacy

Family businesses are often local mainstays, with 81% of them telling PwC that they contribute to their communities. However, preserving philanthropic values isn’t a passive activity.

Comprehensive estate planning is a powerful tool for ensuring the continuity of a family’s purpose-led philanthropic vision. Estate planning can help organize the family’s giving, as well as provide the legal and financial framework to ensure those goals are sustained. For example, they can establish a family foundation, a charitable organization set up and controlled by a family to promote selected philanthropic causes.

It’s also vital to set gifting expectations with later generations of family members who did not start the company. A recent Bank of America Private Bank study found that direct giving with a financial contribution is the most common form of philanthropy. However, younger donors (ages 21 to 43) prioritize direct action, such as volunteering, fundraising, mentorship and sitting on boards.

Next-gen leaders may need help understanding the management of charitable endeavors, particularly if they’re interested in eventually joining the family foundation. This can also help them avoid one-off “checkbook giving” and ensure donations align with a family’s stated vision and mission.

Shape the future through transformation

Evolution is key to endurance, and mergers and acquisitions (M&A) can provide a variety of options for multigenerational family businesses. M&A can strengthen a company’s position by acquiring a competitor or a company in a complementary sector or geography. Owners can also facilitate generational transitions by selling a stake to bring in a professional management team. They might also welcome outside investment from the public or private markets to accelerate expansion.

Another option is to transfer ownership of the company through an employee stock ownership plan (ESOP). This puts the company’s value and wealth in the hands of the employees — including family members who are leading the company — by financing the

transfer of ownership to a trust established to benefit those with the greatest vested interest in seeing the business thrive.

Employees can cash in their ownership shares when they leave the company or retire. ESOPs are a particularly valuable tool for family businesses that lack an heir apparent, as they give current owners the ability to sell all or some of the business without having to secure an outside buyer. This structure can provide meaningful tax benefits to the selling owner.

Preserving the heritage of a multigenerational family business is the result of hard work, strategic adaptation and dedicated wealth management. Company leaders should consider best practices for the enduring success and seamless transition of their enterprise.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.