What Legacy Will You Leave?

Visualize The Legacy You Want To Leave
As Stephen Covey has reminded us, we should “Begin with the end in mind.”  In the Transition Growth Planning context, you need to begin with an understanding of the legacy you want to leave.  How do you want to be remembered by your family, your business and your community?  What do you want to be able to look back upon as a particular accomplishment you achieved or as a particular good you provided for someone else? 

If you have been a long-time owner of your business, then the day-to-day operation of your business has become your way of life.  Like many business owners, you are probably largely known or identified with the business that you have built and the success you have achieved in doing so. 

In a very real sense, your business is like a child to you.  You’ve nourished it, you’ve toiled through years of blood, sweat and tears with regard to it.  You’ve seen it through the bad times and you’ve rejoiced during the good times.  Although you’ve probably had more than your share of days when you’ve wanted to just walk out, lock up the doors and never return, for the most part, leaving your business can just be plain hard to want to do. 

Your Exit Is Not The End – It’s Just The Beginning
Many business owners would probably be content to work until their dying day and be carried out boots up.  However, it becomes necessary to consider whether that’s the best result, whether for you, your spouse, your children, your key employees and the other constituencies affected by what you do through your exit or non-exit from your business.   

You Absolutely Won’t Achieve The Legacy You Don’t Pursue
There’s an old saying to the effect that no one on their deathbed ever wished that they had spent more time at the office.  For most of us, our business is a means to an end – it at a minimum provides us with a livelihood to support our families. 
For many, our business may also be an end in itself as well.  However, most business owners whom we know have a vision which extends beyond simply being known as a business owner. 

As we began this Transition Growth Planning discussion, we focused on your personal and financial objectives.  If you keep the vision of those objectives in the forefront as you embark on the Transition Growth Planning process, your likelihood of successfully completing a successful transition exit mission will be substantially increased and your happiness with this process will be more thoroughly realized. 

That’s why the key strategy in the Transition Growth Plan process is to first look forward as you begin the process to the end result you’re trying to achieve, visualize the legacy you want to leave, and then find the time to relax and, simply, enjoy the rest of the ride.  To achieve this, you need to take action now.