Are You Building a Legacy? Consider Your Options. Part II.

This is a multi-part blog series.  You can view Part I of this series here.

OK, you have decided that you want your business to be a legacy business. You have created a vision of what you want your life to look like after you step down, completely or not. You have a picture of the extent of your involvement in the business, from none to some to very active. You have a good idea about how and where you want to spend your life outside of any level of work. You have developed a financial plan for what you will need to support that work and life. And you have to set out the financial and strategic milestones to measure your progress along the way. No matter what your vision is, you are working to make the company so valuable, that you can become flexible about when you implement your plan. Before we talk about your first option, make sure you understand that all of these options involve time and thought. None of them can happen overnight.

Your first option for creating a legacy can involve your children. Do all or one of them want to be involved? Should they be involved? What is your plan for finding the answers to those questions? Have they expressed interest? What education and talents do they have that apply to the business? In what way can you and they discover what they want to do without it being forced? There are many resources out there that have worked with family businesses to help you achieve good outcomes. Check with other family firms about what help they have received. Google “Family Business Resources” and research the sites that come up. Make your plan and make it consistent with raising the value of your company as it moves towards its future.