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Are You Building A Legacy? Consider Your Options. Part V.

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. Make sure you understand that all of these options involve time and thought. None of them can happen overnight.

Your fourth option is to sell to an outside buyer or another company. This option gives you the least control over maintaining the legacy you have created. There may be circumstances such as a serious and chronic illness that cause you to adopt this strategy instead of the other option you had been working on. Or you can start with this option in mind. Your continued involvement in the business, whether your business will be fully absorbed into the buyer or remain a separate division, what will happen to employees, etc. are all negotiation points between your representative and the buyer. And your ability what’s important to you could influence the sale price. But your adherence to and success in building the value of the business will help you here. You can search Amazon.com for books on building business value. One of the best is Building Business by Martin O’Neill.

This is the fifth and final post in a series, Are You Building A Legacy? Go here for Part I, Part II, Part III, and Part IV.