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Are You Building A Legacy? Consider Your Options. PartIV.

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 third option is to hire your buyer. Like all the other options, this is a long-term strategy. As part of your effort to increase the value of your company, you will need to create a strong management team underneath you, a team good enough to run the company if you are away from the business for an extended period of time. That means you need to hire people into those management positions that have the talent and strengths to grow into leadership. How many times have you seen or read an interview of a successful entrepreneur/ leader who says that a big reason for success was his or her willingness to hire people smarter than themselves and encourage those people to grow and lead. The willingness to do the tasks in the first paragraph above will generate the confidence to execute this strategy

You can read the other articles in this series; Part I, Part II, and Part III.