In our last Navigator we looked at capital, the fourth of our six personal indicators of readiness. This month we examine legacy. At first glance, this indicator might seem like a heavy topic. Legacy can be an intimidating word. We often associate it with a eulogy, not business growth. Having a clear post-exit vision about what you want your personal and business legacy to be will help drive your personal growth and determine which goals are imperative to achieve.

Be sure to catch the July 22 episode of Scott Snider’s “Exit Is Now: Plan Accordingly” podcast. I was delighted to be a guest and discuss some of the things I’ve learned in 30+ years working with business owners to grow value and unlock freedom. Scott was a wonderful host, and I greatly enjoyed my time at the Exit Planning Institute, where we recorded.

Let’s take a closer look at what legacy means with respect to personal readiness.

What does legacy mean as personal indicator, and how does it affect readiness?

The term legacy is used in law, in accounting, and in a broader sense that encompasses how a person wants to be remembered. When we examine legacy as a personal indicator for readiness, we are not talking about money set aside to bequeath. In terms of growing value in your business and preparing for exit, legacy refers to your post-exit vision. It’s how you wish to be remembered after you have left your business behind — and, beyond that, the kind of mark you want to leave on the world after you are gone.

Thinking about your legacy can help clarify which goals and opportunities are imperative. Consider what you want to leave behind that’s not connected to financial assets:

• What do you want your family to remember about you?
• How about your colleagues, competitors, or employees you have mentored?
• Imagine how the people closest to you would describe you. What stories would they share?
• How about people in your community who never met you — what do you want your name associated with?

This exercise can help clarify what you want your legacy to be. That story is still being written, and every business decision you make adds a page.

Once you have a clear idea of what you want your personal and business legacy to be, you gain direction in areas that before seemed difficult. You will see the benefits to decisions that once appeared to be a trade-off no matter which way you went. Being aware of what you want your legacy to be helps determine what kind of growth to pursue and which opportunities to let pass.

Growth then feels intentional, not incidental, and you gain a better sense of focus, confidence, and satisfaction as you safeguard what is most important to you. Transition planning will stop feeling abstract or threatening as you consider how your personal intentions can leave a positive mark on the world.

Defining what you are building toward and what you want to be remembered for can have a profound effect on your decision-making as a business owner. To begin the process of determining your future legacy, take fifteen minutes and complete our Beyond Soaring Index. No matter your timeline, this index will provide insight about how prepared you, as a business owner, are for the future.

Call us today to talk further about how to accelerate growth in your business, expand your freedom as a business owner, and prepare yourself for an eventual transition.