Maybe it’s not the happiest of topics, but the question often pops up about how would you like to be remembered after you’re gone? As we grow older, we start focusing on our legacy as our mortality clock starts ticking.
For business people they want their legacy to speak for them – from beyond the grave if you will. Most of us wouldn’t mind being remembered by just a few of the people closest to us, but businesspeople want that and also want to be remembered by how their business has had an impact on thousands of people. They also want that impact to continue long after they’ve stopped working or gone.
It’s a tall order, but if you are a business person, here are some things you can do now that will help your legacy live on.
Determine your Business Goals
You need to know what motivated you to start your business in the first place. Was it about chasing a dream, or a way of giving back to society and your community? Or, was it your goal to leave something behind for your family? Whatever the reason was, you should take time to revisit your original goals as it will help you create the best outline for the future of your business planning strategy.
If it’s about leaving something for your family, it means you want them to be as comfortable as they were when you were with them or still working. A good start is to make your family aware that they can receive loans while waiting for inheritance, since claiming inheritance can take forever and a day, especially if you own a large business. These loans will guarantee that your family does not fall into financial hardships since the loans would come from their own inheritance, they do not have to wait for a probate period to end, and the loan will be paid back also from their inheritance.
Prepare a Succession Plan
The last thing you want is for your business to cease once you do. You need to discuss with family and key employees what your succession plan looks like. You also want to make sure that whoever inherits your business has the same vision and passion that you have.
Depend on Professionals
Even if you have a spouse and children, who are your sources of trust, you can consider inviting professionals to handle your assets afterwards. These advisors can include your lawyer, accountant, financial expert, and others you trust who will help you successfully manage and protect your assets. Choose one person to head your advisors because advisors work in different areas and are independent of each other.
Keeping your business legacy alive often needs tough decisions; decisions not ruled by the heart, so having advisors is prudent as they can make decisions in your best interest and in the best interest of the business without being emotionally involved. Handing your business over to others isn’t just a financial transaction. Don’t assume everything will fall into place. But you can help the future of your business by taking care of crucial issues now.