Leaving a Business Legacy

As a business leader, you have the ability to make an impact, inspire future generations and leave a legacy of your leadership. But too often, leaders in the business world fail to consider how to accomplish these lofty goals until it’s too late.

Leaving a business legacy isn’t as simple as wisely planning your retirement. Don’t put off thinking about how to leave your business legacy until you formulate your exit strategy. Your business legacy is actually years in the making and the product of the many decisions, actions and even mistakes you make throughout your career.

A business legacy is formed over time, but even for late-career professionals, it’s not too late. There are a few important things to keep in mind as you consider how you’d like to be remembered professionally.

Legacy leadership isn’t something you achieve; it’s something you create. From your first supervisory position to the day of your retirement, focus on communicating your company’s values and purpose. Relay stories with a message, highlight employees who are seen living up to those values and reinforce, one day at a time, the very legacy you wish to leave behind.

Doing this requires strong self-awareness and a conviction in your company’s values. With this in mind, always keep self-improvement at the forefront of your mind. Reflect on what you can do to teach your legacy through example.

Think about the leaders around you whom you admire. Emulate their actions. Ask yourself whether your vision is salient in the company culture and what you can do to further your vision among your peers and your team.

Leaving a business legacy isn’t about accomplishing great feats or sealing once in a lifetime deals. It’s about how you show up in your business each day and leading others through your vision so they can carry on your legacy when you leave. You can accomplish this by focusing on the future and leading by example every day.

Leaving a legacy takes daily investment in yourself, your vision and your values. It’s no wonder so many business leaders fail to build an intentional legacy they are proud to leave behind. With the many responsibilities of leadership, it can be hard to put aside time every day to work toward it, unless you come to understand that leaving a legacy is more about how you “be” in each moment than anything you do in your business.

If you are serious about building an authentic legacy with intention, start by sitting down with us. As your Family Business Lawyer®, we can guide you in making the difficult decisions you face everyday as a leader in business. We can look out for your business’s legal and financial future so you have time and energy to focus on leaving a business legacy that aligns with your values.

This article is a service of A. J. Yolofsky, Family Business Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial and tax systems you need for your business. Call us today to schedule.