Thursday, September 4, 2014

Creating a legacy

Have you given much thought to your last days?  This is a deep conversation that most people are not prepared for but it is essential.  I guess with a conversation starter like this – you are preparing for a sales pitch from a life insurance agent – or a religious discussion on the virtues of a life well lived.  On the contrary, this is a discussion on the end of the time with your business.  The difference between the end of your life and the end of your involvement with your business is distinct.  If you have properly planned the end of your involvement with your business this will allow your company to have a long, prosperous life and for you to chase your dreams. 

I often challenge business owners to think whether they work to live or live to work?  When you live to work then you are spending your days filling a job.  If you work to live then you are able to leverage your business so that it is a resource that allows you to pursue your passions and dreams.  When you have a plan for the end of your time with your business then you can truly harness the opportunity to work to live – or to say it this way, you can work so that you can live the way you want to.

Most business owners have a desire to transition out of their business.  This transition ranges from selling for life changing money, transitioning to their family or even selling to a group of employees.  The challenge is that while most people have some idea what they would like to do with their business, they have no plan or strategy to make this a reality. 

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