Wednesday, July 15, 2015

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Don't Let Your Legacy Disappear! What All Business Owners Can Do To Secure Their Future.

Have you thought about your LEGACY?

Well, if you are a parent, your KIDS are your legacy, and you are probably proud. If you are an entrepreneur, your BUSINESS is your legacy, and you should also be proud. You have treated your business as a beloved child for many years, and now it is time to step down, retire or sell it. How do you ensure your business is in good hands? How do you make sure it will thrive without you?

Your legacy can be tangible and intangible. You give your kids an intangible legacy while you raise them. All of those priceless memories of teaching your kids do the right thing, stay on the right path... They probably ensure your children will have a bright future. And that is your intangible legacy to them. How do you ensure your tangible legacy (your Business) also passes on to them?

If you have grown children who can take over, make sure your wishes are not relayed to the family just during the Thanksgiving dinner. Make sure the information is also in writing. And, most importantly, that someone knows where it is. If your children are too young to take over, have a contingency plan - for the number of years until they can step up.

And if you are scared because there is no one you trust to take over, or your children are not interested in the business you built? Well, maybe that conversation around the dinner table should focus on what the family thinks is the best way to preserve the business beyond the time you work it. Listen to their input and plan accordingly. Don't forget to do that in writing!

Food for thought: Are your ESTATE PLANNING DOCUMENTS updated?