I want you to stop a second and think about what you are building? Are you building a real business – or are you just creating a series of jobs for yourself. I need to take a stand for you right now – and tell you that although the gig route is easier – if you are serious about having something for your hard work at the end of the day – building a solid business – a legacy business – is the way to go.
Here is my definition of a Legacy Business:
The Test
Will your business survive without you?
About a year ago, the day before my birthday, I received a phone call. My mother needed help, my father hit is head and fell in the yard. I helped her get him to the hospital – he died two days later. My dad wasn't going to die on my birthday. Because we had employees and systems in place, our business survived my Dad's passing and the family had time to do what needed to be done.
As I was driving home about a week later, I saw that my favorite spa had a chain around the gate and was being sold by the bank. The woman who had owned and run it for the past 20 years had passed on about that same time has my Dad. When she was gone – the business was gone too.
30 years of hard work and nothing to show for it in the end.
It Doesn't Have to Be That Way
The time to start planning your exit is when you are starting your business. You want to get systems in place that allow tasks to be transitioned from one person to another.
As the founder – you are responsible for the vision and the initial process. After that point, you should be looking to expand, to share you business with others.
Some Questions To Ask Yourself
Here are some questions to help you get started in formulating your plan.
- If you remove YOU from your business what does it stand for? What is the change your business will create in the world?
- What would my ideal exit strategy look like?
- What would you like to accomplish in the next ten years?
- What would you like to accomplish in the next five years?
Share your answers in the comments – let's help each other.
