For the past 6 weeks we have been walking the path of the Fix This Next model of what you should be working on to build your business into the asset it was dreamed to be at the start. We have looked at the Culture, Sales, Profit, Order and impact the business has the potential to excel at. We have also looked at where you need to be placing your time and investment energy. This week we wrap it all up and put a bow on the business as we discuss your legacy.
When a business leader stops and consciously begins the thought process of the transition of a business from his or her care to another person or entity, there is lots of dynamics attached to that mental process. Ultimately there is a tangible physical and emotional experience as well. Much like the separation of a child from the family unit to marriage or geographical distance. The space becomes very real very quick. The routines of interacting with staff, going into the office, walking around the warehouse, and just chatting with colleagues at lunch about what is going on in their business all begin to take on a new shape.
As part of thinking about legacy, the owner/leader reflects on how the continuance of not just the transactions of the business are supported but more importantly the relationships built over years from those transactions. This should cause some specific thoughts to begin to happen and determine how they will be accomplished. Legacy creation does not start at any particular time in an owner’s life or the age of the business. It should start as part of the start up of the business and the purpose as to why the business will exist in the first place. The ultimate legacy is when the purpose of the business is not only realized but is setup to be sustained into the future.
As part of the setting up for legacy, the owner needs to plan in intentional leadership turnover. Waiting until the owner is ready to retire, step down or more tragically be removed by take over or loss of life, the leadership goes well beyond a person’s capability. They may be the icon of the business, but it is the intentional leadership replacement which will create true longterm sustainable legacy for the owner/business. As this gets strategically incorporated into the natural operation of the business, these leadership improvements are not reacted to negatively but with positive reward for all in the organization. They are the steppingstones of crossing the river to a better business place.
These elements are in fluid motion guided by purpose, core values, principles and being used consistently like a compass pointing in the right direction. The measurement of results on some time cycle, gives the necessary feedback to make proper adjustments. The realigning of the business if and when needed perpetuates the legacy.
This week pause and look back on what you have reviewed in your business. Where is your company culture? Do you even have a pulse on it? What about sales, profit, and order? Are the “Get” parts of your business alignment solid or do they need attention. Is the “Give” part of your business quickly approaching. Are you struggling with what you should do next and how soon? A solid perpetuation strategy takes time especially if the owner is going to get paid out of the proceeds/profits of the business while someone else is calling the day to day shots and there is no confidence in that person’s ability to pull it off. It can be quicker when sold to a third party but then it is a matter of demonstrating profit stability which goes back to what to fix next.
Pondering your legacy and perpetuation of your business asset? Don’t hesitate to give JKL Associates a call to have an initial conversation. Legacies are not built in a day but can be destroyed in hours. Give your Promise Guide a call at (313) 527-7945 in Michigan or (407) 984-7246 in Florida. Or go onto our calendar below and schedule an initial meeting which works best on your busy schedule. JKL Associates looks forward to continuing to build relationships rooted in “Purpose.”