Ever think of your business legacy?
Updated: Nov 28, 2019
Most of us won’t have thought about our legacy. If we have, most likely it’s from a personal perspective, thinking about family and friends after we’ve gone to that big roller disco in the sky.
However, Business Legacy is an important consideration. The most compelling reason for this is that most family owned firms have no clear succession plan, which means that at some point selling the business may become an option.
Investment companies are starting to clearly articulate that ethical and socially responsible business practices are a priority when seeking investment opportunities. Businesses that haven’t considered how they embed values within their working practices will be less attractive for fund holders looking to maximise sustainable investment.
So, when thinking about long term growth or divestment options for your business, legacy becomes a current issue.
As individuals, we all want to be thought well of. Well, perhaps not all, but the majority of people on the planet care about their social and family networks, and their reputation within those networks. While it’s said that few people on their death beds wish they’d spent more time at work, I know that one of my values is to make sure that the time I do spend at work is socially responsible, benefitting people and the planet.
What do you want people to think of your work and business? How do you want it to be judged by future generations? Think about your personal values – are these reflected by your business, and if not, why not? We spend 35% of our waking life at work*, why should our values not be reflected in what we achieve in this time?
Think about the future, think about what you want your legacy to be, and take action now to make it happen.
(For those who ask where that figure came from: 35% of your total waking hours over a 50 year working-life period assuming 8 hours of sleep a night)