Marquis Who's Who Millennium Magazine

Marquis Millennium Magazine

You Have a Business, but What's Your Legacy?

M ost successful businesspeople don't just want to make money. Of course, making money is an important objective for any business, but there's a bigger picture to consider as well. Most successful businesses also aim to make the world a better place. That might be by providing high-quality goods or great customer service, or by putting a share of profits toward good causes — no matter the approach, the goal is the same. However, making the world a better place takes time, often more than one lifetime, and that means that you need to think about your legacy and what you can do now to ensure it is positive and transcendent. Just as a business that is run purely for the bottom line is unattractive to customers, a legacy that consists only of money or assets is intrinsically empty. If you're intending to pass on your business to your heirs, how can you pass on the ethos as well as the balance sheet? Succession planning has to start early. The next person in charge has to understand not just what you do, but why. This is a

much longer process than simply handing over the keys; it involves character development as much as marketplace training. It also means acknowledging that you won't always be at the helm. If you're the only person who gives your business its direction, chances are that without you, it will flounder. In David Brooks’ TED Talks video, "Should you live for your resume … or your eulogy?," he discusses the difference between making decisions based on self-interest and based on improving the world. This is a good place to start thinking about your own values. For what qualities would you like to be remembered? What do you most treasure about your parents or your mentors? Which of their good qualities would you hope to embody and pass on to someone else? Now take that list and see how your business and your relationships embody those qualities. You might find that there's still work to be done in passing on those positive attributes. Or you may be able to see your own objectives in a new light.

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