Protecting Your Legacy: Why Business Owners Need to Act

by Phil Harwood, Grow the Bench

After speaking on this very same subject in front of a crowd of business owners, one of the attendees came up to me to thank me and to share a sad story. The day before, he attended his uncle’s funeral. His uncle – a husband, father, and business owner – passed unexpectedly and without making any preparations. Everything his uncle had worked so hard for was in turmoil. His family, employees, and customers were left not knowing what to do. A tragic situation became a huge mess that everyone left behind had to clean up. Unfortunately, this was the legacy his uncle left behind. The attendee wiped away his tears and promised that he would never do this to his family, employees, or customers. He was going to take action immediately to protect his legacy.

“Protecting your legacy” simply means planning in advance to provide for your those you care about. Your legacy is what you will be known for after you’re gone. It is what your life’s work meant to your family, friends, and community. If you are a business owner, your legacy also includes the impact that you have made in the lives of your business partners, employees, and perhaps even within your industry. After you are gone, how do people think of you? What will people say of you? This is your legacy.

Something else to consider is the reality of first and last impressions. It is common knowledge that first impressions are more powerful than subsequent ones. The same is true for last impressions. We usually remember the first time we met someone. And we usually remember the last time we interacted with them. We probably do not have as vivid memories of all of the interactions between these two events.

Similarly, your final interaction with your closest loved ones will be directly related to the plan that you have in place to provide for them and to handle your affairs. This will define your legacy to a significant degree.

Many people avoid thinking about these things for all the obvious reasons. However, your legacy is at risk if the inevitable is not addressed before it’s too late. If you’re still not convinced that you need to take immediate action, here are three reasons why I believe you should.

First, other people are depending on you to do the right thing. If you’re like most business owners, doing the right thing has been one of the hallmarks of your career. People respect you. They admire you. You have sacrificed greatly for others. You’ve made an impact. Your fine legacy will be protected by ensuring that the last interaction will be a result of you doing the right thing one last time. Your final act will be consistent with the rest of your life and this is how you will be remembered. This is a thoughtful, loving thing to do and a beautiful legacy.

Second, the process is not as difficult or scary as you may think it is. Every situation is slightly unique. But the overall planning process does not need to be overly complex. In fact, some basic first steps to protecting your legacy may be very simple to implement. Do not let the fear of complexity prevent you from taking action today.

Third, there is great comfort and peace of mind that comes with knowing that your loved ones have been taken care of. One of life’s greatest joys is to not have regrets, especially about things that we have control over. Planning for your affairs is entirely under your control. Just think how great it will feel when your plan is in place and your legacy is protected.

If you’re not sure where to start, please email me at phil.harwood@ tamariskadvisors.com and I will send you a complementary guidebook that will give you concrete steps to take to get moving so that you may protect your legacy.

Before you put this off until tomorrow, consider that procrastination may actually be an irresponsible and selfish act. It may actually be your last act and final interaction. Protect your legacy by taking action before it’s too late. What’s your next step?

Now go forth.

Phil Harwood is a managing partner and co-founder of GrowTheBench. com, one of five companies he has founded or acquired since retiring from a successful management career spanning over four decades. He also is co-owner of the Snowfighters Institute, which offers educational and networking events for snow and ice management professionals. He is widely considered as one of the leading consultants in the professional landscape and snow management industries in North America.

Phil holds an Executive MBA with honors and Bachelor of Arts degree in Marketing, both from Michigan State University. He is currently pursuing a Juris Doctor degree to better equip him to assist his business clients with succession planning and business law. Phil is a member of the State Bar of Michigan, Grand Rapids Bar Association, Christian Legal Society, and Federalist Society.

Phil has a passion for helping business owners increase the performance and value of their businesses. His consulting firm, Tamarisk Business Advisors, helps business owners with business succession, valuation, and building value in companies prior to succession.