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David’s Legacy: What Are the Options?

AI image of a young businessman in a suit.
It is never too early to consider your legacy.

Here at Cultivating Impact, we get just as much interaction from young leaders in their 40s as we do from older ones. Do you see yourself in this story? What part?

As a third-generation leader in his family’s company, David found himself pondering the legacy he and his family would leave behind. After engaging with industry peers, he realized that many of them were grappling with the same question. This realization prompted him to write a heartfelt note to his family members who shared in leading the business. What were their options for leaving a legacy? They could sell the business or raise up a team to continue their purpose for years to come.

In his message, David posed four crucial questions:

1. What do we value, and what will our legacies be?

2. How can we minimize future tax liabilities while funding each shareholder’s lifestyle?

3. What actions can we take now to ensure our business and family thrive for decades to come?

4. How do we build the best team that shares this vision at all levels?

Through their discussions, David arrived at a powerful personal ambition: “To grow and enhance our family business indefinitely and continue to improve the lives of all 900+ persons and families that depend on us.”

For David it was clear, he wanted to continue to play a positive role in all the beneficiaries of his family’s business.

This story resonates with leaders across generations, from those in their 40s and early 50s to those who have nearly waited too late, in their 70s and beyond.

Our seven-step process guides leaders through the essential conversations needed to create a lasting legacy:

Step 1: Confront your fears about succession planning

Step 2: Establish your succession planning team

Step 3: Define your impact

Step 4: Define your niche

Step 5: Develop leaders in your team

Step 6: Pass the baton to your successor

Step 7: Finish well

By engaging in seven strategic conversations and taking action, you can ensure that your business not only survives but thrives for generations to come.

It is possible to wait too late to start your succession planning journey. Start today and leave a legacy that will make a difference in the lives of your family, your employees, and your community.

Harry T. Jones

P.S. Our mastermind group #1 is sold out. We are building a waiting list for the next Cultivating Impact succession planning mastermind. We meet virtually as a group monthly and you have access to me privately. If you are interested in having me and eight others in your corner as you navigate leaving a legacy, email, with "wait list" in the subject line and let me know.

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