Building a Business With Legacy in Mind

Most business owners are consumed by today: this week's sales, this month's bills, this quarter's goals. That focus is necessary. But at some point, many begin to ask a longer question. What will remain when I am no longer running this business? Will the work I have poured my life into outlast me? Will it have mattered?

Thinking about legacy is not morbid. It is wise. And it is easier to build a meaningful legacy on purpose than to hope one happens by accident.

Establish the work of our hands

Psalm 90 is a prayer attributed to Moses that reflects on the brevity of human life. It ends with a request: "And let the beauty of the LORD our God be upon us: and establish thou the work of our hands upon us; yea, the work of our hands establish thou it." (Psalm 90:17, KJV).

The psalm does not ask for fame or wealth. It asks that God would make the work of our hands lasting and meaningful. Legacy, in this sense, is something we work toward and something we ask God to establish.

Scripture is also honest that legacy is not fully in our control. In Ecclesiastes, the writer worries that he will leave his work to someone who may be wise or foolish, and he cannot know which (Ecclesiastes 2:18-19). That honesty frees us to plan carefully while holding the outcome humbly.

Legacy is more than money

When people hear the word legacy, they often think of an inheritance or a business sold for a large sum. Those can be part of it. But a business leaves many other kinds of legacy:

• People developed. Employees who learned skills, grew in character and went on to lead elsewhere.
• Customers served. Lives and businesses made better by your work.
• Reputation. A name associated with honesty and care.
• Community impact. Generosity, jobs and support for local causes.
• Knowledge passed on. Skills and wisdom taught to the next generation.
• Faithfulness modeled. A visible example of how faith shapes work.

Some of the most lasting legacies are invisible on a balance sheet.

Develop people who can carry the work

Paul told Timothy to entrust what he had learned to faithful people who would be able to teach others also (2 Timothy 2:2). That is a picture of legacy through people. Ask yourself:

• Who on my team is ready for more responsibility?
• What am I doing to help them grow?
• Could the business continue if I stepped away for a month? A year?

Delegation and leadership development are not only good management. They are how your work outlasts you. See what Jethro taught Moses about delegation.

Document what you know

Much of a small business's value lives in the owner's head: how things are done, which customers need special care, where the important files are. If something happened to you tomorrow, that knowledge could be lost. Begin documenting key processes, relationships and decisions.

Plan for succession

Think about what you hope will happen to the business someday. You might pass it to a family member, sell it to employees or an outside buyer, or close it gracefully. Each path takes years of preparation. If you hope a child might take over, see teaching your children about work, and remember that it should be their choice.

Prepare for the unexpected

Legacy planning also includes preparing for illness, disability or death. Talk with an attorney and a financial professional about:

• A business continuity plan if you are suddenly unable to work.
• Wills, powers of attorney and estate planning.
• Agreements with partners about what happens if one partner dies or becomes disabled. See why good partners still put everything in writing.
• Insurance that protects your family and the business.

These conversations can feel uncomfortable, but they are an act of love for the people who depend on you.

A legacy checklist for this year

Choose a few of these to work on over the next twelve months:

1. Write a one-page description of what you hope your business's legacy will be.
2. Identify one or two people to develop as future leaders.
3. Document your three most important business processes.
4. Create a list of key contacts, accounts and passwords stored securely for trusted people.
5. Meet with an attorney about estate and business continuity planning.
6. Review insurance coverage for your family and business.
7. Talk with your family about your hopes and plans for the business.
8. Increase generosity as part of your legacy.
9. Tell the story of why your business exists to your team and family.
10. Pray, asking God to establish the work of your hands.

A legacy is built one faithful day at a time. The choices you make this year, how you treat people, what you teach and what you prepare, will shape what remains long after.