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Why be “Legally Focused”?

Written by Manager on July 19th, 2013. Posted in Entrepreneurship

Recently I had a discussion with our B2Be Excellent! group. The concept of “legacy” came up. This is one of my hot buttons. In fact, it’s one of my core values so it probably bears some explanation.

First, let’s discuss what being “legacy-focused” as a business builder is NOT:

  1. Obsessed with exit strategy: Thinking that you’ll sell your business for 100X IBETA or knowing that your kids will take over some day
  2. Having a 20 page business plan
  3. Thinking that you’re changing the world
  4. Taking a “shotgun” approach to strategy, problem solving and decision-making

So, then, what does it mean to be “legacy-focused” as a business builder?

  1. First, it might include a combination of the above (except that it never includes #5)

  2. It begins with knowing why and where you’re headed. (You gotta do the purpose & vision work)

  3. Is followed by building a strategy with goals, milestones and action steps. The PLAN.

  4. Making decisions, solving problems and taking action based on your strategy which was build out of your vision and is driven by your purpose.

  5. Let me repeat and say it another way: Your actions are consistent with where you want to take your business. EVERY MINUTE OF EVERY DAY.

    • This means that rather than being reactive you are being proactive as often as possible. You plan, you do, you measure your results, you re-plan and then you do again.
    • Additionally, by having an awareness of what you believe your exit strategy will be, you put measures into place to ensure that result.
    • The highest measure of success for the business builder is to sell their business and make millions in the process. If you AIM for that, you will DO things* NOW that make your business NOW & in the FUTURE more efficient, valuable & profitable.

This last point (#5) is the discussion (OK-maybe it turned into more of a lecture but this IS one of my 3 or 4 core values. It’s intensely important to me!!!!)I was having with the B2Be group. In this group all of our clients are business owners, or larger companies in some cases. It’s in that context that I was speaking. I was suggesting that it’s our responsibility as business advisors to help our clients understand the difference between growing a “legacy-focused” business and one that is not AND to help them be sure that, regardless of the choice they make, their actions and expectations are consistent with that choice.

This is where I see the problems.