Legacy is about much more than a dollar amount.
After you’ve poured your heart and soul into a business, it represents a significant part of your life’s work.
Not only do you want it to thrive after you’re gone, but you also want to know that your impact made a difference – to you, your staff, your clients, and your community.
Here are our top five tips for building a meaningful career legacy.
- Build a Strong Team
One of the strongest marks of a business owner’s legacy is the team they leave in place after stepping down.
“If you want a strong career legacy, start by building a highly qualified team that will continue to run the business and serve your clients to the same standard or better,” explained John Vance, President and Visionary of Vance Wealth in Santa Clarita. “It’s an aspect of business ownership that I really enjoy, and a big part of our success has come from choosing a strong people and nurturing them along the way.”
- Be a Mentor
Everyone has that one special person who helped them get to where they are today. It could be a teacher, parent, supervisor, or friend – but at some point, they also become an invaluable mentor.
“I think it’s essential to be a mentor, both in your company and outside it,” John explained. “I always try to make myself available to young people as a resource. Answering questions, opening up the dialogue, and guiding the next generation of professionals has always been the fun part for me.”
- Create a Business Succession Plan
A business succession plan typically has two aspects: an emergency plan and a planned retirement.
In the event that something happens to the business owner prematurely, an emergency plan establishes continuity and limits disruption.
A retirement or business exit plan helps you map out these important decisions well ahead of time – such as when to retire, how to exit, and how to handle succession – without being clouded by emotion or need.
“If you identify the right people to take over leadership early on, the transition feels more natural and comfortable when the time comes,” John explained. “It empowers the next generation of leaders to take on their new roles and makes everyone feel more confident.”
- Be a Thought Leader
At the end of your career, it’s easy to see how you got there. But when you’re just starting out, it all feels new, like a puzzle you have to figure out.
That’s why it’s so meaningful to share what you learn and become a thought leader in important conversations in your industry. It means your wisdom lives long past your lifetime.
“At Vance Wealth, we try to document our legacy by teaching others and sharing information,” John explained. “We host regular webinars and workshops, and we provide education through our videos, blogs, and resource library.”
- Pay It Forward
After you’ve passed along your wisdom, guidance, and example, there’s one thing left to do to help ensure a strong career legacy – pay it forward.
“Pay it forward to your employees and community,” John shared. “Get involved in the organizations that support your community because they need dedicated and long-lasting leadership. That’s how you can extend your career legacy past the boardroom.”
Are you ready to plan a career legacy that lasts? Schedule a complimentary consultation with a Vance Wealth Advisor https://vancewealth.com/book-an-appointment/