In this fourth and final video about understanding your business season, we’re going to talk about the fourth stage of growing any business, your winter or your legacy.
The three key ingredients for leaving a positive legacy at your organization are succession, mentoring, and empowerment.
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My wife’s grandfather started a company in 1975, and as he grew the company he started bringing in members of his family and the company grew. One of the things that I’ll never forget is how he retired from the organization. Five years before leaving the organization, he set out a plan and he systematically removed himself from different responsibilities and functions at the organization.
There’s a popular book on the market called The E-Myth. The book says that one of the ways to measure the success of your organization is to ask yourself, what does the organization look like when you’re not there? If you go on vacation for a month, does the organization still maintain its level of excellence? So many business owners are so tied into every aspect of the business that they have no way to untangle themself and if they leave, the organization has a serious detriment. Having a plan will create a transition that is so much better and smoother for every person in the organization.
The second ingredient in your winter or legacy season is mentorship. This isn’t being mentored by somebody else but choosing who you’re going to mentor with the skills and tools that you’ve picked up in your business. Another friend of mine also had a grandfather who started a small business, and that business actually turned into an international corporation. He inherited tons of money from the business. But when you talk to my friend, the mentorship and the lessons and the values that were taught to him by his grandfather were so much more valuable and important to his life. When you grow a business, you learn so many lessons that can save a young entrepreneur years, maybe even decades, of frustration or doing the wrong thing. There is so much potential in choosing people that you can mentor and invest in. This is a wonderful tool to leave a positive legacy with your business.
The final ingredient is empowerment. If you learned what you needed to to start the business, launched that business, and were able to leverage or scale that business, then you have resources that you’ll be able to give away and empower others.
I’ve had the incredible privilege of visiting more than 20 countries on more than 30 trips studying global poverty. And one of the lessons that I’ve learned is that the biggest need to really help someone is not giving them a handout. The biggest need to really help someone is to give them a hand up. As an entrepreneur, don’t just give charity without thought. Really think about, how can I leverage my gift to make the maximal impact? Think about your giving like an investment and put as much scrutiny as you do into a business investment into a ministry investment.
If you’re growing an organization, think about what you want the legacy of all of your hard work to go into. And then create a succession plan, mentor others, and empower those with a hand up instead of a handout, and you will be greatly satisfied with your work.
Thank you for watching these videos about understanding your business season. Please visit growability.net to see more videos like this about common and not so common business questions and answers. Thank you for your time.