Tip #27: Live Your Legacy

“What does legacy mean to you? So often we think about our legacy as something that happens after we’re gone, or the way people will remember us. I prefer to think about legacy as something we live today. We build our legacy on the foundation of who we are, the values we hold dear, and the actions and impact we make in the world around us. I can change my legacy by changing my behaviors.

Legacy is a living, breathing reminder of what matters most. Identify what matters most to you.”

As promised by 128 Tips to Make You a More Effective Leader, sixty seconds a day is all it takes to make changes that matter... and one clocked in at only 31 seconds!

By my calculations, that gives us another 29 seconds to pat ourselves on the back for a job well done!

Who we are has a greater influence on our legacy than who we were.

Let’s think of our legacy as our shadow: it takes its lead from what we are doing. right. now.

We change; it changes.

As long as we are standing tall and proud, our legacy will follow suit.

We must trust in that. If we don’t, we will constantly be looking over our shoulder trying to see our imprint on the world…instead of actually making one.

What’s more impressive? More intriguing?

The shadow projected by the person marching confidently toward their destiny, eyes focused on their mission?

OR

The shadow projected by the person looking in their wake, eyes focused on catching a fleeting glimpse of how they appear to others?

The wisdom of Walt Whitman still echoes after all these years:

“Keep your face always toward the sunshine – and the shadows will fall behind you.”

How are you living your legacy today? And what must you change to make you even prouder of who you are?

Work for Your Network and it Will Work for You

Networking has the negative connotation of being a means to an end of getting someone to do something for you.

When it is used like that it loses all of its value.  Networking is not meant to be transactional, it is meant to be relational.

When you are meeting new people your authentic y matters. A “what’s in it for me” mentality sticks out like a sore thumb and will get you nowhere. Why? Nobody cares what’s in it for you. The only motive that will not backfire is to go in with

the goal of building relationships that are meaningful, sustainable, and mutually beneficial. The impact that networking

can have on your personal and professional life is tremendous… it won't come to fruition overnight. Like all relationships, these too will take time.

Three of the most effective ways to foster a strong, healthy, and influential network is to:

1. Align yourself with people who you respect and admire
2. Use your talents to help others achieve their goals
3. Use your connections to help make meaningful introductions within your network

The most important thing to do when you are building your community is to be yourself. Having the confidence to be genuine is your biggest asset.

Create a Company Survival Guide for Your Heirs

What if something happened to you and you were no longer able to run your business?

At breakfast last week, Charlie Witzke, CFO at Ecoflow in Greensboro, NC, made a powerful point about the need for a basic Company Survival Guide for Heirs of business owners. I asked him to share some of his thoughts with me, and with his permission, I share them with you!

What I like about this guide is that it was put together from the perspective of a business leader in the business. Your CPA, Risk/Insurance agent, Banker, Business Attorney and Estate Planning Attorney also should weigh in on this list.  They will undoubtedly have additional tax, financial and legal components or nuances that are important in your particular situation.

This Company Survival Guide for Heirs offers a good conversation starter with each of your advisors.

If you were no longer in a position to run your business, and your heirs are not active in the business, here are the ten key pieces of information to have readily available:

1. Contact information for your lawyers, accountant, banker and risk/insurance agent
2. An identified interim leader who is designated to run the business in your absence
3. “Executive summary” of the business. (This will give your heirs an overview of the business as well as a starting point for an Offer Memo should they decide to sell)
4. Where to find the most recent annual and interim financial statements
5. Where to find the latest “Plans” such as the annual budget, a 3-year work plan or a long term strategy document
6. List of top customers and key suppliers
7. Key product and / or service initiatives
8. Legal contracts that are important to the business
9. Potential acquirers if your successor(s) had to sell or chose to explore selling the business
10. List of what is keeping you up at night? This will let your interim leader know where the skeletons in the closet are hiding

What pieces of information would you add to this  Company Survival Guide?