Although there are innumerable articles how to follow billionaire work habits In order to achieve financial success in your company, these articles tell only a small part of the story. Like many startup founders, these people not only worry about the here and now, but also look to the future and even think about what can happen when they are no longer responsible for their business.
Therefore many Billionaires They focus on leaving a meaningful legacy for their families, partners, and others, and not just financially. The same legacy concepts should be adopted by all business founders looking to make a name for themselves long after leaving their business.
1. Billionaires build legacies through successful planning
Very few people stay in the same job all their lives, and so do entrepreneurs. We just have to look at the list of the world’s most famous serial entrepreneurs like Andreas Von Bechtolsheim or the Samwer Brothers to see that even the most talented founders rarely stay with the same company they started out with.
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Whether you are looking to sell your business or plan to stay in your position until you retire, you want to make sure it continues to thrive after your absence. A succession plan ensures that your organization is ready to lay the foundation after you find the most qualified person to replace you.
Leigh Richards writes in a Chronicle article: “At the highest levels of the organization, a succession plan is by definition a critical step in ensuring that these key positions, if they become vacant, are filled by qualified candidates. Identifying the potential of these open positions and considering the internal talent that can be trained to fill these positions in due course is a key function not only for the HR department but also for the board of directors. “
2. Planning the distribution of assets is essential
Billionaires are often concerned about how their wealth will be shared among their family members when they are away. However, these concerns are rarely shared with the public. A survey found that only 4 in 10 adults in the US have a will. And the numbers are especially low among people under 36, of whom only 22% have a will.
While planning your death is not a pleasant thought, business founders should pay close attention to this area, especially if they have children. Making concrete plans now will ensure that your financial resources are distributed the way you want in case something unfortunate happens.
3. Sharing your experiences is extremely important
Leaving your financial or even administrative legacy in a succession plan is only a small part of your future planning, as sharing meaningful experiences from your work life can also have a significant impact on your legacy.
David Roy Newby, author of Beyond billions The founder of the Solomon Wisdom Society explained this to me recently on the phone: “Your experiences, both successes and failures, offer invaluable learning opportunities for others. Sharing the lessons you’ve learned in business can help your family members develop better perspective when facing a challenge. You can help an employee get the information they need to overcome an unexpected hurdle. But that will never happen if you don’t share what you’ve learned. “
Indeed, as an article in The guardThe simple act of sharing family stories improves self-esteem and resilience while strengthening family bonds. Sharing your unique experiences provides the necessary strength and perspective for those who follow your path.
4. Teaching skills help others visualize similar achievements.
Many billionaires value the ability to pass on skills and work experience to future generations.
In fact, the UBS Family Global Report 2018 found that “almost a third (29 percent) of respondents said the next generation was already in a leadership position in the family business, while a quarter (23 percent) said they were already on the board of directors.” .
Even if you do not have family members who can directly contribute to running your business, something can still be said about teaching concepts and inheriting skills.
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By sharing your knowledge, you can help your family members and co-workers develop the necessary strengths that will enable them to provide better customer service or improve their own skills. Teaching relevant skills will ensure that they perform better as individuals and this will benefit your organization as a whole.
5. Don’t stop inheriting values
Founders have a responsibility to share their company’s vision and values with others. This is a critical part of building a lasting legacy for your business and it also has a direct impact on the success of your current business.
A Gallup meta-analysis of nearly 192 companies in 134 countries found that companies adopting mission-based leadership saw higher employee retention, stronger customer loyalty, and strategic alliances, including improved decision-making. Consistent and effective communication of your company’s values can completely transform the behavior of those who work for you.
And of course you need to pass these values on to your family members too. Demonstrating principles of hard work and dedication, or taking the time to volunteer with your family can teach great lessons that are far bigger than words can teach.
As President and Co-Founder of the Billionaire Foundation, Sheila Barry Driscoll has worked with hundreds of billionaire families. In an email he told me, “One of the biggest mistakes billionaire families make is failing to teach their children to give. You need to teach them to give back, share, and put others before them. “
When you show your values through actions at work and at home, you build a legacy that won’t fade over time. Building a legacy that transcends is no accident.
It requires a conscious effort in day-to-day dealings with your colleagues, your family and your partners. Even as a business owner, you can trust the legacy you will leave behind by making these areas your priority when planning for the future.