The Importance of Legacy and Purpose for Business Owners. Entrepreneur MBA Podcast 3.4
Summary: Matthew Weiss, lawyer, and filmmaker, was a guest speaker on the Entrepreneur MBA Podcast talking about the importance of having a purpose for business owners. It can be easy for big and small business owners to get so caught up in the success of their company, that they forget to take time to think about business purpose and their lasting legacy. Having a positive impact on the people and communities around you can end up paying dividends. Stephen and Matthew use their own personal anecdotes to explain how having a purpose can drive your business and make your life happier.
Stephen and Matthew use their own personal anecdotes to explain how important having a legacy and purpose can bring about deeper happiness. Many business owners fail to realize the true importance of having a legacy and purpose until later in their career, and today’s episode will help you apply these tips and tricks into your own business practices.
Importance of Meaning and Value of the Business
For business leaders and owners, it is natural to be selfish when it comes to how you want your business to be run. However, it can often be overlooked that in order to grow and expand your own company, you have to be selfless and give back to others too. When you choose to give back to others and help other companies, you can help build connections and grow popularity within your community.
Giving back to others can help bring deep meaning and purpose to you as a business owner and as a regular person. Giving back has its benefits, and you will ultimately get back the recognition that you give to others. When people see you giving back, they will want to reciprocate that back to you. Involving yourself into many different sectors helps also build your own personal legacy. Depending on your industry, this might look different for everyone. For example, consider attending networking events, launches for people in the same industry, and overall show a genuine sense of interest in wanting others to succeed just as badly as you do.
There are many different types of happiness, and having a successful business can most definitely bring you monetary and materialistic satisfaction. However, it can be easy to get caught up in the material luxuries of life, that many business owners forget about their purpose. Creating a business that not only gives you financial freedom but also gives your life a larger purpose is where the real value comes from.
Business Legacy and Having a Lasting Impact
Many people assume that having a business legacy is strictly confined to estate planning, exit planning, and liquidity of your business. However, that is not always the case, and Matthew Weiss points out that legacy can be created while you are still in the business. Creating the proper culture and values for your business while you are still alive is key to maintaining it in the business once you are gone.
For some people, creating a legacy might include donating and supporting causes that are of importance to you as a business owner. For example, maybe your company donates a portion of its profits to a nonprofit that is in alignment with your values and mission statement. Additionally, while you are still alive, you want to put your time and energy into projects that are going to outlive you. Once you are gone, these projects will continue to live on long after you are gone. An example of this could be engaging in different business partnerships, and collaborating on different projects together. Combining two businesses that create a larger impact can be a great way to reach a larger audience.
Even if your business is a family business and will be left to a family member, as an owner, you want to ensure that things will be carried out how you wanted them to be. As stated above, the proper way to build a legacy that will live on forever includes starting while you are alive.
Having the Proper Succession Plan and Exit Strategy
There is no doubt that legacy planning starts when you are still alive, however, you want to make sure you are taking the right steps to ensure your business will stay alive once you are gone. There are many questions to ask yourself such as who you want to become the new owner, what your employees and other stakeholders should be aware of, and also what the next generation and management team should prepare for.
It is important to create the proper estate planning so that when you are gone the positive impact of your business can run smoothly. What this will look like is different for every business owner, but make sure you don’t neglect to give attention to the future. For example, make sure you have the proper life insurance set up for yourself so there will be no fights or bumps in the road about your business. You will also want to ensure that your will or trust is set up so that your wishes are clearly outlined.
Succession planning can sometimes seem dreadful, but when you look at it in a positive manner it doesn’t have to seem so dark. Remember all the value you brought to different communities, families, and friends that care about you. Planning for your legacy to continue on can also alleviate stress after it is done. Once you figure out all of the nitty-gritty information about how you want the future of your business to look, you can relax and enjoy the current state of it.
At the end of the day, the legacy of a business or business starts with the actions you take during the prime years of the business. Even if you feel as though your business doesn’t have a core legacy or purpose, it is never too late to start. It is nothing to be ashamed of, as many businesses get caught up in day-to-day tasks in order to keep the business functioning.
It is essential to know the direction of where you want your business to go in the future if you wish to keep your legacy around for many generations. Ask yourself what type of legacy do you wish to have? What is important to you? What do you want people to remember about you and the business? After you figure out the answers to these questions, you can begin to take the actions that help align you with your values and purpose. Integrating these two aspects together can take time, but is possible if you are truly invested in the company.
About the Guest Matthew Weiss, Lawyer and Filmmaker
In 1991, Mr. Weiss founded his private law practice which annually fights 1,000s of traffic and trucking tickets throughout New York State. He built up his firm so that he is needed for primarily high-level matters. In 2016, Matt transitioned to an award-winning filmmaker after a memorable lunch with his banker. It was at that lunch that Matt found one of his life’s purposes and legacies. Matthew is completing his third film and is an international public speaker.
About The Host Stephen Halasnik, Financing Solutions
Stephen Halasnik is the host of the popular, The Entrepreneur MBA Podcast. The Entrepreneur MBA podcast’s purpose is to help small businesses get over the $10 million per year in revenue mark. Mr. Halasnik is the Co-founder and Managing Partner of Financing Solutions. Financing Solutions is a leading provider of Lines of Credit to small businesses and nonprofits
Mr. Halasnik is a graduate of Rutgers University and has an Executive Masters from the MIT Birthing of Giants Entrepreneurship program. Mr. Halasnik has started and built 6 companies over 25+ years with 2 of those businesses making the Inc 500/5000 fastest growing list. Mr. Halasnik is a best selling Amazon author on business and regularly tweets about his ideas about growing a business. You can also find Mr. Halasnik on youtube talking about Entrepreneurship.
Mr. Halasnik loves small business. He lives in New Jersey with his best friend, his wife Gina. Mr. Halasnik’s number one purpose is raising his two boys, Michael and Maxwell, to be good men.
About Financing Solutions
Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.
Small businesses use their line of credit to help with emergencies or opportunities when cash flow is temporarily down (i.e. Payroll funding)
Please feel free to fill out the no-obligation, 2-minute business line of credit application here.The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities