A successful entrepreneur often credits the local community for his success. Service to that community is why his business existed. The relationship with that community does not end when the small business owner retires. Ongoing contribution to the community includes ensuring the business survives through generations.
The secrets to success of small business owner should never be discounted. The values and principles of sustainable success should be reinforced and passed on. Customers have more choices than ever. Local customers often take pride in supporting small business owners with common values and they want to see those systems perpetuated.
The personal and business relationships of the entrepreneur are hard-fought battles. Strong bonds of trust take months and years to develop. These relationships should be calculated into the value of the business. The entrepreneur shares strong emotional bonds with other local strategic alliances. It is not acceptable to simply let these relationships die with the retirement of the entrepreneur. The new owners of the business must ensure that these strategic alliances are maintained wherever possible.
What bonds keep your business together? How do you plan to ensure your entrepreneurial legacy?
The entrepreneurial legacy is more than financial compensation. Entrepreneurs consistently work harder and sacrifice more because they believe in greater good. The intent of the entrepreneurs is to leave the marketplace better than they found it. A successful business owner eventually considers his exit strategy and his entrepreneurial legacy.
A small business owner wants to know that things will last beyond his exit from the business. After wealth is accumulated. After employees are considered. After customers are serviced. There is more to be done. Consider these additions to your entrepreneurial legacy:
- Contribution to the community.
- Values and principles passed on to the next generation.
- Personal and business relationships.