How important is leaving a Legacy?
Here’s something you need to consider as you get closer to wanting to transition out of your business. Have you created a legacy? Do you even know or care about what a legacy is? Is it having your name on the front door of your building when you pass-on or walk away? The sad story for too many contractor business owners is that their legacy will end as soon as they walk away from their business. For some, that may not be a concern. For others, that may the worst thing you could ever tell them. We contractors are a hearty bunch. Most are blue collar, hard-working individuals that have spent 20, 30 even 40 years working every day just to make a living from their business. Many have employed a handful of people providing a living wage for them to help support their families. One thing is for sure, whatever they currently have has been a result of their incredible work ethic. Here’s the statistic that many of these owners will have to face, according to Chris Snider of the Exit Planning Institute, less than 30% of businesses that go up for sale actually sell. Well that sucks!