The Legacy Stage is about… transferability
Enjoy the fruits of your hard work. Standardize your business and operations, build a highly profitable team while you step away from the operations, focus on strategic partnerships, and build a legacy brand. Prepare your business for owner transfer – generational wealth or a great exit.
You will exit your business somehow, anyhow
While it might not be close to your current stage to think about exits and making a ton of money by selling your business, you need to plan for the exit anyhow. Because one day, regardless of the reason, you will exit your business. And when you do it, you might want to have options. Maybe leave your business to your kids? Maybe sell it to someone else? Or maybe just close the shop. At this stage, we work on strategies and tactics to increase the company value so that you have something valuable to exit from.
Doing the right things at every stage
Here’s a short checklist of the activities to focus on at this stage:
- Standardize your business to increase the value of your company. Your business is an asset that creates wealth for you, and value and joy for the people in your industry.
- Build a business that is beyond you, and can easily be run by fantastic team members.
- Prepare your business to be acquired for big money, or kept in your ownership for generational wealth.
- Your team needs to become a profitable, self-going entity that will contribute to the growth of your business.
- You move away from the operations and become the leader your company and your people need.
- Create strategic partnerships in your industry. Become the leader in your niche everyone wants to partner up with and be seen with.
- Create deals, joint ventures, and partnerships with other leading brands.
- Find business deals to invest in.
- Manage your wealth.