By financen | July 27, 2019 - 5:55 pm - Posted in Legacy

 A company like Apple still thrives because its founders worked hard in managing the finances and employees. It still stands, and Steve Jobs ensured he left clear footsteps to be followed. How about you, do you want to leave behind a lasting legacy?

Building a legacy requires you to have a determined team and fiduciary standard of financial advisors. With the two, you can be assured of a lasting legacy after you retire.

Here is how to build a lasting bequest.

1.   Identify what matters

Decide on something non-negotiable and crucial that you want to leave behind. So, if you want to leave a company that is iconically known for its teamwork, production, customer services, or the culture of the company build on it.  Print a manifesto and distribute it among your employees and ensure the manifesto becomes part of everyone.

2.   Plan your wealth

There is no need of creating a legacy that will go off once you leave. It is therefore important to contact a financial advisor to advise you on your wealth.

For example, if company Q is located in Texas and it is worth $5billion, unless you manage the wealth and distribute it in other investments, you’ll never make enough. So, with an unstable economy, your company’s worth decreases; therefore, over time, you won’t have the money. So, find a financial advisor in Amarillo and let the firm plan your money efficiently.

3.   Build strong infrastructure

The infrastructure of a company comprises of two things, the system and the leadership. The system includes the accounting, information technology department, and other major operations. There must be a clear procedure of running the major department since if one got compromised, it would surely affect the other. Build a foundation that will sustain any challenge.

Additionally, build a strong leadership team that will run your legacy during the transition phase so that even when a new CEO comes in, they will follow the path you defined or create one close to it. Remember it’s your legacy, and it should be outstanding for others to like it and not replace it.

4.   Start early

You can build a short term legacy by performing a unique task that highlighted the company. However, to build a lasting legacy, you need to start early. Find a financial advisor in Amarillo and make plans concerning the finances. It’s a wide field, and a financial planner can design a plan of everything you might have left.

5.   Entrust some of your work

You have to instill what you know best to your employees otherwise how are they going to spread your legacy? Assign the same duty to a different employee and find out who performs best in that area. It seems risky, but most companies do this.

6.   Plan

As a leader, you can identify a potential employee who can replace you. Prepare your team and the upcoming leader for a change. Do you remember Steve Job handing his job to Tim Cook, as frightening as it may look change is inevitable and a new leader calls for new leadership skills? Besides, you have to leave for it to be called a legacy.

One thing should remain constant is the financial advisor. As long as the firm performs, changing the financial advisor destabilizes the company.

As you build your legacy, put into consideration what you want. Be keen on the decisions you make concerning finances, leadership, and operations of the business.

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