Two Examples of How Succession Planning Ensured a Legacy
When you hit your mid-fifties, you tend to look at life a little differently. I know I do. Money is important, sure. Everyone wants to be prosperous and do well. Like any print owner, I also start to think about what will happen when I’m not working any more, or the day when I pass from this realm to the next.
What have I left behind?
How will people remember me?
Really, it all comes down to your legacy. Here are two examples of legacies I’ve left behind, and why they’re so special to me.
1. A legacy for your employees
The first legacy occurred when my family sold its business. Through smart succession planning, my father walked away from a successful business with his financial future secured. But what I found to be more impressive was what we left behind: A growing company with a bright future for its people.
We sold the business with a vision of a sustainable future. We explained to our people where the business was heading. There was no fear factor, no hidden agenda. People knew where we are headed. That’s why the company went from a $4 million company (when I sold it my equity share) to a $150 million company today (Vomela).
2. A legacy for the community
The second legacy occurred after the business was sold. I wanted to give back, in some way, for all the good fortune that had been bestowed upon me. It was a lesson taught to me by my parents.
I thus established a scholarship fund in my mother’s name. The Virginia LaManna Fine Arts Scholarship is awarded to a graduate of South St. Paul High School who pursues a degree in fine arts. It’s based upon my mother’s interest in art, color, fashion and design.
I know this annual scholarship is changing someone’s life in an economically-strapped section of St. Paul. I’ve worked hard to create opportunities for the underprivileged, and to be very active in the Catholic church. All this was made possible because of smart succession planning.
Why? Because your legacy transcends R.O.I. It’s where the business of business ends, and the business of life begins.
So I ask you two important questions: What will your legacy be?
And once you know it, how will you make it happen?
(Photo by Nesster)
Rock LaManna provides executive coaching for printing owners looking to grow their printing business, merge with a synergistic partner, make a strategic acquisition, or create a succession plan.