Strategy 4 Saturday Blog (<4 minute read)

A Week in Pensacola

This past week, in the frozen tundra of Pensacola, Florida, I was working remotely and spending time with our son Tyler who is training to become a Navy pilot. 

Yes, it was colder than average here in Pensacola, mostly sunny, but often dipped below freezing a good part of the week. Now don’t cry for us, especially if you are north of here. Fortunately, there was no snow, as last year 8 inches of snow fell here. And you know from many others around the country; you may be stuck in snow and ice. Hang in there.

This week, the concept of legacy kept coming to my head.

Legacy

There were many experiences recently that have accentuated this point for me at home and during this trip, and I am so very grateful.

1. Perhaps, part of this legacy issue is because I’m heading towards my 52nd birthday on February 20th. From one perspective I don’t think that that is very old. However, I was talking to a 40 Accounting  prospect and I said that I had 30 years experience in accounting! Yes, it was 30 years ago when I started at the Big Six accounting firm, Coopers & Lybrand, which is now known as PriceWaterhouseCooper’s, one of the top four public accounting firms.

The prospect kind of chuckled because it appeared like he was around 30 years old or younger,  and I remember thinking back to when I was 30 years old. At that time, I thought somebody who was in their 50s was really old. Perspective. 

2. The next concept legacy came to me when we went to the aviation museum in Pensacola. In my early years, I wanted to be a pilot and fly fighter jets, particularly the Phantom F-4. However, I had bad eyes, and laser correction was not an option for me over 30 years ago. What is very cool, is not only Tyler helping to fulfill that legacy; but also his grandfather Skip, a Naval Officer.

3. At home, my oldest daughter, Ashley is a teacher – a direction – that I almost changed to multiple times early in my career. Our two oldest have also become high school coaches, another avenue I was one decision away.

4. My other son Zach, is growing his impact in the 40 Accounting business.

5. In Pensacola’s unique history, we saw in a museum that it has been under rule by five different nations, the United States, the confederacy, England, Spain, and France. At one of the multiple museum sites, we came across a former bar called Trader John. 

This particular bar had been a mainstay for over 50 years. It had become known as the unofficial Blue Angel museum. This is where many officers from OCS officer candidate school would get their commissioning and celebrate at the same bar. 

There were hundreds of pictures of navy pilots, and famous people who attended the bar. 

The sad part is after the owner had a stroke, Blue Angel members raised $300,000 to keep the bar intact. They tried it to keep it open. Unfortunately, it was rejected by the city. The good news is the city kept the legacy of the memorabilia, at least part of it, in one of the museums. 

However, this legacy did not fully continue because they did not have a plan for the next generation.

6. Last week, I had a conversation with private equity investor, Adam Gelhausen.

As we were discussing his attendance at our next workshop, he explained how he works differently with business owners. 

He asks them, when you sell your business and you’re standing outside your lake cabin property, are you going to be able to look back at the legacy of your business and still be proud? 

Will your employees be taken care of?

Is the company still providing exceptional customer service?

Do you want your legacy to stay intact?

That is a powerful question. And I loved it. 

This is a major problem because nearly 70% of business owners regret selling their business. 

Now, just to clarify here.

I truly do not have a problem with a business owner whose sole focus is to maximize the outcome of their business sale in terms of dollars and we love to help them accomplish that. 

But there are many others who have built a business for 10, 20, 30 years or perhaps even multiple generations.

And when they sell their business, it just simply means more to them. They feel a sense of regret if the business did not meet the expectations that they were hoping for.

This is why it is so important as a business owner, as you’re creating and building value, to clarify what is your most important thing.

Is it:

• Cash
• Retirement Income
• Legacy
• Impact
• Charity

Or perhaps, it is all of the above.

Whatever it is, be clear and prioritize what you are trying to accomplish.

And then, move in the direction to be able to fulfill the vision that you intended.

It is truly so gratifying when you can fulfill that vision. When you rest inside that lakeside cabin (or beachfront property) and go outside in the morning with a warm cup of coffee…will you look out with gratitude or regret?

On this trip, it’s been so exciting to see our company vision continue to develop. But that is for another blog.

Now, it’s time to go watch another celebration of Flight Suit Friday, another set of officers, and Tyler’s roommate who have graduated to earn their flight suit to continue the process to fulfill their own personal legacy.

What is your legacy?

If you’re interested in getting our envisioned future template, where your business is going in the next 3 to 5 years, let us know. We can provide that to you for free.