The one question every business owner should answer!

Having worked in the corporate world for over two decades, leading businesses and overseeing transformation projects worth millions, I made a significant shift in 2010.

I started my own business, driven by my two passions: people and business.

Today, as a business coach with more than a decade of experience working with family-owned enterprises, I've found one question that has the power to reshape how owners think about business growth and legacy.

The Question: Are you building your business in a way that will ensure it thrives beyond you, for generations to come?

This question is crucial whether you are at the helm of a successful enterprise passed on to you, or you are a first-generation business owner, building something great.

Why is this question so crucial?

Consider this: Imagine spending your entire life building something, only for it to lose its value once you're no longer around. Stephen Covey, in his bestselling book "The 7 Habits of Highly Effective People," emphasizes starting with the end in mind. Without a clear vision of where you want your family business to go, the people you want to pass it on to and the legacy you want to create; making the right decisions today becomes incredibly challenging. You risk wasting time, energy, and resources.

I've seen firsthand, through my work with family businesses, both large and small, that the following elements are key to building a lasting legacy:

• Clarity of Business Destination: Knowing where you want your business to go and what you want it to look like is vital for long-term success.
• Family Engagement: A plan that fosters family harmony and involvement is essential. After all, a business's legacy is not just about profits—it's about the people who inherit it.
• Proper Structure and Governance: These elements ensure that the business runs smoothly and maintains its values, vision and profitability.

These principles underscore why thinking about your business's longevity is so important. But here's another question to ponder: Do you believe there’s a difference between how family businesses are set up and run compared to corporate entities?

Many start their business journey focused on immediate needs—making ends meet, growing quickly, or surviving the next challenge. The thought of building a family business often emerges much later, if at all. But what if, this mindset were different from the start?

What if we approached every business endeavor as laying the groundwork for a family legacy? Would this change the decisions we make? Would it alter the conversations at our dinner tables, what we tell our family members, and how we engage them in the business?

Whether you are 1st generation or a legacy business owner, you should consider that the decisions made today shape not just your future but the future of those you care about. If you're unclear about your business's destination, you might find yourself on a longer, more costly journey than necessary.

Think of it like building a house. You wouldn’t start construction without a blueprint. Similarly, without a clear vision for your family business, it's tough to make the right decisions about the resources and strategies needed for long-term success.

So, as you reflect on your business and future, ask yourself: Am I building a family business, and if so, what am I doing differently to ensure it thrives and preserves family harnony for generations to come?

I would love to hear your thoughts...