From the Desk of Jack Kennedy III
At KIG, Legacy and Multi-Generational Planning is much more than a service we provide – it’s our team’s mission and meaningful purpose. Most importantly, adequately planning, preparing and transferring your life’s work is critically important to preserving your financial legacy for generations to come. While often referred to as a key part of individual and family planning, it’s equally important that business owners prioritize legacy planning as a key component of their long-term business strategy.
With the above in mind, I invite you to read this insightful article entitled “6 Ideas for Building a Lasting Career Legacy.” It shares several tangible ways you can leave a legacy through your career or business. As I was reading the article, I was reminded of Odysseus, the legendary Greek mythology hero, and his voyage. He left his family and home to fight in the Trojan War, entrusting his friend Mentor to raise his son. When he returned home twenty years later to see his son adored, admired and respected much like himself, he proclaimed, “My son is the man you know today because of Mentor.” As with Odysseus and his son, the role mentoring plays in protecting your next generation of business ownership is paramount and appropriately the article’s first way to establishing a lasting career legacy. Equally important and serving as the other bookend of the article’s six ideas is, “paying it forward.” Citing Odysseus and his wisdom once again, “sometimes you need to serve in order to lead.”
I hope you find this article equally inspiring. As always, please reach out to our team if you have any questions about your own legacy and multi-generation planning.
Any opinions are those of Jack W. Kennedy and not necessarily those of RJFS or Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Past performance is not indicative of future results. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Sector investments are companies engaged in business related to a specific sector. They are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification.
"Sometimes you need to serve in order to lead."
6 Ideas for Building a Lasting Career Legacy
Making your mark through your work doesn’t have to take a lifetime.
If you left your job today, how would you be remembered? Thinking of the legacy you’re creating through your career or business helps you focus on the big picture – and enables you to maximize your influence for decades to come.
People rarely get the chance to preview what their career legacy will be, but the inventor of dynamite did. In 1888, his brother died and newspapers mixed up the two siblings. One obituary read, “The merchant of death is dead,” which shocked the 55-year-old inventor. His name? Alfred Nobel. He famously rewrote his legacy, changing his will to leave his money to a foundation that would fund Nobel prizes – including one that promotes peace. You don’t have to have Nobel money to make your mark, though. Here are some tangible ways you can leave a legacy through your career or business.
1. Become a mentor
Chances are, someone helped you get to where you are today. You can be that lifeline for a colleague as a mentor or advocate. If you’re a business owner, you can help other entrepreneurs as a volunteer mentor for SCORE or the Network for Teaching Entrepreneurship. And don’t forget children – mentor.org will match you with a child who needs a caring adult in their lives.
2. Make a business succession plan
As a business owner, this is a crucial yet often overlooked task. Nearly 43% of family-owned businesses don’t have a succession plan, according to a 2016 survey conducted by the National Bureau of Economic Research. The same goes for selling a business. A staggering 67% of owners selling a business did not do any in-depth planning before putting it on the market, according to a 2018 Market Pulse Survey produced in part by the International Business Brokers Association. A plan created in collaboration with a knowledgeable advisor can prevent worst-case scenarios, such as your business partner passing away without an heir, forcing you to sell or close up shop.
3. Take a chance in your career
Not taking enough career risks was a top regret cited in “30 Lessons for Living,” a book based on interviews of 1,500 people over age 65. For you, maybe this means taking that assignment in a new location or overseas. If you’re a business owner, maybe it’s pursuing your dream of expanding your business.
4. Publish your insights
If you’ve gathered wisdom about business and leadership over your lifetime, maybe it’s time you shared that knowledge via a blog or a book.
5. Start a new venture
After you’ve spent years building your professional reputation, it might be time for an encore career in consulting. Or perhaps you’d like to change industries altogether and start the business you’ve always wanted. Explore which possibilities appeal to you most and how having renewed purpose could add to your quality of life.
6. Pay it forward
Let the resources left behind and opportunities created for you by your predecessors in the workplace inspire you to find a way to leave your own positive impact. Studies show that when we think about what we’ve gained from the prior generation, it spurs us to think about what we want to leave behind.
As you contemplate how to live your legacy in the professional arena, your advisor can help you assess how changes in your career path will impact your financial plan. He or she can also help you consider all the options when it comes to buying or selling a business, and offer guidance as you work toward making an enduring impact.
Raymond James is not affiliated with any organizations mentioned.