A legacy doesn't happen by accident, or because of money.
Lifespans of top companies are shrinking. A study of the S&P 500 Index demonstrated a 61-year tenure for an average firm in 1958 narrowed to just 18 years in 2012. With the exception of only a handful of families, money will not be enough to keep a legacy alive. That’s why any leader or visionary who desires to leave a legacy must master stewardship.
You can’t have a generational impact unless you recognize the vision doesn’t belong to you alone.
Developing an inter-generational business strategy isn't as straight-forward as succession planning; it’s more of an exercise in psychology. Planning for the leaders of tomorrow requires the leaders of today to think about what they’ve built together, who will be there to pick up the torch to keep the dream alive, and what their lives might look like when that part of it is gone.
The problem is, many visionaries and entrepreneurs think the movement, or business they have created is theirs at the outset. It’s your dream, or your cause, your desire to make money or change the world in a specific way; which can make it difficult to let go.
When you begin to realize it was never yours, it’s bigger than you and you can’t do it alone; you create space for the people to whom you can pass the torch. Allowing the future generations to pick up where you left off and see your vision through.
When you don’t plan for the vision across multiple generations, the mission runs dry of energy and resources.
HAVE YOU FACED THESE CHALLENGES AS A LEADER?
- The organization struggles to adapt, change or innovate because of outdated methods, practices or theories held by the leadership or management teams.
- Leadership and HR struggle to identify who to promote and when, due to a lack of leadership development strategy or succession planning.
- Top employees are unable to see how their vision can connect to the larger company mission making it difficult to retain and grow them into the leaders of tomorrow.
- The leadership team and organization gets stale when senior leaders refuse to let go and naturally transition out of their roles.