Legacy Leaders Network

Tips of the week!

Trivia Question❓

What well-known luxury brand has remained in the same family for over six generations since its founding in 1837?

Answer at the bottom of the newsletter

Legacy Planning for Entrepreneurs: Preparing Future Generations

As an entrepreneur, you've spent years building your business, cultivating relationships, and creating value. But have you considered how your legacy will continue beyond your lifetime? Legacy planning is about more than just passing down assets; it's about preparing future generations to carry forward your vision, values, and hard-earned success.

One of the first steps in legacy planning is developing a clear succession strategy. This includes identifying potential successors, whether they are family members, trusted employees, or external buyers. Without a structured plan, businesses often face uncertainty, leading to financial instability and even dissolution.

Beyond succession, fostering financial literacy and leadership skills among the next generation is key. Many heirs inherit wealth or a business without the tools to manage them effectively. Providing mentorship, structured involvement in the company, and formal education in business management can help ensure long-term success.

Estate planning is another crucial component. A well-crafted estate plan—including wills, trusts, and tax-efficient strategies—helps safeguard wealth, minimize disputes, and ensure a smooth transition. Consulting with professionals can help navigate legal complexities while aligning financial goals with personal values.

Finally, consider the broader impact of your legacy. Philanthropic efforts, community engagement, and ethical business practices can define how your contributions endure for generations.

A well-prepared legacy isn’t just about wealth—it’s about wisdom, guidance, and a lasting impact. Thoughtful planning today can empower future generations to build upon your success while staying true to your entrepreneurial spirit.

The Questions You Should Be Asking

Are you asking the right questions to preserve your family's legacy? Too often, when an elder passes, it's like an entire library of wisdom and history is lost forever.

Join us for this month's Virtual Legacy Planning Lunch & Learn as we uncover The Questions You Should Be Asking. This session will equip you with simple yet powerful questions to ask your older family members—before it's too late. Plus, you’ll discover the essential questions you should be answering for your younger generation to ensure your family's stories, values, and legacy live on.

Event Details:
📅 Date: Thursday, March 20th, 2025
⏰ Time: 12-1 PM Eastern
📍 Location: Zoom

This complimentary workshop will be led by Stan Miller, a nationally recognized estate planning attorney, best-selling author, and co-founder of Wealth Counsel. Don’t miss this opportunity to gain insights that can strengthen your family’s legacy for generations to come.

🔗 Click here to register now! 

💡 Answer to Trivia Question:

Hermès, the French luxury goods company, has been family-owned for over six generations, maintaining its legacy since 1837.