For me, legacy-building is one of the most compelling aspects of franchising. When you choose to become an entrepreneur, you’re not just gaining professional and financial freedom for yourself. You’re also taking the first step toward building a legacy–the experiences, values, and wealth you’ll leave behind for your family.
Notice that I didn’t just mention money. That’s because building a legacy is about so much more than leaving your children a financial inheritance. It’s also (and more importantly) about the lasting lessons they learn from watching you work, the values they gain from the experiences you provide, and the growth they experience from being a part of your entrepreneurial journey.
What if you don’t have children? Franchise ownership can still be a legacy-building experience. I’ll explain how that works later in the post.
Building a Legacy by Example
Legacy-building is partly about the example you set through your actions. Striking out on your own as a franchise owner takes courage. Getting a business off the ground takes hard work and persistence. Keeping a business alive takes creativity and endurance. And being a good corporate citizen takes integrity and leadership. Do those sound like qualities you want your kids to possess? I’m guessing the answer is yes. And as you walk them out during your franchise journey, your kids will see them in action.
Especially if you have older kids, you can build your legacy more effectively by including them in the journey. Talk to them about what you’re doing and why you want to be a franchise owner. Let them see you going over the books. Tell them positive stories about hard-working employees. Talk about the satisfaction of taking good care of a customer. If you have to tackle a tough problem, or you learn from a mistake, share the story with them. By giving them an age-appropriate glimpse of your life as a business owner, you’ll impart lessons they can carry with them into adulthood.
Building a Legacy Through Experience
For many children of franchise owners, helping out in the family business is their first job. There are few better ways to learn responsibility, cooperation, and integrity than at work. If your child is old enough under state labor laws, consider hiring them to work at your business during school breaks. You’ll be building a legacy for them through experience, both as they watch you work and as they do their own jobs. Just make sure you give them age-appropriate tasks and that you hold them to the same standards and level of accountability as any other employee.
Building a legacy through experience can also mean providing enrichment opportunities for your child. As your business grows, you may reach the point where you can pay yourself a generous salary. This can help fund travel, summer camps, even college. These experiences can help your children grow culturally, creatively, and intellectually so that they’re better able to work and live with all kinds of people. Travel, especially, can encourage independence, flexibility, and curiosity–all qualities that will pay dividends for your children throughout their lives.
Building a Legacy Through Inheritance
Of course, building a legacy as a franchise owner can also mean building a financial legacy: accumulating wealth that you leave behind for your children after you’re gone. You might also choose to help them with the purchase of a first home, or the cost of sending their own children to college. These are all ways to leave a legacy of financial security that can provide long-term, generational benefits for your family.
Depending on your situation, you might also leave behind the business itself. This can be an ideal legacy for a child who has worked with you in the franchise and shown a strong interest in operating it themselves. You’ll be providing them with the opportunity to continue learning about business and to start building their own legacy through entrepreneurship and leadership.
If You Don’t Have Children
What if you don’t have children of your own? Is there still a place for you to build a legacy? Absolutely! If you have nieces or nephews, or close friends with children, start there. Options include contributing to the kids’ college funds, mentoring the ones who are interested in business, or helping to provide enrichment experiences (such as summer camps or travel) that their parents can’t afford. If you don’t have children in your inner circle, look farther out. The world is full of organizations that need support and children who need opportunity. Here are just a few ways you can use your franchise to build a meaningful legacy:
- Host events through your franchise to benefit nonprofits whose missions align with yours. If you own a salon franchise, for instance, host a beauty night to benefit a nonprofit that provides wigs for cancer patients.
- Partner with an organization such as Big Brothers Big Sisters or Boys and Girls Clubs of America to share your business or financial knowledge with young people from disadvantaged backgrounds.
- Offer to host on-site visits for local schools or organizations that teach business and entrepreneurship to teens. Or volunteer as a mentor for individual students taking these classes.
- If your franchise generates significant personal wealth for you, talk to your financial advisor or an estate planner about how to create a legacy with your money. For instance, you might want to set up an endowment for a scholarship or leave a bequest to charity.
Whether it’s for your own children, a deserving nonprofit, or children in need, building a legacy can be one of the most meaningful outcomes of owning a franchise. If you’re ready to start that journey, schedule a call with me! I’d love to help you figure out how to take the first step.
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