Thoughts About Legacy

What does a legacy mean to you?

If you are the owner of a small business, it probably means a lot! And even if you are not, you may be considering what your legacy will be, and how to protect your family if something happens to you.

We commonly think of a personal legacy as an inheritance, something that we give to the next generation, usually in the form of a bequest. This can be personal property or a business that has been built up, ready for another generation to take it over.

But it can be more than that.

Allow me a few personal thoughts about what I consider my personal legacy to be and what it includes:

• Acting according to my moral values with a firm sense of distinguishing what is right from what is wrong;

• Admitting when I’ve made mistakes;

• Working consistently, with the hope that much of what has been done in my short 65 years on Earth so far will have an impact for my family, close friends, and clients to carry on someday when I either cannot or will not be here.

I have been in the insurance business since 1975 and have had my own agency for 40 years. During that time, I have been approached both formally and informally about selling my agency outright or merging it into a larger entity. Ultimately, I have never followed through on these potential transactions, although I have come close—perhaps too close. In the end, I have always stayed committed to owning and operating my independent agency.

In my opinion, the reputation I have both in the industry and with my clientele is directly related to the value of my agency. I continue to build on that reputation and consider it an integral part of my legacy, whatever the future holds. This is why I want to protect what I have built.

How do we protect our legacies?