Our past client and friend Peter Giglio, Sr, owner of Gaithersburg Garage Door had built a profitable and reputable local business over twenty-plus years in Montgomery County, MD. Pete and his team were focused on being the best garage door dealer, installer, and service company in the Washington DC area.
Not unlike other successful business owners we work with, Pete had strong core values that guided him through the years in all aspects of business ownership, such as service to others, diligence, and integrity. He regularly envisioned his team with "The upward spiral" which begins with "top-notch service to customers" and results in higher revenue and "top-notch compensation" for his team members. Pete's core value of service to others (i.e., customers/employees) had been anchored in GGD for decades through his frequent communication of the upward spiral.
The upward spiral is just one example of how Pete had been intentional in expressing care for employees, customers, and his family through the business. Again, like other successful business owners, he was characterized by generosity toward the community and others and strengthened the local economy through job creation, doing business with suppliers and vendors, and producing needed products and services. Pete also worked hard to foster a peaceful and unified team environment.
Business owners like Pete produce much good for others and the communities in which they live. The legacy being built is rich with significance due to their vision and values, and it requires years of diligence, planning, perseverance, service to others, and risk-taking. But, the building of a business is just one phase of building a legacy for a business owner. The way in which that owner eventually leaves the business (successful or unsuccessful) is possibly the more critical phase of a business owner's legacy, as the future well-being of the business (and all the good that comes from it) much depends on how well that owner plans their exit. Everything the owner has worked to establish through the years that affect their legacy is at stake when they exit. No matter what exit route the owner chooses to accomplish their goals, the manner in which it is executed will have a lasting and far-reaching effect on their legacy. With our assistance, Pete was able to execute an exit plan that achieved his financial, values-based, and legacy goals, as he successfully transitioned the business to his son and a key employee.
What are your values-based goals for legacy pertaining to family, employees, customers, community, and others? What have you built and facilitated through your business, and assign great value to, that you desire to see continue as part of your legacy? Get started planning now for the event that will play a most significant role in determining your desired legacy....your eventual and inevitable exit.
There is an old Chinese proverb that says, "The best time to plant a tree was 20 years ago. The second best time is now."
Invest 12-15 minutes in the FREE ExitMap® Assessment and get a 12-page report scoring you in four key exit planning areas: Finance, Planning, Revenue/Profit, and Operations.
