A Rich Legacy

Our client and friend Peter Giglio, Sr, owner of Gaithersburg Garage Door has built a profitable and reputable local business over the last twenty plus years in Montgomery County, MD.  Pete and his team are 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 has strong core values that have guided him through the years in all aspects of business ownership, such as service to others, diligence, and integrity.  He regularly envisions 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) has been anchored in GGD for decades through his frequent communication of the upward spiral.

The upward spiral is just one example of how Pete has been intentional in expressing care for employees, customers, and his family through the business.  Again, like other successful business owners, he is characterized by generosity toward the community and others and has strengthened the local economy through job creation, doing business with suppliers and vendors, and producing needed products and services.  Pete also works 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.

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."  

 

Your legacy and stakeholders.

Last week I attended a wonderful event hosted by an inspiring local company that has experienced steady growth and success during their twenty plus years in business.  The program included short presentations by a number of key staff, starting with the Owner and President.  A few things that stood out upon arrival, during the presentations, and throughout the evening, was the infectious enthusiasm of the team in serving their customers, the unusual long employment tenure of staff members (15-20 years seemed to be the norm), and how they seemed to love their jobs, leaders, and company.  I don't think it's a stretch to say that both employees and customers, as well as other stakeholders, would be quite saddened if that company didn't last into the future with the same level of values-based leadership and vision it now enjoys.

A stakeholder in a business is any group or individual that is impacted by the activities of that business.  The internal stakeholders would include owners, management, and staff, while external stakeholders would include customers, suppliers, strategic partners, lenders, the community and local economy.  One of the fulfilling, but sobering, aspects of owning a business that has realized prosperity and prominence in the market and community, is the many stakeholders invested in, interested in, and dependent upon, the continued future success of that business.  

It's no secret that the vision, values, diligence, skill, and responsible behavior of the owner, or owners, typically have the greatest impact on growth and the sustained success of an enterprise.   As you've grown a successful business, you've also grown the number of interested and invested stakeholders, and there is much at stake for them, and you, when you eventually exit.  

With your legacy in mind, will you design and execute an exit plan with the same level of values-based leadership, diligence, and vision?  Will your legacy be "He/She left the business as responsibly and successfully as they built it"?  Get started planning now, it will take longer than you think.