In the course of working with hundreds of businesses in my career, as an attorney (www.mcbrideattorneys.com), as a business strategist (www.mcbrideforbusiness), and as a speaker (www.rshawnmcbridelive.com), I have encountered a lot of different business structures. From my work, one theme is clear: Some businesses are built to last and others aren’t. The differences between the good and bad are subtle. As businesses mature, this fundamental foundation becomes more and more important.
How do you build a business that’s going to last, that’s going to stand the test of time? Our businesses become a part of the communities.
As I talk to business owners with businesses that have matured, it’s usually about more than just their personal wealth. The business is no longer just a source of income and it’s no longer just their retirement nest egg. It’s jobs for employees and it’s relationships with customers and vendors. The business becomes its own ecosystem – and we want to protect that ecosystem.
Have you done the planning? Have you done the preparing? Have you protected yourself to make sure the company will last?
(By the way, those are the three key principles of The 3 Laws of Empowerment – www.rshawnmcbridelive.com)
We’ve talked throughout our blogs about plans, preparing and building something bigger that will last http://www.mcbrideforbusiness.com/blog/achieve-more-by-building-a-plan/ . How would the community be affected if your business suddenly went under? Would your family be hurt by the loss of wealth? Would they have to change their future plans? Would employees have to switch jobs and careers? Would the community that you built be lost?
One of my pivotal moments in my career was in 2008 when I worked for a very large law firm in Washington, D.C. It split apart. I loved the community in that law firm. I liked coming to work with those people. It was one of the workplaces I felt the most at home with. And the law firm didn’t make it.
Everybody went in separate directions. That community was destroyed. I don’t want to see this from other successful, thriving, vibrant communities.
What are you doing to protect the community of your business? What are you doing to make sure your employees still have jobs to come back to even if you aren’t there? How are you making sure your family’s going to enjoy the wealth that you’ve created? These are tough questions.
Our other blogs provide resources to help you find meaningful ways to make your business stronger and things to think about. Take a look at them here – www.mcbrideforbusiness.com/blog. What are you doing to make your business last? What protections have you built? Join us in the comments below.
Our businesses become part of the communities.
Plan, prepare and protect your company to make sure it lasts.
Make sure you download our free checklist to assess your business: www.mcbrideforbusiness.com/BlogGift
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Debbie Schiel.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at email@example.com or (214) 418-0258.
Get Shawn’s latest book: www.mcbridebook.com
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