What do you envision when the term legacy crosses your mind?
During my childhood in British Columbia, Canada, I observed my father as he established a honey business and then joined forces with my uncle to create a granola enterprise. I witnessed their successful sale of that company to Kellogg’s in the late 1970s, yielding significant profits. My introduction to personal development began when my father gifted me a copy of How to Win Friends and Influence People.
He exemplified the belief that successful business is rooted in relationships rather than mere figures. When he ventured into oil and gas investments, relocating to Oklahoma City became a natural step for our family. It was a considerable shift, but frequent moves were already familiar to me. The life of an entrepreneur doesn’t always provide stability. There, I witnessed him facilitate 12 companies going public via a reverse merger.
A reverse merger is an efficient way to go public, avoiding the costs and delays of a traditional IPO. Essentially, a private entity acquires a public shell corporation, thereby obtaining public status. During those formative years, I gained invaluable insights while assisting with investor relations and various behind-the-scenes operations. Regrettably, I also saw my father experience complete financial loss during that time. Investing can be perilous, with no guarantees of success.
Nevertheless, he persevered and continued to push forward. Even at 84, he remains willing to take risks. He retains the liberty to explore (and potentially fail at) new ventures. This is the essence of entrepreneurship. He once remarked that securing a job can be riskier than launching a business. Many individuals possess immense potential, but the comfort of their current roles—a cushy 9-to-5, perhaps—prevents them from unlocking their true capabilities. His legacy embodies that sense of freedom amidst risk and the exploration of possibilities.
To me, legacy transcends financial aspects—though those are certainly significant for future generations. It revolves more around one’s reputation. What imprint will you leave in the memories of others? Will they find inspiration in those memories? What principles guided your life? Do those principles endure through time?
Reflecting on your legacy is akin to contemplating why?
- Why did I create this business?
- Why do I endure sacrifices to advance this venture?
- Why did I pursue this particular path, and what do I envision as the outcome?
My why might not align with conventional expectations. My why is simply: why not?
- Why not strive for it?
- Why not explore how many lives can be positively influenced?
- Why not discover what this endeavor can evolve into over time?
In life, one must take action; so why not make it the best it can be? Even if you reach a stage where retirement is achievable, that can feel rather monotonous. It risks diminishing your sense of identity. Continually building, shifting goals, and impacting lives nourish your spirit. I believe this is the intrinsic motivation of an entrepreneur.
I view goals as ongoing, ensuring that no matter your current position, there’s always room for increased impact. Whether inventing time-saving applications or volunteering in a soup kitchen, both actions significantly affect lives in ways beyond your realization.
A method I employ to measure this within the organizations I lead is through the net promoter score (NPS). The NPS consists of a single question rated on a scale of one to ten: How likely are you to recommend this [product, service, or organization] to a colleague or friend? The responses help us pinpoint crucial aspects and significant issues within the company, enabling us to concentrate on elements that genuinely enhance employee and customer satisfaction, along with company advancement.
For me, the NPS serves as a gauge for the legacy I aspire to build. More fundamentally, it represents how effectively I am listening. My objective is to consistently provide value to others. However, if my NPS score remains around three or four out of ten, it indicates I’m either failing to add enough value or targeting the wrong areas.
When contemplating your legacy, I encourage you to look beyond mere numbers and the scale of your enterprise. Instead, identify a persistent issue you have yet to solve and tackle it for both yourself and others. In doing so, you cultivate a legacy of innovation and contribute to the welfare of others.
You likely already have insights into potential actions—there will undoubtedly be much to accomplish—but once it’s achieved and you reflect on the journey, you’ll observe the ripple effects. That reflection represents a legacy truly worth nurturing.
