From the course: Consulting Professional Weekly Tips

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A lifestyle vs. a legacy

A lifestyle vs. a legacy

From the course: Consulting Professional Weekly Tips

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A lifestyle vs. a legacy

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- Are you building a lifestyle business or are you building your legacy? Lifestyle businesses are great. You can achieve a good work-life balance and make a solid living. But once you wrap things up, not much is left. If you're building a legacy business that will survive your involvement, be prepared to invest more time, money, and effort, but with an expected payoff of having built something enduring that continues to operate and grow after you leave. You don't have to answer this question when you start your business, but you should think about it at least once a year. Ask yourself the following questions: what are your goals for the business? Do you want it to survive you? What's your exit strategy? Are you going to sell to a buyer or sell to your partners? Or are you going to just shut it down? Is your legal structure one that enables you to sell your business when you want to and how you want to? Are you a sole proprietor, a C corporation, or an S corporation? Ask your attorney…

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