Here at The Profit Constructors, we work with many construction business owners who are interested in leaving a legacy that will endure the test of time. Our resolve is to help them do so; therefore, a brief explanation of the concepts involved follows.
Looking Forward to Leaving a Legacy
Dictionary.com provides two definitions of the word legacy:
1. Law. a gift of property, especially personal property, such as money, by will; a bequest.
2. anything handed down from the past, as from an ancestor or predecessor
The first definition refers to assets that are passed down from one generation to the next. They might be stocks, bonds, real estate, family businesses, or other investments.
The second definition includes that all important word, “anything.” When it comes to handing down a legacy, the second definition can stand alone, or it can support the actions taking place in the first definition.
Why “Anything” is Essential to Legacy
If the only thing you hand down to your children and grandchildren is assets, then history proves that those assets will likely be gone by the second or third generation. But if the “anything” your legacy provides includes wisdom, values, habits, and responsibility, chances are greater that the legacy will continue for many generations.
In the article, A Simple guide to generational wealth, And Simple (which is a family office advisory service) says, “Lasting legacies are built by families who have embraced family culture and values and who have established a shared sense of purpose that all members are aligned to.” (emphasis added)
An ancient Hebrew proverb states, “A good person leaves an inheritance for their children’s children.”
Looking Back on the Legacy You Received
Because you’ve made it to adulthood, own or manage a construction contracting business, and are still learning and growing, you can rest assured there were those before you who sacrificed and made it possible for you to be here now.
Whether you received assets or not, you are the recipient of a legacy from those who came before you. From a tiny infant who could do nothing to a toddler who required constant supervision, from a child eager to learn “why” to a teen bent on pushing the boundaries, to young adulthood and beyond the legacy you received shaped and molded who you are now.
If the legacy you received was less than worthy, you have time to adjust and pass on a better heritage.
If what you received has strengthened and emboldened you, encouraged and inspired you, comforted and energized you, then you can thank your benefactors and work to continue the legacy.
In memory of Julie Palmer (November 6, 1957 – November 26, 2023)