When you start a business, do you build to exit or build for a legacy? That's the core question we’re tackling in this episode. With the "silver tsunami" of baby boomer business owners reaching retirement age, having a clear plan is more important than ever, especially since 80% of businesses won’t have a successor or a buyer. We’re talking about why you should have a formal plan, why a business without documented processes is just a job, and how technology can help you future-proof your company.

I share a story about realizing the importance of having a formal plan after an audit during a potential business sale. We realized that whether you're building for legacy or to exit, you have to hand the business off to somebody and you want to hand them something that's clean. The same mindset applies to our professional lives, too. If we can't step away and have someone else do our job, then we're not truly building a business we're creating a job for ourselves.

What’s your take? Should you build to exit or build for a legacy?
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