Legacy & Succession Planning with Dennis M. Posterma CEO/Founding Editor of Shotcallers Magazine

my succession plan has evolved, as I now have a direct descendant who I would like to include in the plan. Yet a nagging question is, how does she fit in that plan and in carrying that legacy throughout her life? Will she want to be part of that legacy? Will her children?

The questions are endless, and they change my focus from being strictly about what me and my amazing team can do at this moment.

Since I don’t know what my daughter will grow up to want, my focus is on allowing my business to stay in the family with as few hiccups as possible but also remain appealing to buyers should my heirs want to explore that route.

Ultimately, no matter what choice my family makes, I’d like my employees’ careers to change as little as possible so they can still benefit from the upward trajectory they’re currently on. I’d also like my business to be properly positioned to continue making a positive difference in the lives of my clients, no matter who’s at the helm.

The Major Three Steps

The first step any business owner needs to take is to decide when they want succession to happen. What does your timeline look like? Do you ideally want to leave your company and retire or start something new when you’re 40? Fifty? Sixty? If it helps, think about this like an exit plan, something many startups have from day one.

Next is to consider how you want the succession to happen so it creates that win-win-win. What does a perfect plan look like for your clients, your successor, and yourself?

A third component is to consider funding. Whether you want to create a buy-sell agreement so your heirs can sell your equity to a business partner or you want to train a replacement, you will need to find a way to fund the moves. Life insurance can be a very helpful asset, whether your business needs funds for attracting and training talent or funding the sale of your equity.

My primary goal has always been to help make the world a better place. It sets my mind at ease to know my legacy will give others the opportunity to do the same.

Rather than making it seem like my life is smaller, legacy and succession planning helps me ensure my goals, my priorities and even my very essence reach farther than they ever could have during my lifetime.

This understanding gives me an unbelievable amount of happiness, allowing me to find even more ways to make a positive change within the world—in perpetuity.

Why it is Important to Be Authentic

Far too often, we show up as who we think the client wants rather than who we truly are. For me personally, I spend most of my early years in business doing things the way my mentors told me to; I thought I needed to be them in order to have success. What I found was that by not being my true self and showing up authentically, I was actually hurting my success. Here are some ways being authentic will improve your business, and also your life.

Be more present. When you are authentic, it shows. It is fun being yourself and no one can do it better than you. When you show up authentically, it is easier to be present in your actions and conversations because your “flow” is natural. When you are not authentic, you have to think too much about your actions, what you say and how you interact therefore taking time away from being truly present. Be yourself, and you will feel more centered and grounded Increase Trust. People can tell when you are not in alignment. They may not know exactly what is happening, but they will not it is not authentic. If they sense you are not showing up true, they will not have complete trust in working with you. Connection will feel off, forced or nonexistent. People want to work with others they can trust. When you are authentically YOU, the trust will grow. More referrals. Building off of trust, people (current clients and customers) will want to help you build and grow your business. The experience you create when working with them will be so honest, that they will want to refer more people to you. They will know exactly what their friends and co-workers will get in any interaction with you, so working by referral will be easier. Work with the right clients. We do not need to work with everyone, only the right people. The ones who will trust us, our processes, and systems. When we show up authentically and build that trust, we will attract the right client. It is ok that we are not the perfect fir for everyone, and you need to understand that. When you are authentic and turn away those that are not a good fit, you will make more room for the ones that are right. This will lead to more fulfillment, deeper relationships, increased trust and that will turn into business. Embrace who you are! Stop trying to be someone for everyone – just be YOU. Authenticity is key to longterm success. As Dr Suess once said, “ today you are You, that is truer than true. There is no one alive who is Your than you.”

The word ‘March’ comes from the Roman ‘Martius’. This was originally the first month of the Roman calendar and was named after Mars, the god of war.

March was the beginning of our calendar year. We changed to the ‘New Style’ or ‘Gregorian calendar in 1752, and it is only since then when we the year began on 1st January.

March Milestones: • March 2, 1933 - King Kong (film) opened at New York’s Radio

City Music Hall. • March 6, 1950 - Silly Putty was introduced as a toy by Peter

Hodgson. It was invented in 1943 by James Wright in an effort to make synthetic rubber. • March 12, 2008 - Hulu opened online. • March 18, 1852 - Henry Wells and William G. Fargo founded

Wells, Fargo and Company. • March 21, 2006 - Twitter was founded. • March 30, 1939 - Detective Comics #27 was released, introducing Batman. • March 31, 1889 - The Eiffel Tower, 986 feet tall, in Paris, France, was inaugurated.