OLP Generational Business Start up Program
To ensure one's life has meaning, purpose and remembrance, owning a business worthy of continuity and operated by family from generation to generation is what we help to get started and support.
Our program consists of educating family leaders on why generational wealth is crucial not only to their family but also to their community at large. Participants in our development program will also learn how to start, develop and expand their business. They will also learn how to develop their children to participate/support generational wealth development, growth and retention.
Creating a generational business requires a lot of planning, patience and hard work. Here are some steps to follow:
Start with transforming the mindset of leadership:
Learning what it takes to ensure generational continuity of success, requires a renewal of mindset. A fixed mindset leads to death of any effort that desires sustainability.
A growth mindset constantly seek new knowledge and withhold judgement of any think that is not clearly understood.
Identify your business idea:
The first step is to identify a business idea that will be profitable and sustainable for generations to come. Make sure the idea aligns with your non-negotiable values, a sustainable purpose and skills.
Create a business plan:
Develop a comprehensive business plan that outlines your goals, strategies, market analysis, financial projections, target marketing, sales and other vital information. This plan will guide you through the process of setting up and growing your business.
Build a strong team:
A generational business requires a strong team that shares your vision and values. Hire employees who are skilled, experienced, and committed to the success of the business. Train them well and provide opportunities for growth and development.
Establish a legal structure:
Choose a legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Consult with an attorney and accountant to ensure you comply with all legal and tax requirements. Make sure you let them know that you are building a generational business model.
Develop a succession plan:
A key aspect of a generational business is planning for the future. Develop a succession plan that outlines who will take over the business when you retire or pass away. It should include details on how the business will be transferred, who will be responsible for managing it, and how family members will be involved.
Focus on growth and innovation:
To ensure your business remains successful for generations to come, focus on growth and innovation. Stay up-to-date with industry trends and technology, and continuously look for ways to improve your products or services.
Setting up a generational business is a long-term commitment that requires dedication, hard work, and perseverance. By following those steps above, you can create a strong foundation for a successful business that will last for generations.
If you ever need assistance in learning the details of how
we assist in developing generational wealth,do not hesitate to contact
Our Legacy Plus at firstname.lastname@example.org, our consultants will gladly assist you.