Welcome to the Washington Avenue Advisor's Legacy Lab, a comprehensive toolkit designed to guide
entrepreneurs and business owners through the intricate journey of building, scaling, and ultimately
leaving a lasting legacy with your business. This six-part toolkit offers invaluable resources and
strategic insights, ensuring that you're well-equipped to navigate the complexities of entrepreneurship.
Embark on your entrepreneurial journey with the Washington Avenue Advisor's Legacy Lab, and empower yourself with the knowledge and tools needed to create a lasting impact with your business.
1. Introduction to Legacy Lab
This foundational component helps entrepreneurs identify potential growth opportunities within their business. Through comprehensive assessments, it guides users in evaluating their readiness for an exit, the attractiveness and preparedness of their business, and their personal readiness for the transition. The FP Checklist serves as a valuable resource, highlighting crucial considerations when initiating or exiting a business.
2. Understanding Value
Dive into the intricacies of business valuation with this component. View your business from an investor's perspective, understand the distinction between driving income and driving value, and explore various valuation methods. This section sheds light on financial aspects such as EBIDTA, industry-specific multiples, and the identification of gaps in key areas like Profit, Value, Marketing, IT, People/Culture, and R&D.
3. Maximizing Value
Dive into the "Maximizing Value" component within the Legacy Lab toolkit, assessing business maturity with the Value Maturity Index and mitigating risks through insights from the 5 D’s Blog. Navigate the technological landscape with tools like the TechOps Audit, Tech Stack review, and the Tech Opportunity Finder. This component equips entrepreneurs with a holistic toolkit, enhancing the overall value proposition and paving the way for sustainable growth.
4. Keep or Sell
Delve into the decision-making process of whether to keep or sell your business. Understand the types of buyers, explore the specifics of inside and outside sales, and evaluate options such as generational transfer, management buyout, ESOP, and more. This component guides users in contemplating deal structures, including holdbacks, financing, non-compete agreements, and considerations for personal life legacy after business.
5. Leaving a Legacy
Explore "Leaving Your Legacy" in the Legacy Lab toolkit, where business transcends finances. This component encourages entrepreneurs to reflect on a personal life legacy through a stimulating blog. Acknowledging legacy building as an ongoing journey, it emphasizes annual resets with the toolkit, reinforcing that a lasting impact requires continual effort, reflection, and strategic planning.
6. Need Help?
Entrepreneurs can find support and resources in this component. Connect with advisors and explore strategic partners for guidance. Engage with the Leadership Talks Series and Flying with Founders Podcast for insights and inspiration. Participate in WAA Focus Groups, register for webinars on various business topics, and subscribe to Legacy Lab alerts to stay informed about the latest updates.