Your life as a business owner is definitely a journey filled with challenges and rewards. This is especially true if you’re having to balance the demands of running a company with the joys of motherhood. 

In the US, there are over 14 million women-owned small businesses, many of whom are moms. Amid the daily hustle, there’s one thought that keeps popping up: how to leave a lasting legacy for your kids. 

Guess what? As a business owner mom, you’ve got a unique chance to make that happen. Here’s how you can turn your hard work into a meaningful legacy.

Invest Time in Teaching Business Skills

One of the best ways to leave a legacy for your children is to equip them with the skills to succeed. If they’re interested, teach them the ins and outs of your business. 

Let them see how you manage your day-to-day operations, handle challenges, and celebrate wins. This doesn’t mean pushing them to take over the family business if that’s not their passion. It means imparting basic business skills they can use to succeed in any field they choose. 

Even skills like budgeting, problem-solving, and leadership are essential tools that can carry over into many aspects of their lives. Time management, team-building, negotiation, sales and marketing, and financial management are skills every business owner must learn. 

Usually, it takes two to three years to learn such entrepreneurial skills. Hence, starting early can help your kids ease into the business.

Of course, don’t start imparting business skills to your kids too early. Wait till they complete high school or are in college before you get them involved in the business or learn business management skills.

Planning Property and Financial Assets for Future Generations

You’re likely thinking about how to ensure the assets you’ve built up will continue to benefit your family for generations. It’s here that estate planning becomes crucial. 

Setting up wills, trusts, and designating beneficiaries are essential steps to ensure your business assets, property, and other investments are passed down smoothly.

Don’t wait until it feels too late; consider your options early. Working with a professional who understands both business and family legacy planning can help you navigate the complexities of your finances. 

Understanding Life Estate Deeds to Avoid Probate

When thinking about passing down a homestead property, there’s an option many property owners overlook: life estate deeds, sometimes known as “lady bird deeds.” 

Lady bird deeds are the best way to avoid probate. According to the Law Offices of David Djebelli, P.A., they allow property owners to transfer their property to their children. 

This way, the property automatically passes to the designated heir without the need to go through probate, simplifying the process significantly. Try to learn more about lady bird or life estate deeds and eventually teach your kids about them too.

A life estate deed is particularly advantageous for those who own homestead property. It grants the owner the right to use the property for their lifetime while ensuring the designated beneficiary will receive it after their passing. 

Since avoiding probate can spare your loved ones from legal headaches and expenses, it’s worth considering this option as part of your legacy planning. 

Frequently Asked Questions (FAQs)

How do we leave a good legacy for our children?

Leaving a good legacy involves passing down values, wisdom, and kindness. By modeling integrity, empathy, and perseverance, parents can inspire their children to carry these traits forward. Building strong family bonds, sharing stories, and teaching life skills also help ensure that the legacy lives on through future generations.

What is the best legacy that you, as a parent, can pass on to your child?

The best legacy is a strong moral foundation and unconditional love. Teaching children values like respect, responsibility, and compassion prepares them to face life’s challenges with confidence. Additionally, providing them with education and emotional support helps them grow into well-rounded, resilient individuals.

What challenges does a business owner mom have to face regularly?

A business-owner mom often juggles between managing her business and fulfilling family responsibilities. Time management, stress, and maintaining a work-life balance are daily challenges. She may also face pressure to excel professionally while ensuring her children receive adequate care and attention.

Being a business owner mom means you’re already creating a legacy. However, when you take thoughtful, intentional steps, you can ensure it’s one that benefits your children for years to come. 

Whether it’s teaching them business skills or simply sharing your life’s journey, every action you take will help shape the inheritance you pass down. These are all ways to ensure they inherit more than just wealth; they inherit wisdom, strength, and a lasting piece of you.