When was the last time you took stock of what your business has achieved and what its legacy will be after you're gone?

Understandably, most of us are caught up in the daily demands and challenges of running our company or organization while trying to manage our personal lives. Few of us ever take the time to consider what we're working towards in the long run. Where will your business be in 10 years? In 20 years? What if, due to some unforeseen tragedy, you died today and your company was forced to close – what would your obituary say and what would be written about your business?

The “obituary test” or “glory test” is an exercise often used by individuals to evaluate their personal lives. This helps to ensure that they are living in a way that they will be proud of when they look back on their lives.

It may seem like a morbid process, but it can be a powerful tool for determining whether you and the organization you've invested so much time, effort, and energy into are aligned with your personal values ​​in a way that will last. you. i ran away Obviously, there are many business metrics for determining the material value of what you've built: stock price, dividends paid, and market capitalization, among dozens of others.

Related: 5 factors for planning your entrepreneurial legacy

But what if you had to answer the following questions: What is the legacy of your business? What will people say about you and your business after you're gone? Are you satisfied with what they have to say? There are plenty of examples of companies that have left behind terrible legacies. Think of the energy company Enron, which defrauded investorsraised customer prices and evaporated its employees' pensions because of its corporate greed and illegal accounting practices.

Or consider Lehman Brothers, the investment bank that was revered for more than a century before its reputation was quickly obliterated within weeks during the early days of the 2008 financial crisis. Initially, Lehman's large investment in subprime mortgages helped them record astronomical profits, but when the market crashed, Lehman's decline it was fast and brutal. Lehman's collapse led to the largest bankruptcy filing in US history – $619 billion, with American investors and taxpayers footing the bill.

Legacy isn't just about how you hope you and your business will be viewed 20 or 30 years from now. It's about creating a business culture now in which every decision, big or small, is aligned with the ultimate legacy you hope to leave. It's about living your legacy today and every day.

For years, the corporate model was based on maximizing profits at all costs while doing damage/reputation control through charitable donations. That's exactly how companies like Purdue Pharmaceuticals operated. they made billions misrepresenting the data on their highly addictive drug, OxyContin, which contributed greatly to the opioid crisis that continues to haunt America today. At the same time, the Sackler family, which ran Purdue, donated millions for the arts, charities and universities. Today, with the family legacy destroyed, most charities and institutions refuse to deal with the Sacklers or their faith.

What these examples illustrate is that your personal and business legacy is determined by your actions throughout the history of their existence. It's not just the bottom line of profits for shareholders or a large donation to a charity after years of unscrupulous business conduct.

Consumers want companies that are committed to more than just the bottom line. They want authentic companies that walk the talk. This is why companies like Costco are profitable and reliable. Reputation Management Company says that Costco has “a legacy of excellence and member satisfaction,” which is one of the reasons they are the second most trusted company in America (after Patagonia), according to in an Axios 2023 survey.

They offer low prices, quality products, treat their employees well AND support their local communities through charitable donations, partnerships, and they pay employees to “volunteer” in the community. they walking speak and are living their brand legacy from the CEO to the frontline employee.

Related: Leaving a Legacy: The success of your business requires a consistent approach first

So what does the obituary test tell you about you and your company? Is your company or organization creating a legacy you can be proud of that aligns with your values? If not, here are some ideas to get you started:

Create a legacy statement: We all know about mission statements, but also consider creating a legacy statement that articulates the impact you want your business to have over the long term – whether it's in your community, country or the world.

It should reflect the values ​​you want your company to uphold and the kind of legacy you want it to leave behind. Work with your team to develop the legacy statement and incorporate it into your strategic and long-term planning to ensure your company is working towards it every day.

Conduct a legacy audit: Just as you might conduct a financial audit to assess your company's fiscal health, a legacy audit can help assess the level of alignment between your operations and your values. The legacy audit should cover a thorough review of your company's values, practices, products and culture. Identify areas where you are on track and where you are falling short so you can create a plan to address the gaps.

Implement a value-based decision-making matrix: To ensure your business decisions consistently reflect your heritage statement, consider implementing a values-based decision-making framework. This framework should include a set of guiding questions or criteria that you and your team can use to evaluate key decisions. For example, “Does this decision align with our company values?” or “How will this decision affect our long-term legacy?” This approach ensures that your legacy remains front and center in your day-to-day operations.

We all want to be proud of the legacy we leave behind. If you don't like what you see, start working on creating the legacy you want.