What is your legacy?

I was talking with a potential client about entity structure and setting up a trust, and it got me thinking about why we're building legacies in the first place. We want to provide for our families and set them up for success, but ultimately, we want to build something for ourselves too.

For me, my goal was to build my farm operation so big that all four of my kids could come back and farm, make a reasonable salary, and enjoy their lives. I didn't want to sell everything and retire; I wanted to make it sustainable so that I could live off the income and pass it down to the next generation. But then I had to ask myself: is that the best thing for my family? 

Do I want to make life so easy for them that they don't have to work hard?
That's when I realized that my legacy isn't about the money or assets I leave behind; it's about the lessons that I pass down to my kids. Money can come and go, but the knowledge and skills needed to build it will always be valuable.

This reminded me of a book I love called "The Richest Man in Babylon." One of the stories talks about a man who is given three bags of gold and a stone tablet with the rules of money on it. He loses all the gold but is able to build it back up because he has the knowledge and understanding of the rules.

So, what's your legacy? Join me on this episode of Rural Contractors to explore the importance of passing down knowledge and lessons to future generations.

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Music by Coma-Media from Pixabay

Looking to improve your contracting business? In this episode, we will talk about the importance of having an estimating process for your contracting business. As carpenters, we love to get our hands dirty and dive into the job, but having a streamlined process for estimating and bidding can really help us bring in more work, keep our crews busy, and ultimately make more money. Having a streamlined and organized estimating process can really help your contracting business thrive. So whether you're a seasoned pro or just starting, take the time to create a process that works for you and your business.

For more information about Contractors Boardroom

Music by Coma-Media from Pixabay

Welcome to Rural Contractors, the podcast that dives deep into the world of rural contracting. In this episode, your host Paul Osmundson discusses a topic that is a struggle for many contractors - valuing themselves and their work. Paul shares a story about a customer who needed work done and was willing to pay any amount to get it done.

However, the contractor was hesitant to raise their rates and struggled with the idea of charging what they were worth. Paul talks about the importance of valuing yourself and your time and charging what you are worth.

He encourages contractors to bid on jobs and to become more efficient so that they can increase their hourly rate. He shares his own experience of building sheds and making over $100 an hour for his time. Join Paul as he shares his insights on valuing yourself and your work in this engaging and informative episode of Rural Contractors.

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Music by Coma-Media from Pixabay