Whether you know him for his trademark sprint, death-defying stunts, or range of blockbuster films, there’s no denying that Tom Cruise has made a lasting impression on the movie industry.

From Top Gun to Mission: Impossible, his career has spanned four decades, but it seems as though he isn’t done yet.

In a recent interview with the Hollywood Reporter, Cruise revealed that he plans to continue making films well into his 100s. He stated, “I will never stop. I will never stop doing action, I will never stop doing drama, comedy films – I’m excited.”

This relentless enthusiasm is undoubtedly impressive. But while Cruise might want to continue jumping between buildings for the next 50 years, you might feel differently about managing your own business and be looking forward to a comfortable retirement when the time is right.

Still, his mindset does serve as a reminder that your legacy matters. If you’ve spent decades building a business, it’s understandable that you may want it to continue thriving long after you’re gone.

For that to happen, you need a comprehensive exit plan in place. Continue reading to learn how you can make your legacy last a lifetime.

If you don’t want to work until you’re 100, an exit plan is crucial

After spending years toiling over your business, you may not want to spend your retirement still involved in its day-to-day operations.

Even though some business owners do enjoy remaining involved, many hope to step back and enjoy the fruits of their labour, whether that means spending more time with loved ones, travelling the world, or taking up new hobbies.

The point is, you deserve the right to choose how involved you are once you officially stop working. But without a clear exit plan in place, you may find that stepping back is easier said than done.

An exit plan is essentially a strategy that helps you sell your business to another company, investors, or even your employees. Or, as an alternative exit strategy, you could decide to wind it up entirely or leave it in the capable hands of the next generation.

While you might not be entirely certain of the details yet, having this in place could help you answer vital questions, such as:

• Am I selling the business, winding it up, or passing it to the next generation?
• What do I want to do once I’m retired?
• How much do I need from a sale, if applicable?
• What kind of buyer am I looking for?
• What is the ideal time frame for a sale?
• How could exiting my business affect my mental wellbeing?

A comprehensive exit plan can help you clearly identify what you want to do next and the amount you may need to achieve your long-term goals.

For instance, your exit plan might allow you to identify your “number” for funding your desired lifestyle. It could even help you to leave on your own terms, as you may be able to avoid having to sell in a panic or making rushed decisions at a time when emotions are likely running high.

Read more: Are you underestimating your retirement needs? 3 ways to work out your “number”

It’s important to consider what your legacy means to you

Even after you’ve sold your business and no longer have a hand in its management, you might still want to see it prosper.

You’ve likely invested years, or perhaps all, of your working life into building it up. While the money from the sale will be important, what often matters most is the legacy you leave behind.

To shape this legacy, it’s vital to think about why you built the business in the first place. It’s worth considering:

• What drove you to start it
• What values have guided it over the years
• What you want it to stand for after you’re gone.

You may find that this sense of purpose and understanding motivates you as you build your exit plan.

Take Tom Cruise. He doesn’t need to perform his own stunts, and at the age of 61, no one would blame him for letting someone else stand in for him. Yet, he continues to perform these dangerous stunts, as he wants to be remembered in a certain way.

Your business will likely be no different. While you might not be jumping between buildings, you’ve likely put in significant effort to build a legacy and stand out from the crowd.

As such, the way you exit (and the person or people you leave the business to) will play a considerable part in whether your legacy continues.

Make sure to discuss your future with a seasoned financial planner

As you can see, planning your exit and shaping your legacy can be an incredibly complex and personal process.

When building your exit plan, you will address a range of aspects, including finances, emotions, and your long-term objectives. Due to this, undergoing the process alone can sometimes feel overwhelming.

This is where a planner from iQ could help.

Over the years, we’ve helped many business owners deal with the complexities of this transition. Due to our unique specialist insight, we understand both the financial and emotional aspects of exiting a business.

As such, we will support you in:

• Identifying your ideal retirement
• Understanding how much you might need to fund this desired lifestyle
• Building an exit plan that supports your goals
• Creating a long-lasting legacy.

And if, like Tom Cruise, you do want to keep working well into your 100s, we can help you manage your wealth every step of the way.

Please email us at clients@iqf.ie, or call 353 71 915 5560 to find out more.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.