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You only get one chance to make your mark on the world. How will you do it?
For successful entrepreneurs and investors like David Hoffmann, who rose from humble beginnings in rural Missouri to lead a global enterprise with more than 100 subsidiaries and thousands of employees, “making your mark” means leaving the world a better place than you found it.
That’s what Hoffmann has done across a long list of philanthropic efforts, and more recently in a $100 million effort to transform the Augusta, Missouri area — not far from where he grew up — into the next world-class wine region.
Hoffmann isn’t the only successful businessperson committed to leaving a lasting legacy. He’s part of an exclusive yet devoted club populated by some of the world’s most recognizable personalities: Bill and Melinda Gates, Warren Buffett, Mackenzie Scott, and Pierre Omidyar, to name but a very few.
Hoffmann and his peers have plenty of lessons to teach those preparing to follow in their footsteps. Here’s their guide to building a legacy — whether in Augusta, Omaha, Silicon Valley or anywhere else.
Focus on Yourself First
First things first: It’s difficult to leave a meaningful legacy without adequate resources.
Early in your career, make sure you’re setting yourself up for future success. Engaging in active, generous philanthropy too soon could prove to be counterproductive in the long run, depriving you of the assets you’ll need to make a real difference. It’s okay to go slow when you’re still in the accumulation phase.
Ask Yourself How You Want to Be Remembered
Waiting to begin distributing your assets in earnest is advisable. Just don’t wait too long to begin thinking about how you want to be remembered.
After all, you can’t be sure what the future holds.
As soon as you’ve committed to leaving a legacy, start asking yourself — and those around you — how you’d like to be remembered. You probably won’t receive a single answer, certainly not if you poll a representative group of your friends. But even if the feedback isn’t always consistent, you’ll gain a wealth of insight into what you can do to make a difference and which early steps make sense to take now.
Rest assured, prominent philanthropists think deeply about this very question. Some, like the Gateses or Michael Bloomberg, settle on one or two major themes, like fighting global poverty or alleviating environmental harms. Others, like David Hoffmann and Eli and Blythe Broad, focus on improving communities they care about while patronizing a wider range of deserving organizations.
There’s no “correct” answer; only a personal one.
Support Causes You Care About, Early and Often
You can dip your toes into the waters of philanthropy early on without diving all the way in. In a way, this is good practice for what comes later.
Besides, supporting causes you care about is a great feeling. Indulge it as you work toward your longer-term legacy goals.
Make It a Family Affair (If You Can)
Many of the world’s most active, generous philanthropists operate “family foundations” that involve their spouses and sometimes their children and extended relatives.
You’ve no doubt heard of some of these organizations, like the Bill and Melinda Gates Foundation. David and Jerri Hoffmann pursue philanthropy as a couple as well, supporting national organizations like JDRF as well as arts and culture organizations in the Florida communities they call home.
Engaging your family in your legacy-building work has several benefits. It serves as a force multiplier, allowing you to get more done (and help more people) than you could on your own. It may raise the profile of your work, as you’ll have “ambassadors” to promote and represent your activities publicly. And if it ensures future generations carry on your philanthropic efforts, it could help your ultimate goal of cementing a legacy that outlives you.
Follow Your Passion, No Matter What Others Say
Creating a legacy is a deeply personal pursuit. If you feel strongly about how to go about it, don’t let anyone tell you otherwise.
Pursuit of passion has led to some amazing results. Bill Gates’ desire to alleviate human suffering has helped build one of the world’s most effective poverty-reduction campaigns, for example. Closer to home, David Hoffmann has spent millions of his own money to turn the quaint community of Augusta, Missouri into a thriving tourist destination and world-class wine-producing region.
Anything is possible if you put your mind to it — and ignore the naysayers.
Cast a Wide Net for Inspiration (And Keep Searching)
Because legacy-building is so personal, it’s easy to get wrapped up in doing it “your way.” However, it’s also important to look to others for inspiration. And not just the “usual suspects” like the Omidyars, Gateses and Buffetts of the world.
Keep up the search even after you start building your legacy. The more you learn, the clearer it’ll become that there’s nothing stopping you from making something that’s truly yours.
Never Stop Building
Building a legacy takes time, effort, resources. It’s a multiyear, if not multi-decade, project.
From your perspective, this means that once you’re ready to begin building it in earnest, you can’t let up until you’re satisfied with your work.
Let’s be honest about it: That might not happen while you’re still on this earth. But that’s okay. Hopefully you’ve inspired others to carry on your work.
Final Thoughts
It’s cliche, but true: You only live once.
Which means you only have one chance to create a lasting legacy for future generations to remember you by.
Not everyone takes this opportunity. Very few do, in fact. If you choose to take the road less traveled and make the most of the time, talents and resources you’ve been given, you’re among a select group of people committed to something greater than themselves.
Once you’ve made your choice, use what you’ve learned here as a road map.
Focus on yourself first, knowing that you can’t very well leave a legacy without adequate resources.
Ask yourself how you’d like to be remembered by others.
Support causes you care about, and don’t be shy about it. Follow your passion, no matter what others say. Make it a family affair, if you’re so fortunate to have loved ones who feel the same way.
Perhaps most importantly of all, look in unexpected places for inspiration and never, ever stop working toward your goals.
You alone have the power to create something that outlives you. Here’s to making it count.
