Family, partnership or sole-proprietor-owned business is one of the key vertebrae in the backbone of the American economy.

One method of enhancing the potential for longevity in your business is by creating a non-legal document called a business legacy, which records the mission, history and future goals of your enterprise.

The purposes and benefits of a business legacy are many, and the styles and lengths vary according to the size and age of your business. The final product could range from a one-page sketch for a brand-new sole proprietorship to a 100-page bound manuscript for a larger corporation with a history of decades in the business.

Each business legacy is tailored to suit the particular needs of the individual organization, but all contain the owners' hopes, mission and spirit of their company. Where better to document your entrepreneurial philosophy than in your business legacy.

I was in a family business for 16 years whose focus was operating delis on Long Island - at one time we had six major delis in Suffolk County and a liquor store. I did everything from bookwork to dishes, cooking to slicing cold cuts, whatever was needed at the time. And I was later a co-owner of The Akron House restaurant in Akron.

My twenty-year history of involvement in family-owned businesses led me to many insights. These bits of wisdom were often gained at great cost, and those hard-learned lessons have prompted me to find a way to assist businesses in avoiding the pitfalls that can seriously affect their business, as well as their family relationships.

Where to start

The components I incorporate in each business legacy are born out of need, as well as out of pride. A business legacy could possibly begin with the background and a photograph of each founding member.

Putting to paper the effort and sacrifices that it took to initiate the business concept, as well as the hopes and dreams for future expansion and development, is essential to form a complete picture.

A business legacy provides the realization of the company's value and reinforces the enthusiasm to tenaciously pursue your goals. A business legacy can also chart the evolving philosophy of the owners and document a business' successes and how they were achieved.

The tremendous temptation to trust fellow owners in a family or friendly partnership business simply because blood is thicker than water and friends are loyal through thick and thin is perhaps one of the most unfair stressors we place on our families and friends. Often, in my family business, handshake deals later proved disastrous, not out of a foundation of malice, but simply because, over time, family members or associates had forgotten the original terms.

Documenting terms and stating motivations for paths taken serve to refresh memories and remove the burden of proof in those inevitable times of doubt.

At times, the extraordinary demands of time and energy inherent in a business depleted our enthusiasm, resulting in exhaustion and discouragement. I feel confident that a business legacy would have made a difference because it would have served to document original terms and agreements as well as remind us of our initial inspirations and successes. A business legacy would have been a source to consult when a spark was badly needed to inject a shot of enthusiasm or energy into the process for all of us in the company.

Also, in the case of my former family-owned businesses, a business legacy would have served to unify owners in their desire to complete our history of shared goals.

A hard-copy history of the business with a mission statement, photos and documentation of the reason for the company's creation is invaluable. Having these materials at your fingertips can supply strength during times of conflict and be a repository for the success stories that produce the profitable periods.

Imagine a record of the first compliments made by satisfied customers, or the first changing of the guard as one generation retires the ledgers to the next.

Along with ensuring every possible chance for successful revenue, a business legacy promotes harmony. By articulating direction on issues such as inheritance rights, the importance of documenting regulations and the establishment of written policies, many disagreements can be avoided. The business legacy establishes guidelines that can be referenced even during times of conflict.

Outside perspective

A sure step to successfully assembling a business legacy is seeking guidance from an experienced legacy facilitator. Their mission is to facilitate the founders' recollections of when and why they felt compelled to take the risk inherent in a business startup. Reviewing and documenting the history of each enterprise with a legacy facilitator can help business partners to approach challenges with a spirit of appreciation.

The old cliché "You can't see the forest for the trees" is surely applicable in examining such an emotionally charged topic as the commencement of a new sole-proprietor, partnership or family business. The outside perspective of the legacy facilitator allows for a fresh view of the beliefs and noble thoughts that you and your co-owners may have taken for granted.

Most importantly, the written business legacy facilitates the creation or renewal of a deep sense of pride for each owner of a company.

Nancy Eckerson, a professional writer and business-legacy consultant, is also historian for the Town of Newstead and the Village of Akron. She can be reached at njeckerson@verizon.net.