The Hidden Cost of Letting Go: Why Every Business Deserves a Legacy
What happens when decades of hard work, dedication, and craftsmanship simply fade away? For many small business owners, especially in traditional industries like carpentry, family-owned shops, and local trades, this question hits close to home.
In this heartfelt video, Ethan shares the story of his father, a carpenter who built his business over 30 years, only to see it end with little to no financial reward. The video captures not just the economic loss, but also the emotional impact of closing a family business and the ripple effect it has on loyal employees.
Watch the video below to experience the full story.
A Lifetime of Work, Gone Overnight
Ethan begins by recounting how his father’s 30-year carpentry firm, once a thriving, respected business, had to close its doors. Despite decades of hard work, dedication, and goodwill, his father believed the business had no monetary value when it was time to move on.
“My dad used to run a carpentry firm… he has been operating the business for 30 years before he decided it’s time to let go.”
The emotional weight in Ethan’s voice reveals a deeper truth that many small and family-run businesses operate with passion but lack exit strategies or succession planning. When such businesses close, years of experience, customer relationships, and brand goodwill vanish overnight.
The Forgotten Value of a Business
What’s most striking in Ethan’s story is the mindset his father held:
“He said there is actually no value for my business and nobody will actually put any value to it.”
This belief is not uncommon among traditional business owners. Many focus entirely on day-to-day operations, rarely stopping to consider that their company’s reputation, client base, and processes are valuable assets.
The sad reality? Without proper planning, these intangible assets, which take years to build, are lost forever. Ethan’s story reminds us that business value isn’t just about profit; it’s about the legacy you create, the people you employ, and the systems that keep it alive.
The Human Side of Closure
Ethan’s father didn’t just lose a business; he lost a community. His employees, some of whom had been with him for 20 years, suddenly found themselves without work. The emotional toll was heavy:
“He has to start knocking at his competitors and friends’ doors… to make sure that these 50 to 55-year-old staff who have worked with him for 20 years still have a job.”
This part of the story highlights a powerful truth: a business is more than an enterprise – it’s a family. When it closes, the impact extends far beyond financial loss. It affects livelihoods, relationships, and self-worth.
It Doesn’t Have to End This Way
Ethan closes his story with a powerful reflection:
“It’s something that I feel shouldn’t be happening if there is actually a better way to do it.”
And he’s right. Whether it’s through business valuation, succession planning, mergers, or legacy preservation, there are better ways to transition out of a business that honour both the owner’s effort and the employees’ loyalty.
By planning ahead, business owners can ensure their decades of dedication translate into long-term financial and emotional benefits.
Lessons Every Business Owner Can Take Away
Start early with exit planning
Don’t wait until retirement to consider your business’s value. Begin understanding your assets and growth potential early.
Recognise intangible value
Customer trust, brand reputation, and skilled employees add immense worth beyond what appears on paper.
Engage professionals
Work with consultants who specialise in business valuation, succession, and sale strategy.
Protect your people
Like Ethan’s father, many owners deeply care about their staff. A planned transition ensures that loyal employees continue to thrive.
Think of your legacy
Your business tells a story of dedication, quality, and resilience. With the right approach, that story doesn’t have to end when you close your doors.
Conclusion: A Better Way Forward
Ethan’s story is both a cautionary tale and a call to action. It reminds us that every small business has value, even if it’s not immediately visible. With the right guidance, planning, and awareness, owners can secure their legacy, protect their employees, and ensure that decades of hard work don’t just disappear.
Watch the full video above to hear Ethan’s touching story, a reminder that behind every business name is a lifetime of dreams, effort, and people who made it possible.
