Growing a company requires thinking beyond yourself to the legacy you will leave behind for future generations
By Derrick L. Miles
September 23, 2021
There’s no question making money is at the core of our capitalist society. And by all traditional standards, I had achieved that financial success. By age 31, I was CEO in the Pavilion at Northwest Texas Healthcare System, making a lucrative salary. But I felt stuck and couldn’t understand how certain other individuals were hitting that $100 million mark. What was their secret? Why did my success feel stunted? The answer required a shift in my mindset. Instead of working my way up the corporate ladder (which I had already done), I needed to focus on creating generational wealth.
By the time I turned 38, I had realized that healthcare was just moving too slowly for me and all my innovative juices. Plus, I realized once I retired from my hospital executive job, the job would pass to another corporate ladder climber, not my two boys. So, I started reading about businessmen like Robert F. Smith, David Steward, and David Grain, who were making billions of dollars. They weren’t achieving that kind of wealth by becoming the CEOs of companies. They were creating businesses of their own and building a legacy.
The truth is, almost 90% of people worth $5 million or more sold a company. There are very few jobs that pay seven figures; the people who have multi-millions typically create and sell businesses. So, that became my sole focus. I walked away from corporate America and became an entrepreneur.
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