If you looked up the word “entrepreneurship” in the dictionary, it would be no surprise to see a photo of Jan and Raymond Patschke next to it.
The couple has dabbled in their fair share of business ventures, from jewelry, Yellow Page advertising and hair salons to ranches, real estate and oil and gas.
While their entrepreneurial endeavors may have been varied, a select four components were crucial to their success in each pursuit: recognizing opportunities, working hard and making sacrifices, improving the business, and, perhaps most importantly, having a solid exit plan.
“That’s something that we have always believed in,” Raymond said. “Whenever you start something, you need to have an exit plan. Before we had any money coming in, we needed to know how do you develop a business where you have a model that you can sell at some point. We said, ‘What do we need to do to accomplish our goals and what is our exit plan?’”
Now, the couple is asking the same questions, albeit in a different venture. Through a philanthropic lens, they are using estate planning to establish an exit plan, reflecting on what they want to accomplish and the legacy they wish to leave behind.