In this conversation, Clint Park joins us to dig deeper in an exciting topic from a previous episode: radical generosity through the gifting of your business. In a previous episode with Jeff Rutt, we discussed how and why Jeff was able to give his successful business away. Jeff shared what made this possible for him and his company. In this follow up discussion, Clint Park takes us on a deep dive into this form of succession planning.
Along the way, Clint helps us unpack this strategy and we delve into how to make this strategy succeed and when to know if this strategy won’t work well for your business.
–What should business owners who are considering giving away their business think about first?
–Clint’s “going concern” test: Do you have independence from your business and does your business have independence from you?
–Why your financial finish line matters if you want to gift some or all of your business to ministry (which implies that you have a financial plan and know your finish line).
–If your financial plan depends on the sale of your business or distributions from your business, perhaps your business isn’t ready to be given away.
–Don’t give away a business that isn’t healthy.
–What are the 3 main hallmarks of a healthy business?
— When you are focused on gifting the ownership of your business, you are also engaging in one of many different forms of succession planning. Have you also considered the other options? What will maximize your Kingdom impact?
–There is little point in gifting your business in order to invest in God’s Kingdom IF your business isn’t healthy.
Connect & Learn more:
Don’t have a healthy business? Connect with Clint: https://www.linkedin.com/in/clintpark/
Don’t have a financial plan for yourself or your business? Connect with Aaron: https://www.linkedin.com/in/aaron-groen/