Poor business transitions have doomed many businesses to fail. Don’t let that happen to your business.
Thousands of business owners retire each month. For business owners, retirement is not a simple process. For Christian business owners, this transition process carries even more significance.
In this breakout session Clint Park will tackle the critical issue of how to engage in a successful business transition.
In Psalm 24:1, David tells us that “the earth is the Lord’s and the fullness thereof.” This verse reminds us that God owns everything, including a business owner’s business. When God created each business, He had more in mind than its current owner.
As Christian business owners prepare to transition their business how can they think generationally? Clint argues that business owners should grapple with questions like:
Why did God create this business? Why did God give this business to your family? What are God’s plans for this business after you transition the business?
Designing and implementing a business’s preferred transition plan takes intentional planning. It involves much more than applying the most efficient tax minimization strategies or preparing legal documents that minimize risk. If you ask Christian business owners how God has used their businesses to maximize Kingdom impact, would they show you their tax returns, shareholder agreement, or buy/sell agreement? Probably not.
In Clint’s experience, most Christian business owner talk instead about their people, their leaders, their culture, their client relationships, their vendor relationships, and their community influence. Thus, a transition plan needs to prioritize preserving the company’s legacy by sustaining these important relationships.
Join Clint as he explains how to prepare for successful business transition and why it is important that business owners think about this many years before considering retirement.