clintpark

Capital is plentiful, great partners or co-owners, not so much.  In this conversation, Clint Park is back to offer biblical perspective on how to add, when to add and who to add into your business as an ownership partner. What are the big mistakes to avoid and what principles can guide our thinking?

We parse the potentials and pitfalls of co-owners and whether your business is ready to have additional owners.  Clint offers six ways to evaluate potential partners or co-owners, along with a wealth of wisdom drawn from God’s Word.  If you have business partners or are considering that ownership path, you don’t want to miss this conversation.   

Conversation highlights: 

–What are the table stakes for Christians who are thinking about bringing in a new partner (owner) into their business or who are considering starting a new business with partners?

–If you want something to be done for God’s glory you need to apply his principles.  

–A biblically and practically wise approach to forging partnerships. 

–The truth embedded in Psalm 24:1 and Job 41:11 (classic stewardship passages) inform how we view potential business partners/co-owners.  Will the average non-Christian embrace these truths?

–The role of values alignment in selecting our partners can’t be overstated.  Bonus pre-marriage advice too! 

–Why does traditional private equity have such a black eye?  …perhaps because of a lack of values alignment.  Capital is not the best starting point for partnerships!  

–Capital has influence. Are you inviting conflict in your partnerships with other owners?  

–Evaluating partners: 1. Values alignment 2. Define the ideal steward 3. Completing your team & complementing your weaknesses

–We discuss how to evaluate character to ensure your future partner has the depth of character to be an effective partner. 

–What is forward stewardship? Why does it matter for the future of your business?

–What are the red flags of a partnership that is not going to work?

–Clint addresses a really tough issue: disentangling a partnership that is not working.  

–Faith integration will be stymied when your co-owners are not values and faith aligned. 

–Be ready to take the low place.  Luke 14:10-11  

–Belief drives values.  Values drive actions.  

 

Continue the conversation: 

Connect with Clint: https://www.linkedin.com/in/clintpark/

Connect with Aaron: https://www.linkedin.com/in/aaron-groen/

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. 

Conversation highlights:

--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/

Listen to the episode with Jeff Rutt: https://businessonpurposeconference.com/podcast/jeff-rutt-on-how-and-why-he-gave-away-his-company-keystone-custom-homes/

Clint Park digs into how Christian business owners can apply a biblical worldview to recently enacted legislation like The CARES Act.

In this conversation we talk about shifting the discussion from how to apply to should a business apply for funds from this stimulus. Does/should your faith play a role in your business's capital structure? Clint shares some perspective on this legislation that is often missing from the conversation surrounding The CARES Act. 

Conversation Highlights:

-Are you wrestling with how to move forward? That's a good sign of health.

-If Psalm 24:1 is true regarding our companies, what are the implications?

-Don't take on capital without first being prepared.

-God often provides for current needs through past provision.

-Weighing corporate savings, personal savings, community resources, government programs.

-Risks & rewards of being a shareholder.

-Is government aid a last resort or a first priority?

-James 5:37: "Let your 'yes' be 'yes' and your 'no,' 'no.'"

-This is an opportunity to live out your faith during a crisis.

Clint is a Senior Business Consulting Advisor with Ronald Blue Trust.  https://www.ronblue.com/Financial-Advisors/Clint-Park