Joey: We should schedule a time to sit down and talk about how we can ensure the third generation can maintain the business. Sometimes, it can be easy for someone who never fought to build a business to flounder when leading it. But new generations coming into the business can also bring innovation to the company that may otherwise have been missed.”


Ruth: You are absolutely right! I know I didn’t help build this company from the ground up like my grandfather, or spend nights with parents working in the business like my dad, but I can assure you that I want to take the right steps to ensure the company will continue to my kids as well.”


For this family’s unique business situation, one major concern was the funding of Joseph’s retirement. Te year before this first breakfast meeting took place, Joseph and David put a 401(k) Retirement Plan in place, which allowed them to save for retirement. Employees and employer have been making the maximum contributions. Dan, Joey, and the team at Ambassador Advisors completed a retirement analysis when the plan started and have updated it annually. Both partners are on track to achieve their retirement goals.


Although the above is a mostly fictional story, it can be a good plan for businesses to follow! In fact, the Bible has many examples of good planning. Consider the account of Joseph in Genesis receiving and managing the grain for the people of Egypt during the seven years of abundance, to be disbursed during the seven years of famine.


Of course, there are many other stories of planning for the future (Genesis 41 and 47, 1 Chronicles 22), perhaps the most important verse in the Bible regarding planning is Proverbs 16:9—“Te mind of man plans his ways, but the Lord determines his steps.” We put together excellent plans, and the ultimate results are up to the Lord.


* Te story of David, Joseph, Ruth and Eagle Manufacturing was created for the purposes of illustrating a family business succession plan.


A good man leaves an


inheritance to his children’s children, and the wealth of the sinner is stored up for


the righteous. PROVERBS 13:2


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