Dear Brothers and Sisters,
Over the past two weeks, we’ve explored the importance of passing down inheritance with wisdom and foresight. This week, let’s turn our attention to another crucial topic, ensuring the legacy of your business through effective succession planning.
The Truth About Succession Planning
A recent report revealed a striking fact: while 81% of small and medium enterprises (SMEs) want to preserve their legacy, only 51% actually have a succession plan in place. That means nearly half are leaving their business future up to chance.
Why is this so important? Without a clear succession plan, even the most successful businesses can face uncertainty when it’s time to hand over the reins. Let’s talk about how you can take meaningful steps today:
How to Plan for Succession
1. Start With Prayer
It all begins with seeking wisdom. Pray for guidance as you consider who might take over your business one day.
2. Follow Divine Direction
Sometimes, the right successor doesn’t look “ready” on paper. Remember King David, his own father doubted him, yet he became one of Israel’s greatest leaders after years of preparation (17 years, in fact!). Trust that growth takes time and divine direction may surprise you.
3. Look Beyond Family Ties
Your next leader doesn't have to be a family member. While it’s important for family to make major decisions, daily operations can be entrusted to capable professionals who share your vision and values. This approach often leads to smoother transitions and stronger long-term results.
Preserve Your Legacy
Succession planning isn’t just about preparing for retirement, it’s about honoring what you’ve built and ensuring it stands strong for generations to come.
If you haven’t started creating your succession plan yet, now is the time. Take action today so your business story continues tomorrow!
Wishing you wisdom and clarity on this important journey,
David Poh
Thank you for being part of the Beyond Financial Stewardship community!
We pray this newsletter has deepened your understanding of faith-driven finances and inspired you to steward God’s provision with wisdom and purpose.
Stay connected with us for more insights, tools, and encouragement on your journey toward kingdom-minded stewardship.
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