In the world of family businesses, success stories often come with their share of challenges. The journey of brothers Darren and Joe is no exception.
The Early Struggles
Darren and Joe found themselves in a difficult situation, working in their family business under their father’s leadership. Their father’s treatment left much to be desired. Despite the challenges, the brothers saw potential in the business and made the bold decision to buy out their father.
This decision marked the beginning of a remarkable transformation. Under Darren and Joe’s leadership, the business began to prosper wonderfully. They managed to reduce debt significantly, putting the company in a strong financial position.
The Crossroads of Growth
As I often emphasize in my book, “Succession Planning for Impact,” entrepreneurs frequently face these crossroads of critical decision points. For Darren and Joe, this came when they recognized that their low-debt position presented an ideal opportunity for growth.
Many entrepreneurs fall into the trap of becoming too conservative once they achieve a certain level of success. They stop taking the necessary risks to grow their business further. Darren and Joe, however, understood that this was precisely the time to reinvest and expand. “When you become successful, most of your net worth is in the business, you can become more conservative at a time when you need to be reinvesting. This brought on a transaction with outside capital aligned with our purpose,” Darren told me.
Confronting Fears and Seeking Alignment
In line with Step 1 of the Succession Planning for Impact method, Darren and Joe had to confront their fears about the future of their business. They grappled with questions about bringing in partners for capital or even selling the business outright.
What set Darren and Joe apart was their clarity on their business’s impact. For them, their business was more than just a profit-making venture – it was a statement of their faith. This understanding guided their decision-making process.
Finding the Right Partners
In their search for potential investors, Darren and Joe encountered a group that resonated with their vision for “business as mission.” This group not only appreciated the brothers’ purpose beyond profit but also aligned with their values and faith-based approach.
The decision to partner with this investor group proved transformative. The new partnership brought in valuable resources:
Improved systems
Enhanced IT infrastructure
Strong prayer support
Disciplined pricing strategies
The Result: Exponential Growth
The infusion of these resources, combined with Darren and Joe’s leadership and clear sense of purpose, led to remarkable results. The brothers managed to double their growth rate and EBITDA, expanding their business and its impact significantly.
A Unique Approach to Business
One of the most striking aspects of Darren and Joe’s business today is their commitment to putting faith at the center of their operations. They close their doors for the first hour of every workday, dedicating this time for quiet reflection and prayer.
This practice not only reinforces their values but also provides a daily reminder of the greater purpose behind their work.
Lessons for Entrepreneurs
Darren and Joe’s story offers several valuable lessons for business owners:
Don’t let fear hold you back from growth opportunities.
Clarity on your business’s impact can guide crucial decisions.
Finding partners who align with your values can accelerate growth.
Integrating faith and business can lead to unique and powerful significance.
As we see in the Succession Planning for Impact method, confronting fears, defining impact, and building the right team are crucial steps in creating a lasting business legacy. Darren and Joe’s journey shows these principles in action.
Their story reminds us that with faith, vision, and the right partners, a business can do more than just make money – it can make a lasting impact on the world.
Are you facing a similar crossroads in your business journey?
Remember, the decisions you make today can shape the legacy you leave tomorrow. If you’d like to explore how the Succession Planning for Impact method can help your business, I invite you to reach out. Together, we can work on creating a business that not only thrives but also leaves a lasting, positive impact on your community and beyond.
Harry T. Jones
P.S. Do you have my book? You can get it HERE. Don’t let your legacy get past you! Buy Succession Planning for Impact today!
P.P.S. Ready to take the next step in succession planning? Join the next Succession Planning for Impact mastermind and gain an outside board of advisors and secure your legacy. Email me at harryt@cultivatingimpact.biz with your contact information and we will talk.
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