Retirement Planning…for your Facility

 

Unless the Lord decides to call you home premature, we all will be faced with some variation of “retirement.” That means plans need to be considered for that period in our lives when we are not producing income based on a full time 40-hour +/- work week.  For most, that takes the form of:

  • 401K or 403b
  • IRA’s
  • Annuities
  • Life Insurance
  • Investments
  • Pensions

For others, it may simply be hoping that Social Security, Medicare and Medicaid will be adequate.  I think we would all agree that is not very wise.

We will project what we believe our costs will be in retirement…then plan a strategy to utilize one or more of the above to ensure we have the basis from which to generate the level of income to sustain the desired lifestyle.

This all sounds prudent as we plan for the INEVITABLE stage of life.  Would you agree?

So what are we doing to prepare for the “retirement”of our ministry facilities? I guess the first question is…do you think it is necessary?  If you don’t, then why would you plan for your personal retirement?

Sorry for being snarky…could not help myself.

Even at the very worst of personal financial planning, their is a partial safety net (although tenuous) is Social Security and other entitlements (did you realize that Entitled and Entitlements are not mentioned in the Bible…just saying). Considering our facility retirement concerns, we do not even have a social security safety net.

You may be saying – “We do not plan to retire our facility.” Oh Grasshopper…that is flawed thinking.

You may not “retire” the entire facility…but you WILL retire nearly every component of the facility.

  • You will retire all roofs…and replace them…and retire them again.
  • You will retire all HVAC equipment…and replace them…and retire them again.
  • You will retire all paving…and replace them…and retire them again.
  • You will retire all floor coverings…and replace them…and retire them again.
  • You will retire all lighting, plumbing, windows, doors, etc, etc, etc.

Need I go on?

These facility retires…just like our personal retirement…are INEVITABLE. There is no getting around it.  There no magic bullet.  There is no “Facility Fairy” to wave a wand.

Given the above…what are your plans?  Do you have a plan?  If not, how do you start? What is your baseline? How much is enough?

These are great questions that can and must all be answered…and starting with your current reality is the best place to get going.  In light of that, we strongly recommend a Facility Condition Assessment. Such an assessment will provide you:

  • Fresh Eyes Assessment
  • Life Cycle Assessment
  • Benchmark of Budgets/Staff
  • Deferred Maintenance
  • Facility Management Best Practices
  • Preventive Maintenance
  • Energy/Operational Evaluation
  • Capital Reserve Planning

Make your facilities “retirement” a positive experience by being intentional Facility Stewards.

-Tim


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