From: www.bizjournals.com

Can you imagine growing a family business from 10 employees to more than 1,000 until it was worth over $250 million and limiting yourself to a salary of $140,000?

That is what Alan Barnhart and his brother did in Memphis, Tennessee.

I had the opportunity to participate in a day-long “Journey of Generosity” workshop sponsored by Generous Giving, a faith-based nonprofit founded and entirely supported by the Maclellan Foundation. The workshop is designed and developed to encourage people of faith with significant means to give beyond the tithe and embrace a life of giving.

While I am not someone with significant means, I have been fortunate to have spent my career working with donor families who have made extraordinary gifts. I attended the workshop because I am fascinated by those who choose to live a more simple life and give extravagantly. Frankly, I aspire to do the same one day.

Making a commitment

One of the most intriguing and provocative concepts introduced at the workshop was the idea of establishing a financial finish line — making a commitment to living on a specific amount of income annually and to give away everything beyond that amount or cap.

We had the opportunity to hear Alan Barnhart share his story of establishing a financial finish line. He met his wife in college through Young Life and at the time, both planned to serve as missionaries overseas.

Just three months before they were to move abroad, his father decided to retire and asked him if he and his brother wanted to run the family’s construction business. Barnhart felt excited about the opportunity, but his wife — not so much.

After months of conversation, they were still deadlocked. Alan introduced the idea of limiting his annual salary to a specific amount and committing everything else above that amount to supporting God’s ministries. His wife acquiesced and agreed they would remain in the U.S.

When Barnhart shared his testimony, he said he and his wife had six children, lived in Memphis, and together they had determined that an annual salary of $140,000 was their “financial finish line.”

In practice, about 50 percent of all company profits are donated immediately to charity. The other 50 percent are used to grow the business. Their family company has been run this way since the beginning.

Making a life, not just a living

Today, 90 percent of the Barnhart’s contributions are given overseas to Christian ministries. Another benefit of a financial finish line for his family is that his children didn’t grow up with the burdens and pressures of coming from a wealthy family. Barnhart also affirmed that he and his wife truly enjoy the clarity and simplicity of living an intentional life that reflects their values.

He observed that his clarity of focus freed him from the pressures to change or upgrade his family’s lifestyle with changes to their income. Barnhart talked about the importance of having a group of colleagues who kept him accountable to his original promise.

Five years ago, their global construction firm was valued at $250 million. In the last few years, he and his wife made the decision to gift 99 percent of the company to a charitable foundation that supports Christian ministries all over the world.

The Barnharts are serious about generous giving — and living their faith. Their example of establishing a financial finish line is provocative, and certain to inspire some spirited conversation in most households.

Most of us believe that a dramatic increase in our financial resources would translate to freedom. Barnhart warns us of its perils and celebrates the freedom and focus that having a financial finish line has provided him and his family. There are many ways to live a rich and happy life, and I’m grateful to hear his passionate testimony that “more” does not always mean more.