Passing the “Baton”

By |2018-12-15T12:59:24-04:00March 9th, 2017|Client Stories|
Client Profile: The Business Owner

After building a thriving and valuable business over a forty year career, John came to us in his mid-sixties with the unique quandary of how to best transition the business to his adult son. John had two main concerns:

  1. Would his son have the innate abilities to lead the company for another successful generation
  2. Could the business transition be completed with a seamless process.

Circumstances and Resolution:

John described his succession dilemma as follows: “It feels like the weight of the world is on my shoulders for the future success of my family and I don’t know how to best handle the situation.” To address his worries and to tackle the various complexities of a business succession plan, the team at Concentus provided a step-by-step guide to him and his son so they could understand the time lining of the succession process.

The Concentus team coordinated John’s various advisors (Accountant & Estate Attorney) to formulate a robust succession plan for their particular business model. By collaborating with the John’s advisory team and performing various interviews and questionnaires with him, we were able to provide business strategy plans for the following areas of the business: Corporate governance & Internal policy, Operational controls, Familial council, Formal estate & succession plans for ownership, bespoke shareholders agreement and an Independent valuation of the business.

Through our work together, John was able to oversee the successful transition of his leadership role as CEO to his son and institute the proper business plans to ensure the continuity of the business.

Key Lessons:

In 2015, The Family Firm Institute estimated “that 70% of family businesses will not survive into the 2nd generation and 90% will not make it to the 3rd generation.”

As a business owner it is never too early to begin planning for the next generation of leaders to manage, and ultimately, own your business. With the consultation of an experienced advisory team, business owners can and should be confident that they have a plan that will allow them to pass the business on to the next generation while still preserving the value and ensure the continuity during the transition.

By |2018-12-15T12:59:24-04:00March 9th, 2017|Client Stories|

Stay in Touch

Subscribe to our mailing list to receive our blog updates, company news, and latest

insights on the financial markets. Subscribe now

U.S. Securities and Exchange Commission

Additional information about Concentus Wealth Advisors and our investment advisor representatives is also available online at WWW.ADVISERINFO.SEC.GOV or BROKERCHECK.FINRA.ORG. You can view our firm’s information on this website by searching for Concentus Wealth Advisors or by our CRD number 170052.