Entity Refinement, Growth, and Succession

The goal of an owner is to work more “on” the business, and the same is true for the business team and leadership.

What will ultimately become of your business? How will you transition out of it? Will you sell it? Pass it on? Simply retire?

The growth of a company through the Stages of Business is dependent on the owners, leaders, and team:

  • Seeing behind the business realities;
  • Marketing from the client and team’s perspectives;
  • Evolving who is responsible for separate core functions; and
  • Increasing the standardization of process and reporting.

Our Process to help our FamilyCare Business Clients:

Introductory Call

During our call with you and/or your trusted advisor, our Client Relations Coordinator:

  • Gains a basic understanding of the business, situation, and concerns;
  • Explains our succession process and time line, including the Gathering The Business appointment.

We host a meeting with you, and often your other advisors, to review the process ahead and to gather all of the preliminary information about the:

  • Business;
  • Business documents;
  • Business Financial data; and
  • Business, employee, and family dynamics and concerns.

Evaluation

We have an internal meeting, where our team reviews the preliminary information to determine the complexity of the business’ succession, and whether or not our services will be especially valuable.

Initial Visit

Based on what we have learned through “The Gathering” and “The Evaluation” we continue the conversation to gain a more thorough understanding of the situation and the dynamics, needs, and desires of the parties.  We outline:

  • The fine points of the business succession plan and concerns;
  • A detailed explanation of the tasks that are required;
  • An explanation of our process to accomplish an orderly business succession;
  • Timelines and costs.

Analyzing & Testing

With updated information at this internal meeting, the collaborative advisors review and discuss the multiple options and then create a preliminary plan which must balance the:

  • Family’s desires;
  • Law and Tax advantages;
  • Dictates of business documentation and estate planning; and
  • The business owner’s objectives.

Presenting the Preliminary Plan

The Collaborative Team presents each aspect and reasoning behind the Preliminary Plan to you for approval and direction.

Building the Plan Implementation

Each Collaborative Advisor prepares the appropriate paper work and documentation for implementation.  At this internal meeting the advisors review and resolve outstanding issues and concerns as well as review each other’s documentation in order to prepare for the Implementation Meeting.

Implementation

We review and confirm all aspects of the plan with you, the business owner, who signs documentation from each advisor in order to begin the Implementation and schedule the Confirmation Meeting.

Confirmation

At our final meeting, we review and address the:

  • Implementation details;
  • Exception Reports;
  • Business Succession documentation created; and
  • Remaining questions.

Find out more about our FamilyCare Business Group™:

 

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Strazzeri Mancini LLP helps:

  • Families;
  • Business Owners; and
  • The Advisors they work with

By Resolving:

  • Messes;
  • Transitions;
  • Assets Protection;
  • Litigation; and
  • Complex Domestic and International tax issues
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