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Orlando Succession Planning

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Orlando, Florida - Headquarters

       1700 W. Colonial Drive
       Orlando, FL 32804
       407.578.4455 (T)
       407.578.4480 (F)

       Complete Company Directory

 

 

 Orlando City Scape, by Sky Noir

   

Loyd Rawls, CEO

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Loyd H. Rawls is one of the nation’s leading succession planners. Since 1973, Mr. Rawls and his associates have provided business succession services for the owners and key executives of closely-held, capital intensive family businesses throughout the country.

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Daniel Thill, COO, CFP®

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Dan specializes in asset management programs, investment analysis, investment planning and non-qualified deferred compensation plans.

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David Ciambella, CFP®

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David specializes in addressing and solving complex problems and issues that arise as a result of comprehensively addressing business succession.

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Russell Phillips, M.A., M.B.A

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Associated with The Rawls Group since 1995, Russell Phillips’ primary focus is working with business owners, key managers and family members on the varying relational issues that impact the business legacy and their pivotal relationships.

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Champ Rawls, CLU®

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Being a part of his own family’s business, Champ has a unique insight into the difficulties, challenges, and triumphs that our clients face when combining family and business.

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Dan Iosue, CFP®

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As a succession planner, Dan Iosue, CFP® leverages his more than decade of experience in corporate leadership and financial planning working with clients to help them achieve their long-term business goals.

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Warning! Why you should Set Performance and Expectation Standards for Family Member Employees

Now, for the conclusion of my letter to Successor. My straight talk concludes with a focus on his “good guy” leadership style, especially in regards to family members working in the business...

On the subject of a culture of tolerance versus teamwork, I am concerned about your “good guy” compulsion to expand the list of family member employees who are effectively, non fire-able employees. You may argue that you could fire anyone, but understand the definition of a non fire-able employee: someone, including but not limited to a family member employee, who will not be held accountable to the point of termination barring significant brain damage that impairs the attitude of the leader, harmony of employees, harmony of the family and/or a combination thereof.

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Effective Leadership - Hub and Spoke Eventually Chokes

Last year while reading the Orlando Business Journal I came across a one liner that read, “the sign of a good leader is when the business runs as smoothly when the leader is in the business as when he or she is out of the business.” As a succession planning professional dedicated to impacting lives and perpetuating family business legacies, this quote resonated with me. While it occurred to me that the title of this article sounds like a quote from Johnny Cochran, the hub and spoke approach to management and leadership impedes the business’ ability to operate smoothly when the business owner (the hub) is away from the business. And from a succession planning perspective, this can be devastating!

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Family and Business - Maintaining a Healthy Balance

When I think of the word balance, one of the images that come to mind is a gymnast carefully and bravely performing on the balance beam. As a sports enthusiast and competitive person, occasionally when I am channel surfing (which my wife loves), I come across a gymnastics competition and find myself captivated by the athletes and their level of focus, commitment and talent. Although I have never been a gymnast, it is apparent that becoming a successful gymnast and performing well on the balance beam requires an incredible amount of mental and physical preparation. Naturally, it also requires the athlete to have great balance. Like gymnastics, owning and working in a family business requires a tremendous amount of dedication and effort in order to achieve a healthy balance between family and business.

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1369 Hits

Increasing Organizational Productivity - What Could Be Impacting Teamwork in Your Organization

Organizational productivity is dependent upon teamwork, which I describe as two or more people working together productively for a common goal. Team can be expressed or implied, conscious or unconscious but irrespective, organizational productivity depends upon the effectiveness of interdependent, collaborative effort. Teamwork can be fair, good or great, but teamwork cannot be bad because the contingency of teamwork is enhanced productivity. The English language does not give us a word that that describes the negative side of group collaboration which we generally associate with uncooperativeness, inter-organizational competition, backbiting and under productivity.

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4 Steps for Building Family Business Synergy - Changing "Dreawork" into Teamwork, Part 1

Trust is the single most critical component of teamwork. In the absence of trust in owners, leaders and colleagues, members of the “dream” (versus team) are looking over their shoulder and subsequently handicapped in their ability to focus on their assigned task.  Building trust is the first answer to how we convert a “dream” into a team that optimizes productivity and creates the Success Margin®. 

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4 Steps for Building Family Business Synergy - Changing "Dreamwork" into Teamwork, Part 2

Trust is the single most critical component of teamwork. Unfortunately, some people are just untrusting and believe in survival of the fastest and the fittest. Employment is just another opportunity to compete, win and validate their belief that they are capable of looking out for number one. Untrusting people expect others to disappoint and their fatalistic attitude generally creates a self fulfilling prophecy to the failure of a team. All forms of personal interaction have one purpose for the untrusting, improve their own circumstances.  They may be referred to as part of a group but the untrusting think individually and functionally, are team members in name only. 

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US Debt Downgraded: What do I do now? By Dan Thill

On Friday, August 5, the United States’ debt was downgraded from the highest rating of AAA to AA+ by Standard & Poor’s (S&P). The downgrade was announced after the market closed on Friday. Stocks had already been under pressure and as a result of the downgrade and investors being overwhelmed by the numerous opinions of talking heads over the weekend, the following Monday experienced investors exiting the market en masse. Subsequently, equity markets came under heavy pressure and unease mounted about the strength of our economy.

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How to Overcome the Curses of a "Control Freak" Culture

A thorough succession plan addresses the organizational and family issues that can impact the continued success of the business through the next generation of owners and managers.  A control freak at the helm significantly complicates two components of the Succession Matrix: successor identification and development and management teamwork and synergy. Notably, the control freak represents a barrier to the development of successors and supporting managers who have the confidence and competence to operate the business when the control freak inevitably loses his/her physical or mental ability to drive the business.

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If I am Considering Sale of My Business As My Succession Option, What Should I Be Aware Of?

There are two general classes of buyers for a business: internal and external. Internal buyers would be one or more key managers who could provide succession leadership. External buyers would be third parties including of course complementary vendors. 

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Business Succession and Long Term Care

Personal financial planning is a critical component of business succession planning. The general subject of personal financial planning is broken down into four components:  wealth development and financial independence, estate planning, credit continuity and exit strategy. Within the topic of wealth development and financial independence is sufficient personal income to facilitate independence from the continued success of the business. The presumption is that if you are dependent upon the business you will logically never release management control.  Consequently, you will never be able to genuinely determine if successor management is prepared to assume the responsibility of ongoing leadership and management. 

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Long Term Care and a Living Trust

As I discussed in my previous post, “Business Succession and Long Term Care,” the financial independence component of business succession planning has become more complicated with the growing concern about long term care. However, with the accumulation of wealth, there is reduced concern regarding the availability of resources to pay for long term care, if appropriately addressed.

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What You Should Know About Long Term Care Insurance

Per my previous posts on this subject, “Business Succession and Long Term Care,” and “Long Term Care and a Living Trust,” I hope you understand and agree that the financial independence component of business succession planning should address Long Term Care contingencies.

Long term care is not a simple matter even if you have the resources to provide for whatever level of care you desire. Due to the medical circumstances associated with the need for long term care you will need an objective advocate who you believe would have your best interest at heart who may not be your children because as your children may be preoccupied, from the dark side, or you may not have any children. 

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Dealing with Business Owner or Family Member Marginal Competency

The good news is that we are living longer and have more time to develop and deploy a business succession plan. The bad news is that many of us will outlive our mental capability while filling important management and leadership roles within the family business. Unfortunately incompetence is usually the result of a cognitive capacity transition that is stressful for both family and management. The no-man’s land of marginal competency creates a dilemma which can imperil family harmony and the welfare of the business.  The question is, should you mind your own business and repress your stress or should you call the question and run the risk of offending parent(s), family, friends, management and advisers? Based upon my experience both options compare to a root canal without Novocain.  Such is the nature of a family business dilemma; damned if you do and damned if you don’t.  Dealing with potentially marginally competent business owners or leaders is an unfortunate, emotionally volatile, pathetic family business predicament.

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How to Address Marginal Competency in a Family Member or Business Owner

Although an uncomfortable subject, it is reasonably predictable that some of us will outlive our brain. Advances in medical science have increased the likelihood of beating cancer and the likelihood that more of us will experience some degree of incompetence prior to death. Incompetence will be preceded by a transition with good days and bad days until at some point there will be confirmation that we are not able to manage our affairs. In a classic retirement environment this is no big deal. However in the family business realm where founders and subsequent successors commonly stay engaged well into their late 70’s and early 80’s because they are either addicted to the culture or they are an integral component of the success formula. In light of the difficulty self assessing competency and the emotions associated with telling a love one that they are losing their marbles, Marginal Competency represents a significant challenge to both the business mission and family harmony.

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How to Prepare for the Disability or Incompetence of a Business Owner

There is much estate planning discussion in the family business arena about incompetency. The classic result is that most estate plans include provisions for a designated party, usually a child or sibling to assume responsibility and control of a family member’s, usually a parent’s, business affairs in the event of disability or incompetence.  The goal is to avoid a very formal and cumbersome guardianship that in addition to the ongoing administrative expenses opens the family’s private affairs up to public scrutiny. The mechanisms for administratively assuming responsibility outside of a formal guardianship is a Durable Power of Attorney or the successor trustee provisions of a Living Revocable Trust.  The typical qualifier for these two mechanisms is usually affidavits from two independent physicians that the parent is unable to attend to their customary business affairs.

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How to Overcome the Family Business Curse - Enablement

I am frequently asked – “What is the biggest problem that family businesses face?” The ugliest problem by far is what I call The Family Business Curse: ENABLEMENT or FAMILY BUSINESS WELFARE which can be described as - able bodied, capable minded family members active or inactive in the business who for any number of excuses are not contributing, but are provided ongoing financial assistance/subsidy to keep their standard of living up to par with those that are sacrificing to make the business work.

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1331 Hits

Family Business Advisor Teamwork

Family businesses rely on teamwork. The family infrastructure sets the inherent expectations and role model (good or bad) for teamwork to management and employees. The family team concept should also apply to their advisors. Most families base their advisor decisions upon relationship, often times with tenure taking blind precedence over the quality of service.  Although I acknowledge that the average family business is increasing in sophistication, I continue to see abuse and malpractice caused by predators who are seeking to take advantage of the natural tendency of family business leaders to rely upon relationships to make important decisions. Unfortunately there are far too many wolves wearing sheep’s clothing.

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"Family" Business is Not a Bad Word

As I reflect on 38 years of experience in business succession planning I can confirm that there was a time when being categorized as a “family” business was not a compliment. The term was derogatory, considered synonymous with “mom and pop” business. This stereotyping had obvious exceptions but was more right than wrong with respect to pets laying around with assumed rights superior to visitors or employees; kids entering the business out of school as an expert because they had worked a few summers and then coronated with a vice president title, a parking place and a tricked-up office.

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How to Develop Strong Family Business Successors - Don't Fall Victim to the "Rescue Syndrome"

I doubt there will be any disagreement that parenting is a challenge. Surely anyone who has been privileged with offspring will agree. As a succession planner who is uniquely positioned within many families who are collaborating in business, I can affirm that bringing children into a family business greatly elevates the challenge of parenting. Family business is an oxymoron because family is an institution of unconditional acceptance whereas business is a institution of conditional performance.  As a result, being a parent can become even more challenging because, you can’t run a family like a business and you can’t run a business like a family.  As if the challenge of raising a child were not enough, the family business environment creates a constantly changing rule book. This can often lead parents to believe that the only hope for a child’s success comes with divine guidance toward a prayerful balance between unconditional love and performance accountability.

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Business and Profit - Doing More With Less

We have  been hearing a great deal about the unemployment rate lately as political pundits try to cast blame and gain leverage based upon the current 9% to 10% unemployment rate. For many years it has been presumed that the unemployment baseline was 3% to 4% and during good economic times it would rarely drop below 3%.   This dynamic gives some level of support to my personal theory that at least 3% of the US workforce is unemployable and the percentage is only increasing due to higher expectations. 

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1644 Hits