pornn

Orlando Succession Planning

the-rawls-group-business-succession-planning-orlando-florida

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

loyd-rawls-the-rawls-group-family-business-succession-planner

      

  

 

 

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.

MORE   

 

Daniel Thill, COO, CFP®

dan-thill-the-rawls-group-family-business-succession-planner

      

  

 

 

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

MORE   

 

David Ciambella, CFP®

david-ciambella-the-rawls-group-family-business-succession-planner

      

  

 

 

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

MORE   

 

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

russell-phillips-the-rawls-group-family-business-succession-planner

      

  

 

 

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.

MORE   

 

Champ Rawls, CLU®

Champ Rawls Headshot 2016 239x239

      

  

 

 

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.

MORE   

 

Dan Iosue, CFP®

Dan.Iosue 239x239v2

      

  

 

 

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.

MORE   

 

Manufacturers Are Coming Out of the Succession Ether, Part 1

The big boys are coming out of the succession ether. These "big boys" are the franchisers and manufacturers representing a wide range of industries that rely on entrepreneurs to sell their products and make their customers happy.

Until recently, these big boys acted as though they didn't respect the talents of their distributors nor acknowledge their vested interest in their ongoing success.  The predominate opinion was:

“We don’t need to worry about the succession of our distributors; there is an endless source of replacement candidates; it is really to our advantage if a distributor fails because we get to pick a replacement that will drink our Kool-Aid.” 

Continue reading
1915 Hits

How to Hire the Right People

Regardless of what business you are in, you and your business are only as good as the people that work for you. This sentiment has been shared with me consistently over the past seventeen years regardless of where I have traveled in the United States or the type of family business I have been engaged with at any given time. Recently I attended a local Association for Corporate Growth (ACG) event in Orlando titled “2012 Smart Awards” which recognizes companies in Central Florida that have distinguished themselves culturally, creatively and through the economic impact they have made in the community. Without exception, each of the CEOs that were recognized expressed gratitude and appreciation to their employees who in large part are responsible for the daily success of the company. Having the right people on your team and in the right position can be the difference between success and failure.

Continue reading
1850 Hits

How Financial Independence Can Impact Succession and Growth Goals

We live in the greatest country in the world! As we prepare to celebrate Independence Day, I thought it would be an appropriate time to reflect upon how fortunate we are to be Americans. Each day when we wake up, we have the freedom to choose how we will invest our time, talents and treasure. Thanks to God and our fellow Americans who have gone before us and who have made the ultimate sacrifice to provide us this luxury, we have the ability to make choices each day.  Some of us choose to invest our time, talent and treasures pursuing the American Dream by working for others while some of us choose to build businesses to provide opportunities for others and in an effort to achieve financial freedom and independence. Achieving financial freedom and independence is a challenging endeavor that requires focus, commitment and discipline.

What is financial freedom? Financial freedom implies that one has enough income to maintain their standard of living and therefore has the ability to pursue other interests outside of employment.  Financial freedom in the context of business succession means accumulating enough liquid resources independent of the business whereby you are not financially dependent upon the business to maintain your standard of living.  As a business owner in a family business setting, why is attaining financial freedom so important?

Continue reading
1655 Hits

Family Business Harmony Best Practices

As a business succession planner I believe family harmony is a component of the Succession Matrix®. On a day to day basis I deal with the good, the bad, and the ugly of family business. The good gives me encouragement that family business succession is worth the brain damage and affirmation that there is no such thing as a perfect family. The bad provides me a sense of job security and confirmation that all family issues can be resolved if the parties will just remain engaged. And the ugly makes me question my career choice and acknowledge that the problems on the have side can be worse than those on the have-not. Based upon my 40 years or so experience within this Matrix, I have concluded that facts are stranger than fiction when it comes to inter-family dynamics and no matter how bad circumstances are within a family it can always get worse. Furthermore, I have had an opportunity over my career to identify best practices of families who relatively speaking have achieved family harmony.  

Continue reading
2043 Hits

Strategic Planning and Succession Planning: What's the Difference?

I am often asked what the difference is between strategic planning and succession planning. Strategic planning and succession planning have significant similarity, both being long term endeavors with significant overlap.  The stakes are high in each endeavor. The success or failure of either will have a long-term, lasting impact upon the business. Likewise, unawareness of the importance of the initiatives or an unwillingness to address either initiative will also have an undesired, lasting impact. Therefore, this is a legitimate question meriting an extended answer to avoid confusion. 

Strategic planning is an important component of succession planning and is one of the ten interdependent factors of the Succession Matrix® that also includes: Owner Motivation and Perspective; Successor Identification and Preparation; Key Manager Motivation and Retention; Teamwork and Synergy; Business Structuring; Personal Financial Planning; Family Governance; Leadership and Management Continuity and Family Communication and Harmony. Each of these factors and their interdependence are explained in more detail on our website.

Continue reading
1755 Hits

Strategic Planning and Succession Planning: Different Goals and Teams

As I discussed in my last post, strategic planning and succession planning both are long term endeavors with significant overlap and many similarities. However, the defining and distinguishing characteristics of succession planning are reflected in the differences in these two very important leadership and management initiatives.

The differences are reflected in the goals, scope, focus and the term of these two endeavors. The purpose of strategic planning is the confirmation of goals and priorities and the optimization of business performance through the effective alignment of business resources with performance objectives. Business resources can be broken down into three general categories: time, people and money. Strategic planning endeavors to optimize synergy, productivity and efficiency by confirming priorities and establishing compatible plans for the achievement of realistic performance benchmarks.

Continue reading
1912 Hits

Strategic Planning and Succession Planning: What You Should Know About Expertise and Time Frames

As we have been discussing, strategic planning and succession planning are two different long term endeavors that have many similarities. In my previous post, we looked at the differences in the goals and scope of these two very important leadership and management initiatives. So that we can achieve even more clarification between these two, we will consider the focus and term of strategic and succession planning and how they differ.

If you have a succession plan you have a strategic plan because the Succession Matrix®considers strategic planning one of the ten interdependent factors essential to a complete succession plan. However due to the difference in scope of these two endeavors, it is important to remember that just because you have a strategic plan, you do not necessarily have a succession plan.

Continue reading
1819 Hits

Family and Business - Have You Been A Cheater?

Recently a friend shared a book with me titled Choosing to Cheat by Andy Stanley. Choosing to Cheat is a quick read, but it is very intriguing and prompted me to do a little introspection. The author begins the book by stating that everyone cheats. Now before you wonder why a succession planner is talking to you about cheating, please let me explain. This is a book about what can happen when family and business collide.

Cheating in the context of this book refers to giving up one thing in favor of another. Each day we make choices with regard to how we spend our time at home with family and in business. When we choose to spend the majority of our time at work or building a business, many times family suffers. Several of my clients and countless prospects over the years have channeled a tremendous amount of time, energy and money pursuing business endeavors which has resulted in not only business success and amassing impressive personal wealth but also failed marriages and fractured relationships with their children. An overwhelming majority that have achieved what they define as the pinnacle of their business career want nothing more than to turn back time and recapture what they no longer have: a successful marriage or a meaningful relationship with their children.  

Continue reading
1504 Hits

Why Employee Contracts Are So Important to the Succession Planning Process

Business Structuring is a critical factor of the interdependent Succession Matrix®. Business Structuring impacts the nine other factors of the Succession Matrix® and accordingly, those other nine factors positively or negatively impact Business Structuring. For more information on all ten factors, refer to the International Succession Planning Association website at www.ISPAssociation.org.  

Business Structuring actually consists of two sub-factors, Business Organization and Business Documentation. Business Organization refers to the actual structure of the business as a corporation, LLC, partnership, etc. and its alignment to the strategic goals the business has for the continuation of success through the next generation of owners and managers. Business Documentation, as the name implies, refers to the actual documentation that formalizes the business organization as well as agreements regarding the disposition of ownership, leases of equipment and real estate, and contracts with vendors (franchisers, distributors, lenders) and employees. With respect to employment contracts, I am often asked what role an employment contract has in business succession planning. In light of the volume of curiosity, let’s embrace this subject.

Continue reading
1970 Hits

Don't Overlook the Employment Contract - How It Can Impact Your Exit Strategy, Cash Flow and Protection from the IRS

As a dedicated business succession planner, I am often bringing up the subject of employment contracts. The predictable initial response is “I hate contracts and what role could an employment contract have in my business succession planning?” This question generally comes from someone who has 80% of his/her net worth tied up directly or indirectly in their business and does not have a prayer of retiring without concerns about their financial security. They are plagued with the concerns of “Where am I going to get income?” and “How will I replace my current benefit package?”  Fortunately, the employment contract can be a very valuable tool in relieving these concerns and facilitating business succession planning.

Continue reading
1689 Hits

Don't Overlook the Employment Contract - How It Can Lock In Your Competitive Edge

In addition to employment contracts being beneficial for business owners, they also can play a very important succession role with key managers. Business owners commonly have concerns that key managers, critical to the continuation of the business’ success, could be recruited away by a competitor. There is also concern that the key managers could become frustrated with their perception of the succession plan and jump ship after the owner’s retirement rather than give the successors a chance to earn respect.  And the nightmare of nightmares is that with access to customer lists, processes and technology, a key manager could hook up with a competitor and inflict devastating damage on the business. These concerns about the commitment of key managers commonly impede exit strategy, successor identification and preparation, the transfer of management responsibility and the transfer of stock.

Continue reading
1637 Hits

Living in Dad's Shadow

“My father is so good at everything he does.  Everything he touches seems to turn into gold.  He is revered by his employees and respected in the community. I am not sure I will ever be as good as my father!” These were recent sentiments shared with me by the child of a successful business owner. Have you ever wondered what it would be like being a son or daughter in a successful family-owned business? On one hand, the perception is that it is such a blessing since business success affords the opportunity to enjoy some of the finer things in life. On the other hand, being the son or daughter in a family business can be quite challenging because the microscope is always upon you and at times it appears surpassing Dad’s or Mom’s accomplishments is insurmountable.

During my travels and interactions with business owners and their children, I frequently encounter adult children who feel as though they are living in their parents’ shadows. Generally, a person who has built a highly successful family business is extremely driven, hard working and all consumed by his or her work. Often the children of these driven business owners are raised in privileged environments and find it very difficult to create their own identity. Other times the children harbor resentment because their mother or father spent more time with their first born child, the business, than they did with their real children during their childhood years. The fact is that it can be very difficult to be the child of a successful business owner.

Continue reading
1738 Hits

Family Business Harmony – DNA Doesn’t Always Cut It

As a family business succession planner I am commonly asked

  • How do I help families find harmony? - And then more specifically;
  • How do I convert skeptical, envious, petty, self serving, back-biters into unified families? And;
  • How do I help them find agreement on goals and processes that will help achieve a mutually agreeable mission?

My response is that I don’t deserve too much credit because family harmony issues on their lightest days are far bigger than this little guy. What I can really take credit for is being a diehard optimist about the potential of family and not knowing when to give up. As you would expect, like most conundrums, there are multiple answers to questions about family harmony. I’ll take a shot at shedding some light on how some families find harmony and others just remain in a quagmire of resentment, angst and anxiety.

Continue reading
2672 Hits

Family Business Harmony - It's Not An Inalienable Right

To continue my thoughts on how to find family harmony, I think the second thing we all need to remember about  family unity is that none of us have a right or entitlement to a loving, supportive, unified family. Family love and support is not an inalienable right. I contend that outstanding family business relationships, just like outstanding businesses, are achieved as the byproduct of a mystical commodity known as hard work. Those who want to achieve family and business success work beyond the pain to achieve the gain. And if you have not had a dose of reality lately, just trust me when I tell you that wherever there are relationships, there will be pain.

Continue reading
2704 Hits

Remembering to Forget - The Secret to Building Family Business Harmony

My final thought on why some families are more effective at achieving harmony and unity is that successful families dwell more in the present than in the past. As even the presumed role model families will admit, it is not always hunky dory on the family front. The fundamental family motivation is “the good of the present outweighs the bad of the past”. My encouragement and advice to clients seeking family harmony and unity is to “remember to forget.” You have choices. First, do I want this/these relationship(s); do I want to have family in more than name only? If yes, you have to remember to forget the pain of the past as it can and will totally pollute the relationship prospects of the future. Being practical, I am not talking about forgetting that your brother-in-law is a convicted bank robber or that your son is a struggling drug addict. I am talking about the personal stereotyping and resentment that if allowed to taint every personal interaction will build and sustain insurmountable boulders in the pathway to strong interdependent families.

Continue reading
2827 Hits

How to Deal With Entitled Family Member Employees

As a family business succession planner I am intrigued with the ten interdependent factors of the Succession Matrix℠: Owner Motivation and Perspective; Successor Identification and Development; Key Manager Motivation and Retention; Strategic Planning; Business Structuring; Management Synergy and Teamwork; Business Performance; Financial Planning; Family Harmony and Family Governance. According to the International Succession Planning Association® (ISPA®), each of these factors independently and interdependently impacts the successful continuation of a closely held family business through the next generation of owners and managers. Each of these factors can be an asset or a liability to the achievement of business succession planning goals.

Continue reading
1722 Hits

Entitled Family Member Employees - Who is to Blame?

So how is it that entitled brats can make their way into otherwise healthy family businesses devouring efficiency, productivity and teamwork? What is it that blinds a hard working, highly experienced, bright business owner to the ridiculous, sophomoric behavior of their children or in-laws who have become profound impediments to the successful continuation of the business through the next generation of owners and managers? Apparently, there are no black and white answers to these questions. Otherwise, I would not be witnessing this pandemic of family business chaos. Otherwise, there would be active dialogue and “How To” books on this subject from family therapist colleagues. Otherwise, I would be encountering “conscious incompetent” business owners who would be saying “We know what we are doing wrong, we know how to fix it, but we just cannot make it happen”.  To the contrary, what I am seeing are “unconscious incompetent” business owners who are excited to have their kids in their business and just don’t have a clue that their business is on the road to crisis, decline, and a significantly reduced probability of “Succession Success”.

Continue reading
2289 Hits

Entitlement - How to Eliminate the Threat to Business Success

What is going on with the boss’ kids? Will the boss fire me if I tell him the truth? How much can I take before I blow and get fired?  Those are common questions asked by the unfortunate employees who are stuck dealing with family business terrorists: enabled kids who think and act by different standards than everyone else who has had to earn their way in the business. The damage associated with enabled family member employees is brutal, and almost always substantially reduces the probability of successful succession. Enablement blocks successor preparation. As we all encounter, experience, and recognize the high price of family member entitlement, the question is: how can this cultural disease be prevented or cured?

Continue reading
2672 Hits

Exit Strategy and the Joe-Pa Syndrome

There is a lot at stake in succession planning: family legacies, business value, financial security, and family harmony.  The goal of succession planning is to create a seamless transition of ownership, leadership and management while avoiding the classic “new leader” shock and awe that diverts mission focus, erodes management enthusiasm and dissipates organizational momentum.  

Continue reading
3520 Hits

Successor Development Challenges - Don't Alienate Key Management

Some clients appreciate what I offer more than others. In many cases this occurs when a very social child follows a task master parent into the CEO position of a business without appropriate experience, effective accountability, mentoring or coaching.

In the absence of working for another business, successors lack the understanding or empathy of an employee. If a successor has never been a common law employee, it is very difficult for them to effectively lead or manage employees. Furthermore, if a successor is never provided employment performance guidelines and held accountable to those metrics, it is very difficult for them to manage and lead those who are aspiring to make their mark on the business world, gain status and gain security.

Continue reading
1836 Hits