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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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Are You In Constant Conflict With Your Partners - When To Know You May Need Help!

When I first met my wife, Patricia, I was head over heels in love. We came from similar backgrounds, had countless common interests, and our relationship was storybook magic. However, just a few years after our honeymoon, our marriage appeared to be less than ideal. With the advent of children and the increased time demands of work, no longer was my yin totally harmonizing with my wife’s yang. After significant soul searching we recognized that marriage is not a natural state; we also decided that we wanted to be married and that we were willing to work at being married. So we found a counselor to help us understand and deal with the good and bad that we brought to our union. Now, after 30+ years of counseling we have a marriage that isn't perfect but one that is getting better every day.  

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Reflecting On the Past - Succession Planning and Constant Changes in Federal Tax Law

The last two years have been very exciting and challenging. As soon as the Republican leaders figured out that President Obama's definition of finding compromise and achieving consensus meant everyone acknowledging that he was the only brain in the room and agreeing with his ideas, it was assumed that that the President Bush tax cuts were going bye-bye. Consequently, the estate and gift tax rates were going back to 55% and the estate, gift and generation skipping tax credits and exemption were going back to $1MM.

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1850 Hits

Succession Planner Adapts to Charlotte's Rules

Business succession planners are by nature "roadies." Succession planners are unique individuals with a diverse set of financial, investment, legal, accounting, coaching, mentoring and psychological skills that are offered in a way that is unique to each planner and compatible to a certain segment of clients. Due to the unique nature of the service and the clients, engagements are often at a distance. Therefore, travel is a fundamental part of the gig. Unfortunately traveling involves challenges which can be as demanding as my day job. Dealing with these challenges is eloquently summed up in the words of Crosby Stills and Nash: "We who are on the road, have a code that we must live by..."

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Family Dynamics - The Different Child

What happens to the child who was different from the rest of the family and was ignored and neglected during childhood? This is a family dynamic that deserves attention. Children need to be noticed, comforted and nurtured to help them find their way in the world. Some children are an easy fit for their parents while other children are much harder for the parents to understand and manage. 

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Successor Development - Trust the Trustworthy

As I go about the closely held business market working with clients and meeting prospects, Successor Preparation and Development and Exit Strategy are very active subjects. The states of mind I encounter in these business owners range from peace and excitement of their impending succession to turmoil and anxiety. Those at peace tend to have a diversity of interests beyond the business and are excited about what they will be doing when they transfer leadership and management responsibility. They are also excited about what their successors will do when they get their time at the plate as they’ve spent quality time and effort training and mentoring them. These owners are proud of their achievements with respect to making the business not dependent upon them. They neither profess perfection nor expect perfection recognizing that their successors will make mistakes and learn from them just as they once did. Most of these at peace owners believe that their successors need to hit only about as well as Hall of Famer, Ted Williams (.402), to take the business to even higher levels of success.  

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Succession Planning Builds Value - Manufacturers Are Beginning to Understand and Promote the Benefits, Part 2

“Big Boy” corporations such as manufacturers and franchisers are in recovery mode from the business downturn of the last four or so years. As these organizations reflect back to lessons learned, they have identified that poor distributor succession circumstances was a critical reason they took such a financial beating.  Simply, their dealers and franchisees had spent all their time working in their business rather than on their business, which would have better prepared them to be able to weather the storm.

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Succession Planning and Business Growth

“What are your goals?” is the common question I present to clients and prospects. 

“We want to grow,” is the common response I get from dealers who have found a way to make decent money in indecent times. And as though we were talking about buying filters for an air conditioner, they continue with, “and we would like to pick up a couple, three maybe four more dealerships. We know the management formula; all we need are the deals.”  

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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.” 

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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.

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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?

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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.  

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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.

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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.

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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.

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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.  

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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.

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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.

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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.

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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.

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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.

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