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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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What You Should Know About Your Management Development Program

The ultimate success of both large and small companies is determined by how well they recruit and develop managers to train, guide, motivate and hold accountable the employees who are on the front lines with customers. I would not deny that some stellar employees just naturally evolve into good managers. However the vast majority of highly effective managers learned the core competencies of management in the school-of-hard-knocks. Taking two steps forward and one step backwards they became testimonies to my philosophy that “success is based upon the failures we learn from”. But my point is that although these over-comers are proud of their achievement, they readily admit that their failures were very expensive for all concerned. So consider these fundamentals that any company, large or small can use as a foundation to a management development program that will bring big time long term rewards.

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How to Align Incentives with Management Talent

I am a big believer that your business is only as good as the people you have working for you. When it comes to attracting and recruiting high quality, team-minded individuals, some companies do a better job than others.  Over time these individuals distinguish themselves within your organization through their positive attitude, commitment to your core values and performance. You know who these individuals are and at times you wonder how successful your business could be if only you could replicate these impact players. Alternatively, you may be thinking that this individual is so important to your business that you could least afford to lose him or her. So how do you acknowledge, affirm, motivate and retain them?

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Make Sure What You Have Is What You Need - The Importance of Reviewing Your Planning

You may have heard the saying “the only thing that remains the same is change,” and that is especially true when it comes to planning for the future of your business.  My partners and I are constantly reminding clients that change will be a constant in their succession planning environment especially as it relates to their feelings, finances, family and federal tax laws. As these changes occur, reviewing and updating various aspects of your planning is imperative. While at times this can appear to be inconvenient, it will ensure you maintain proper alignment and ultimately increase the probability your succession plan will succeed.

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How to Align Business with Family Goals

A few weeks ago I met a prospective client who happened to be in business with three of their siblings. Two of the family members are in their mid forties and two are in their mid fifties. They have done a fantastic job of giving birth to and developing a successful business over the past twenty years. However, they have reached a point in their business life where they are struggling with what to do next. After spending approximately two hours with this family, it became clear to me that they have been working in opposite directions. Each family member was doing what they thought was important for the business, not necessarily what is in the long term best interest of the company. Thus, one of my conclusions was, “your vision is in need of an alignment.”

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What is the True Meaning of Survival?

How do you define succession? It’s a mouthful – so be prepared. The definition is “The formal definition is the continuation of success through the next generation of owners and managers through proactive reconciliation of predictable, probable and possible contingencies.” Yes, that is an intense definition, so let’s not dwell on the formal definition any more. So what’s the practical definition of succession? SURVIVAL!

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Success - It is a Shared Thing

As a survivor who has passed the foremost trial of succession, it’s a good time to make an assessment of the things you have done right.  There is no future dwelling on the negative. On the bright side, your survival affirms my theory that as a survivor, there is nothing you do wrong that cannot be many fold reconciled by the things you do right. As expressed earlier, success is not always defined in terms of those thin disguises purchased with prior profits. How many examples have you seen of people with mansions, yachts and jets going bankrupt? Success, which comes from the things you are doing right, is a NOW thing. 

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Does Survival Mean Success?

Hopefully you buy the Right Reconciliation Theory: assuming you have survived, there is nothing you do wrong that cannot many fold be reconciled by the things you do right. I know there are many ways of taking exception to this theory but from a succession planning perspective, it works. There are ten diverse components to the Succession Matrix that give plenty of opportunity to do things right and wrong. We all have our strengths and our weaknesses which from a realistic perspective means that on the norm, we are doing some things right and some things wrong. As an example we could be knocking the market dead with profitability while being totally insensitive to the development of a successor. Or reciprocally we could be so involved in the development of our successor that organizational productivity falls through the basement.

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Let Your Successor Experience It All

Confirming the optimum role for a family member entering the business is an exciting process that takes patience, honesty and proactive aggressive coaching. For the family member to have the opportunity to achieve their ultimate role the most important developmental activity is establishing, monitoring and refining a three to five year on-the-job-training plan that exposes the candidate to most if not all the departments of the business. This development track should offer diversity and challenges that provide sufficient feedback to confirm the optimum job role.

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One Simple Way to Give Your Business a Morale Boost

For the past several months, we have awakened to a steady stream of depressing bad news regarding the economy. Retirement plans have turned from 401(k)s to 201(k)s, people are getting laid off, companies are desperate for bailouts and the list goes on. There is no doubt we are in extremely difficult economic times. If your employees are like others I have recently encountered in other organizations, they are in wonderment about whether they will have a job tomorrow and what the financial implications could be to their families. Have you reassured your employees lately?

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Down Economy...Could This Be the Opportunity of a Lifetime?

There is no question, we are in one of the most difficult economies we have faced in decades with oil prices through the roof, rising steel prices, housing market collapse, inflation concerns, political uncertainty, and the list goes on. Surely I do not have to elaborate any further as your business is likely feeling the impact. A decline in profitability is almost never a good thing…that is, unless you are looking to transfer equity in your business to a family member. This indeed could be an opportunity of a lifetime!

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Employee Appreciation - What Message Are You Communicating?

Apathy, skepticism and disgust are sentiments shared by millions of Americans as a result of the greed and selfishness pervading our society today. For some, it is definitely all about the money even if generating business profits is at the expense of others. Others see money and profitability as a measuring stick/scorecard of how well they are leading and operating their businesses or how many lives they are impacting through their businesses. So I ask, which category do you find yourself in?

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Recipe for Success

Recently I had the privilege of attending a business Hall of Fame induction ceremony in the Midwest for one of my clients and several other business owners and leaders in his community. While each of the inductees had diverse business experiences and backgrounds, they shared several common traits which include: developing and articulating their vision, passion, humility, supportive families, winning attitude, innovative, surrounded themselves with the right people and promoted teamwork. These individuals knew where they wanted to go and were relentless in their pursuit to achieve excellence in their business and also giving back to their community. After hearing each of the individuals speak, it was apparent to me that the common traits listed above could be a recipe for success in your business as well.

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Compensation Plans for Family Member Employees

Most parents contend they love all their children equally, so naturally they want to treat them equally (which I can appreciate as a parent of three boys). However, there is a distinction that should be made regarding an equal estate distribution and equal compensation. Let’s face it, every person is blessed with a unique personality, unique talents and unique skill sets. Furthermore, every individual is motivated by different things. Doesn’t it stand to reason that individuals (including family members) should be compensated based upon what they do rather than who they are? I submit to you they should!

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Think You're Too Young To Begin Succession Planning - What You Should Know That May Change Your Mind

Translation: “I am bullet proof and have no intention of dying prematurely”, “I am not interested in enhancing business productivity, profitability and teamwork”, “The business is all about me” and “I am not interested in protecting the value of my business and the welfare of my family”. Do you realize that when you state you are too young to begin succession planning this is what you are actually saying? Think about it!

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Have You Fallen for One of the Biggest Succession Planning Misconceptions?

How many of you actually believe that you indeed “have it all done” when it comes to your business succession plan? Come on, be truthful. I know there are some of you who believe in your mind’s eye that you have done all you can to successfully transition your business. Many of your predecessors felt the same way you do, but the statistics speak for themselves: approximately 33% of family owned businesses succeed from the first generation to the second and approximately 10% successfully make it from the second generation to the third. The truth is, when it comes to business succession planning, there is no such thing as “having it all done” just like there is no such thing as achieving perfection. There is always something else to do!

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Treat Me Like Your Business Partner, Not Your Child

My previous blogs, “Business is Tough, But Life is Good” and Business is Tough, What an Opportunity” focused on the need for positive leadership and the opportunity this economy is presenting to provide invaluable experience for your successors. This posting provides a twist on the topic of successor development focusing on the child/business owner dynamic.

“I am tired of being treated like a child! If this is the way it is going to be, I would rather work somewhere else!” These are the words uttered by a frustrated client during a visit a few years ago. These sentiments are undoubtedly shared and echoed by countless family members throughout the United States and around the globe. There is no question, maintaining a healthy balance between business and family is extremely difficult to do. However, it is not insurmountable!

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Business Is Tough, But Life Is Good - How to Impact Employees Through Your Attitude

Last week, while making my way home from a few meetings in South Florida, I had the opportunity to meet a long standing client of our firm (let’s call him Mr. Wise) for dinner. He is respected as an intelligent, conservative business leader who has an excellent track record when it comes to evaluating business opportunities. Naturally, we talked about his family first and eventually the discussion transitioned to his businesses and the current state of the economy.

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Is It Enough To Save Your Business?

To say that the economy is bad is an understatement. The going is tough right now, and there is no denying it. How a business reacts to this environment and its own internal challenges are determined by its leadership. I see leadership in businesses reacting in many different ways, but the extremes of those reactions run from:

1) Ignore the problem, it will go away— 2) Benign neglect— 3) An honest to goodness willingness to make the necessary changes in the business.

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How Do I select a Successor for My Business?

Very carefully! There is a great deal riding on this decision. Some of you have children actively involved in your business and, thus, naturally feel the above question does not apply to you. For a small minority of you, this may be true. You may indeed be blessed with a passionate, capable and committed successor. However, the vast majority should think again!

Approximately ten years ago, I met John Smith (fictitious name), a successful business owner, who was the proud father of three children. His oldest son, Harry, was active in his business. Unfortunately, Harry was not well respected by managers and employees in the organization. A logical question you may be asking is, why? Good question.

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What is in Succession Planning for Me, Beyond a Distraction and Bills?

What's in Succession Planning for Me?

Some things are more obvious than others. However, occasionally I am asked “why should I do succession planning?” My response is that succession is not a natural progression of an enterprise. You have a right not to care but if you don’t care, your employees, bank, strategic partners, and community who love you are going to resent you.

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