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   

 

Transfer Stock: Gift or Sale

Recently a business owner approached me with the following: I am considering transferring some company stock to my son and possibly some talented managers. He stated, each person has made significant contributions to the business and a few of them feel they have already earned the right to some of the stock via sweat equity. He asked, should I gift or sell the stock to them?

Continue reading
1654 Hits

Are You Missing Out on the Successor Right In Front of You?

 "Loyd, thank you for coming to see me. Please sit down," Mr. John Doe, the elderly but fit gentleman, offered as we settled into his office. Settling back into his chair, he continued. "My accountant attended one of your succession planning seminars and suggested we talk. We have three dealerships. I have a son who is pretending to run our stores. I also have a daughter and a son-in-law who work here. I own 35% but 51% of the voting stock. I don't know what to do," he continued apparently relieved to have someone to speak to. "My son will not listen to me. And unfortunately he is the only capable family member. I doubt he works 40 hours a week; he says he works from home. I know he trains for marathons, coaches his son’s baseball team and never misses a school meeting. Meanwhile, the businesses underperform. When I threaten to fire him he just smiles and says do what you have to do. My son-in-law wants me to appoint him the Dealer but he's had some issues with drugs," he offered with a conciliatory shrug of the shoulders. 

Continue reading
1634 Hits

When-ing and Then-ing: A Common Succession Planning Pitfall

I recently agreed to be the wingman for Dr. Merlot who was calling on a succession planning prospect, Victor. Doc described this gentleman as a 65-year-old, second-generation owner of 17 dealerships with a son and a daughter employed by the dealerships and another daughter who was not actively employed in the business. 

Continue reading
1629 Hits

Fifty-Fifty, Not So Nifty

As a business succession planner, I encounter the full gamut of dealership business structures, Regular C corporations, S-corporations, partnerships and limited liability companies. I have had clients owned by public corporations and foreign corporations, and even one client who boasted he was the only sole proprietorship dealership in the United States. That relationship was short-lived - he was not pleased with my response.  

Continue reading
1895 Hits

How to Assemble Your Succession Planning Team?

Engaging in the succession planning process can be a daunting task. Being transparent, identifying current and potential issues and developing a plan for the greater good of the business and family requires substantial energy. To add further complexity to this process, getting family and key managers to mutually come together for a shared purpose can seem impossible at times. However, you have decided in order to reach your objective, you’ll need help. So, who should be on your team?  

Continue reading
1981 Hits

How Financial Independence Can Impact Succession Goals

What is financial freedom? In the context of business succession, financial freedom means accumulating sufficient liquid resources independent of the business whereby the owner doesn’t have to rely on business profits to maintain their standard of living.  Why is attaining financial freedom so important for a business owner in a family business setting?

Developing wealth independent from the business is paramount to an effective business transition. Financial independence affords the owners freedom to transfer some managerial and leadership responsibilities to successors without fear of them burning the entire house down. In essence, you have the opportunity to see your successors in action and determine if and to what extent additional coaching and mentoring may need to take place.

Continue reading
1815 Hits

Family Business Issues - It's All About Perspective

"I cannot handle this anymore. Dad does not respect me. He questions my decisions, charges jet fuel and dinners with his friends to our credit card. I cannot stand this any longer." 

Continue reading
1532 Hits

Avoiding Knots in Your Family Business Relationships, by Loyd H. Rawls

As I work with business owners pursuing succession, I am constantly amazed by the complex multifaceted nature of succession planning. Entangled in the diverse business and estate issues is the common thread of relationships. The quality of communication, cooperation, teamwork and trust between owners, managers, employees and family depend on relationships.

Continue reading
1625 Hits

Complications of an In-Law Employee

Succession planning takes a business owner in many directions. Not all families have natural successors, and not all family members are cut out to work in a family business. Furthermore, in many circumstances business owners desire to supplement the finances of unemployed family members. Therefore, I am commonly asked what to do about employing in-laws. My common answer is to tread carefully; hiring an in-law is a big deal and a complex undertaking.  

Continue reading
1661 Hits

Tips for Approaching Succession Planning with Your Franchisor

A few years ago I encountered a franchisee who had successfully transferred more than $2 million of business value to his children by taking advantage of available minority discounts in conjunction with depressed goodwill and depressed real estate values — a brilliant estate planning move. The only problem was that he had not received permission from his franchisor as stipulated in the franchise agreement.

Continue reading
1611 Hits

Why I Always Encourage Prenups

Returning on another prenup mission I count my blessing that I did not cause a problem endeavoring to avoid one. An important component of succession planning is addressing the potential issues of successors which no doubt includes the considering the dark sides of marriage: death with a dependent widow and divorce. 

Continue reading
1508 Hits

Building Success: Do’s and Don’ts for Leadership

Business success, more than just “getting by,” is an essential first step to succession planning. Success is a key ingredient to Succession. It drives momentum, culture, purpose and profits that create business value.

As I work my way around the patch, I am often asked, “Swami of Succession, how do I build a level of success to justify succession planning?” It should come as no surprise to you that I don’t have a “silver bullet” answer. However, I can definitely share some “do’s” and “don’ts” of leadership and management that I have consistently witnessed as having a direct impact on success. 

Continue reading
1719 Hits

How Do I Motivate My Children to Choose a Career in the Family Business?

I am commonly asked "How do I motivate my children to choose a career in my business?" Motivation is the ability to influence others to take action. Exterior influence, both positive and negative can generate short-term influence. However, as soon as the source of the influence is no longer present, the motivation begins to dissipate. My belief is that you cannot genuinely motivate someone. Your best hope is to help them internally choose a positive opinion towards your desired actions. 

Continue reading
1499 Hits

Avoid Having “Have” Problems – Understand Your Responsibilities as a Successful Businessperson

Business succession planning is not a well understood profession. Consequently, I am commonly asked what do I really do? After confirming that "No, I am not a life insurance salesman," I commonly express that I deal with problems on the have side. After contending with the chuckling I endeavor to defend the virtue of what I do by explaining that have problems don't get much sympathy because of the assumption that people who are not wanting, really don't have problems. From my unique perspective, I assure you this is not the case.  

Continue reading
1200 Hits

Wimps Lose Out! Plan for the Future of Your Business

Succession planning is not a project, but an ongoing process requiring strength, resilience, and sometimes pure guts! Here are some steps to help you navigate the process of planning for the future and continued success of your business. 

  1. Develop a Vision – Affirm the concept that “the end must justify the means,” and take the first step for planning for the future of your business by developing a vision. This vision should be an inspiring and motivating mental image of what you want to see happen in the future such as: 

    • In 10 years, I want to be cruising on the Riviera while my business remains profitable! 
    • I want to build x-amount of value in my business so I can sell it by 2030 and live off the proceeds! 
Continue reading
1586 Hits

Thoughts on Succession Planning and the Business Life Cycle

As a succession planner I am avidly seeking to motivate business owners to take action. Unfortunately, I am not batting 1,000 due to a variety of reasons. Beyond my personality quirks and communication shortcomings, there are many business owners who do not want to become engaged. Irrespective of my attempt to demonstrate how "succession planning builds value" they have limited, if any, interest in addressing the issues that impact the continuation of business success. Timing may be bad or other priorities may be dominating if not consuming excess mental energy. Or perhaps these business owners lack the motivation and experience to spend time and money on something that will not fall strictly into their personal column of benefits. 

Continue reading
1650 Hits

Succession Planning Builds Value

The valuation of a business is an assumption of future productivity based upon the perception that the multiple value drivers at play within a business will continue.  An appraisal (of value) is simply an analytical assumption of the future productivity of current value drivers supported by historical performance combined with assumptions as to how those value drivers can be or will be impacted by future circumstances.  

Continue reading
1398 Hits

Skip Generation Cross Purchase Agreement

A new client consisting of two 50/50 partners expressed a desire to develop a buy-sell agreement around life insurance policies that they had been sold prior to my engagement. This was an extraordinary business reflected by the unique synergy created by the 50/50 partnership. Each partner had brought unique skills sets to their business that had been affirmed by success beyond anyone’s imagination. The values involved were tens of millions. The planning initiative also involved the updating of estate document and the initiation of strategic gifting.

Continue reading
1605 Hits

The Difference between a Family Member Employee and a Successor

A client who managed the family business alongside his two siblings recently told me his son was graduating and he wanted to develop a plan for his son to join the business. The client wanted this successor development curriculum so he could give his son the assurance that he was being fast tracked.  He stated it was very important for his son to catch up to his cousins who entered the business six years earlier, otherwise his son may not be considered as a viable successor candidate.  I responded with an explanation that a family business could have the good fortune to have more than one successor. 

Continue reading
1697 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, let me explain. This is a book about what can happen when family and business collide. 

Continue reading
1963 Hits