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TRANSITION

Transitioning a business from one set of owners to another, whether family or not, is a complicated process. What made the business successful? The people were a big part of that. How do you transfer knowledge, expertise and relationships? The incoming set of owners needs to be adequately equipped for success, and this can take time. They need to have the proper training and gain industry knowledge. We look at ways to maintain an entrepreneurial culture and continue to innovate.

Deliverables:

  • Strategic Plan & Implementation Plan
  • Personal development plan for key leadership team members
  • Behavioural assessments
  • Strategic planning / innovation sessions

GOVERNANCE

Proper governance is the infrastructure of a company. In order for a company to build a foundation for success, it needs to have a sound foundation. This includes a dynamic and effective organization chart that clearly delineates job title, job description, reporting, accountability, incentives. Without clarity, the organization cannot function well.

At the top of an organization, there would be a well-functioning board of directors, particularly when various stakeholders and owners are involved. The meetings need to be well managed so that decisions are made properly, and conflicts avoided. This also facilitates the transition to future owners.

In addition, many clients consider an Advisory Board (see blogs), which is different than the Board of Directors, as a valuable tool.

Deliverables:

  • Reorganization of Board of Directors
  • Chair & organize BOD meetings
  • Organize an Advisory Board
  • Chair the Advisory Board meeting

STRATEGY

Strategic Planning for Family / Business Owners

ELO provides strategic planning for family / business owners by focusing on healthy family relationships, responsible stewardship of all forms of capital and the development of a family legacy. As noted elsewhere on this site, the human and social elements of a family’s capital must be addressed in addition to the financial and technical elements.

Financial & Estate Planning

ELO works with leading industry professionals to serve affluent families whose financial affairs are impacted by changes in their business circumstances. Decisions impacting a business are made more competently when the owners’ personal affairs are in order and they do not need to take out an inordinate amount of funds from their business to, for example, fuel a lifestyle.

ELO delivers integrated planning based on the client’s values and will integrate family, wealth, business and philanthropic objectives. The objective is to create financial peace of mind.

Deliverables:

  • Strategic Review
  • Growth / Innovation Plan
  • Family Business Rules
  • Unanimous Shareholder Agreements (Buy/Sell Provisions)
  • Methods for Conflict Resolution
  • Individual Strategic Plan Coaching

RESOURCES

As a thought leader in the field of working with family business owners, we have written many blogs. View all ELO Counsel related blog posts >>