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See articles we've written on a variety of strategy topics.

  • Lady doing tax record retention files

Record Retention: How long should I keep my income tax returns and supporting documents?

Income tax record retention is a topic that often causes confusion and frustration. A variety...
June 16, 2020

Update to PPP Loan Forgiveness Rules, New Application Deadline

The Paycheck Protection Program became law when the CARES Act legislation passed in March. Critics...
June 5, 2020
  • Payroll Protection Program Loan Forgiveness

What Do I Need to Know About PPP Loan Forgiveness?

Congress designed the Paycheck Protection Program (PPP) to help businesses maintain their workforce, and as...
May 31, 2020
  • Natural disaster government help, flood help, tornado aid

Natural Disaster Related Employee Retention Credit

U.S. tax laws provide for two separate types of Employee Retention Credit related to qualifying...
May 31, 2020
  • Tax day July 15 2020 Deadline

IRS Extends Tax Deadline to July 2020

Congress passed the Families First Coronavirus Response Act and the CARES Act as tools to...
July 7, 2020

Case Study

Succession Plan for a 40-Year-Old Manufacturing Business

The Brief

  • Family-owned first-generation business owned by founder / shareholders now in their 70s.
  • Loyal and talented young management team with interest in ownership lack business and financial expertise or the funds to buy out shareholders
  • Shareholders would (ideally) like ownership to transfer to an employee stock ownership company (ESOP)

Client Needs

  • An actionable ownership & management succession plan
  • Temporary leadership to implement the succession plan
  • Periodic financial & business oversight

Solutions

  • Met with managers to learn their interests, strengths & weaknesses, and team dynamics
  • Studied the customer, industry, and relationship base to form an opinion on business continuity risk
  • Developed a succession plan. In phase one, the management and current owners would step down to empower the younger generation.  Next, the younger managers learned to set and achieve goals through weekly accountability meetings
  • After an 18 month successful management transition, recommended and received approval on an ownership transition plan involving management purchasing shares from the current owners on an owner financed basis
  • Currently serve in a board of director role (along with former owners) to provide leadership and provide financial oversight including being guided by budgets.