"FISHING FOR VALUE" INTERACTIVE CASE STUDY: M&A, TAX, BUSINESS CONSULTING & EXIT PLANNING
Note for Chapter Members:
Are you a Member of the Conejo Valley chapter? Click here to register.
The Fishing for Value case study revolves around Chuck Barrows, the owner of Barrows Ltd., a family-owned business specializing in pressure, temperature, and level gauges. Chuck is approaching retirement and wants to secure the financial future of his family while ensuring the business's legacy. However, Chuck lacks a comprehensive plan for the business's transition. To address this, a collaborative panel of experts is formed, including business consultants, tax advisors, and financial professionals.
The case study underscores the critical importance of exit planning and assembling a team of experts. Exit planning is essential for determining the future of a family-owned business, whether through succession, sale, or other strategies. Without a well-structured plan, the business's value, family harmony, and financial security may be at risk. Having a team of experts, including legal, financial, and industry specialists, is vital to evaluate the business's readiness, optimize its value, and address potential risks, thus guiding the owner toward a successful and well-informed transition. This approach not only preserves the business's legacy but also safeguards the family's financial well-being and paves the way for a secure future.
Learning Objectives:
- Strategic Planning and Family Alignment: The panel brings together business consultants, tax advisors, attorneys, and other experts to develop/dissect a comprehensive strategic plan for the future of the family-owned business. This plan should address the owner's financial and legacy goals while fostering alignment among family members. It is essential to ensure that everyone's interests and aspirations are considered.
- Business Valuation and Optimization: The panel's experts assess the company's readiness for sale or transition, analyzing factors such as financial performance, human capital, customer base, and market attractiveness. They guide the owner in optimizing the business's value, making it more attractive to potential buyers or successors. This includes addressing issues related to succession planning, improving management, and diversifying the customer base.
- Exit Planning and Risk Mitigation: The panel advises on the importance of a well-structured exit plan, which may include transitioning the business to the next generation, selling to management or external buyers, or a combination of these. Additionally, the panel identifies potential risks, both financial and operational, and devises strategies to mitigate them.
About the Presenter:
Hear from industry experts,Mike Rudow, Wealth Advisor, Morton Wealth, and Danny Howard, CPA, Citrin Cooperman Partner.
Thank you to our Sponsors
.png)
Event Location
Event Details
Who Should Attend?
-
Attorneys
You have close relationships with clients, and can benefit from being the first advisor to introduce the idea of exit planning.
-
CPAs/Accountants
Owners participating in the State of Owner Readiness research continue to indicate that you are the No. 1 "Most Trusted Advisor." You are a natural fit to lead the exit planning team and deepen your relationship (and retention) of next generation owners.
-
Wealth Managers
You’re a skilled relationship person. Being entangled into your clients’ professional lives matters as you build a strategy to manage their wealth upon them harvesting it from their business. Exit planning allows you to build a deeper relationship with your client, expands your COI network, while giving you an early seat at table well before the liquidity event.
-
Financial Advisors
One of the critical ‘legs of the stool’ is personal financing planning. An owner must have a strong financial plan & contingency plan post-transition to enable them to thrive in the next act of the lives personally and financially. Exit planning brings this future mindset into the present. Exit is now.
-
Valuation Analysts
Valuation is both a billable engagement AND an opportunity to provide owners some perspective on how to accelerate value drivers (and deal with value killers). Use exit planning to make that valuation into a longer term value acceleration engagement.
-
Investment Bankers
Only 2 of every 10 businesses that come to market actually sell. Learn how exit planning can bring attractive AND ready business to your purview.
-
Estate Planners
Exit planning is a natural fit for estate planners who want to operate more holistically with their owner clients.
-
Strategic Consultants
One of the most critical roles in exit planning is building transferable value. Strategic consultants have the ability to expand options and drive rapid business value that affect performance today.
-
Insurance Professionals
Exit planning addresses the 5 D's. So do you. Approach the risk conversation differently with exit planning.
-
Mergers & Acquisition Advisors
Proper exit planning causes less deals to fall through at the last minute. Connect with CEPAs to build your healthy deal flow network.
-
Commercial Lenders
One of the best relationships a business owner makes is with their banker. How can you help your corporate clients think about the future and ensure financial continuity? Answer: exit planning.
-
Family Business Advisors
More than 50% of lower middle market business owners would prefer to transition to the next generation. Help them succeed with exit planning strategies.
-
Private Business Owners
-
Other Professional Advisors
Regardless of your unique specialty, there is seat at the exit planning table for you. Learn more at www.EarnCEPA.com.
-
Members of Family Business Boards
-
Professional Advisors
-
Business Consultants
-
Other Business Professionals
-
Business Owners
-
Business Owners & Their Trusted Advisors
EXIT PLANNING IS GOOD BUSINESS STRATEGY
The Exit Planning Institute, provides Financial Advisors, Accountants, Consultants, and other advisors of business owners with the critical education to differentiate themselves and add value to their existing client relationships through a credential, conference, courses, and content. Download the CEPA brochure for more information.
ABOUT THE PRESENTERS
Mike Rudow, MBA, CFP®, CEPA® - Wealth Advisor
Mike Rudow joined Morton Wealth as a wealth advisor in the spring of 2021, following a four-year tenure at JP Morgan Securities. Mike has extensive experience working with closely held business owners and their families, creating advanced planning strategies designed to support the needs/goals of both the family and the business. Along with investment consulting and financial planning, Mike also advises on corporate benefits, focusing on defined benefit and defined contribution plans. Mike received his B.A. from the University of Washington in Seattle and completed his MBA in financial planning at Cal Lutheran University in late 2021. He has the AIF® (Accredited Investment Fiduciary) and CFS® (Certified Fund Specialist) designations, and is a CERTIFIED FINANCIAL PLANNER™️ professional. Outside of work, Mike loves spending time with his family and has two young children. He is also a personal trainer/group fitness instructor and is passionate about helping others achieve their health and fitness goals along with their financial goals.
Meet Danny Howard:
Danny Howard is a partner at Citrin Cooperman’s Woodland Hills, CA office. Danny has over 40 years of accounting experience in the Southern California marketspace. He specializes in business and tax consulting for a wide range of industries, including entertainment, real estate, manufacturing, and other service focused businesses. Previously, Danny was a partner LGSH LLP, one of the largest, full-service accounting firms in San Fernando Valley, which joined Citrin Cooperman in 2020. When out of the office, you will find Danny doing one of two things; spending time with his big family or being outdoors! He is an outdoor sports enthusiast, frequently biking, swimming, skiing, and hiking. He has completed an Ironman Triathlon and has hiked to the Mount Whitney Summit four different times. He is a lover of live music, traveling, and board games.