CASE STUDIES
Simon
Simon wanted to ethically exit his company, while staying friends with his partner…
Simon is a seasoned business owner with over 20 years in the communications industry. However, when he started considering retirement, he found himself at a significant crossroads in both his career and personal life…
Goals
After enjoying years of success with his business partner, Simon was looking at the prospect of exiting his role in the business and retiring. He was excited to turn a new chapter in his life and start a new adventure, but he wanted to be sure that his exit was seamless. He especially wanted to maintain the ethical and personal values that had guided his business practices with his long-time partner and friend.
Challenges
Simon’s partnership, while successful, lacked a formal business structure. While highly skilled at running a business, he saw that his transition would involve complex legal and financial decisions, expertise which he lacked. Simon wanted to ensure fairness and avoid straining the relationship with his partner with a solution that was beneficial for both parties.
Approach
Simon met a financial advisor specialized in helping business owners through a recommendation from his bookkeeper. On their first meeting, Simon found her extremely knowledgeable and professional. Her approach was organized, methodical, and diligent, but flexible enough to accommodate Simon’s wishes for a collaborative exit strategy
As a business owner, he appreciated working directly with another business owner who had successfully executed business successions before, rather than being passed off to a junior team member.
Simon was also impressed that she took over the entire process so that his time obligation was minimal, even asking for permission to communicate directly with his partner and employees to make things smooth. She also brought in an attorney and worked with him on Simon’s behalf.
Results
Simon’s business partnership is formalized and the company is thriving, allowing him to expedite his exit. Melissa’s ethical and diligent orchestration of his exit strategy has allowed him to not only receive fair compensation for his part of the business, but do so in a way that has kept him on excellent terms with his business partner. He continues to consult his financial advisor on personal financial decisions to ensure they align with his long term goals.
