The Succession Solution


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The Succession Solution is a unique process designed for the closely-held business owner who desires greater sustainability with their company and to successfully transfer their business to the next generation of business owners and managers. It combines the business owner’s knowledge and objectives along with our many years of experience in business, estate, tax and strategic planning to achieve a custom designed succession solution.

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The Succession Solution

  1. 1. Three Gateway Center 401 Liberty Ave 22nd floor Pittsburgh, PA 15222 The Succession SolutionSM Stepping Stones for Business Transition
  2. 2. The Succession SolutionSM Critical to the future success of almost any business is planning for its succession. Without it, businesses can face the loss of clients, key personnel, or encounter family disputes which can ultimately lead to the loss of shareholder value, irreparable damage to employee and family relationships, not to mention the destruction of the founders’ legacy. That’s why we’ve created The Succession Solution. The Succession Solution is a unique process that lays a realistic and practical foundation for future transfer of business and wealth in an efficient, methodical and objective manner. It is designed to help closely-held business owners create a step-by-step approach for the transition between generations of business owners and managers. The process takes into account the intangible as well as the tangible assets of the business—leadership’s values, wisdom and responsibility—in order to provide a holistic view when establishing the succession plan. We combine the business owner’s knowledge and objectives with our many years of experience in business, estate, tax, and strategic planning to prepare a plan that meets your financial and lifestyle goals. Take the Steps The Succession Solution uses a 5-step approach outlined below to review, evaluate, and prepare a customized succession plan. To begin on your path to succession planning, consider the questions in each of the steps and then contact us to help you proceed. 1. Evaluate Stakeholders’ Position • Identify personal and business objectives •  Review existing succession structure •  Evaluate if existing plan meets current objectives Question: What are your top priorities (i.e. comfortable retirement, business succession, naming successor, transfer of wealth)? 2. Analyze the Environment for Risks and Opportunities • Identify existing business and personal succession risks and concerns •  Determine steps to avoid or mitigate significant risks •  Discover new opportunities from risk mitigation Question: What potential risks or concerns do you have in the succession of your business (i.e. inadequate retirement, qualified successor, family harmony)?
  3. 3. 4. Commence the Succession Program •  Identify responsible parties and tasks •  Develop milestones for each action •  Execute on strategy Question: What are your expectations of the time, people and resources required to execute your succession plan? 3. Design the Succession Path • Confirm/revise succession and legacy objectives from opportunities and risks • Identify resources to leverage opportunities and avoid dangers •  Determine short and long term steps Question: Who else should participate in this process (i.e. spouse, business partner, children)? 5. Confirm Success •  Evaluate impact of new plan •  Compare to establish objectives •  Re-adjust if necessary Question: If your succession plan objectives were met in the timeframe you identified, what would have to have occurred to make you feel good about the process?
  4. 4. For more information, contact: Bradley J. Franc 412.288.2218 What Clients Are Saying About The Succession Solution “During our first meeting with Brad, we were impressed by his direct approach and ability to ask the “tough questions”—questions that needed answers in order to advance the succession planning process—but in a manner that did not alienate any of the stakeholders. At times it would have been easier to focus on the present state of the business and not think about the future, but Brad’s professional demeanor combined with his sensitivities to family dynamics helped to take the sting out of some difficult conversations our family members had to have.” Bruce Edwards Brookside Lumber Company “My family retained Brad Franc for both Corporate Succession Planning and personal estate planning. Expertise and knowledge was clearly our goal in seeking out a firm. However, I believe the strength of an estate planning attorney is also defined by the ability to keep the process moving forward to completion. This skill mixed with expertise was the ingredient that pleased us most.” Michael Kranich, Jr. President, Kranich’s Jewelers “Business is always full of uncertainty. One of the biggest is how to transition a family business into the next generation. With Brad’s help, my business is already well into Act II. While my children are managing the business today, it won’t be long before Brad will be helping them prepare to the third generation.” Michael Baker Baker Gas “I have been working with Houston Harbaugh since 2004 when a member of our family passed away, leaving us with many unanswered questions as to how to proceed in the family business while protecting us and future generations. When we were introduced to Brad Franc, we had no idea where to start planning for our succession needs. Brad was wonderful in taking the time to explain the options and benefits of different ideas we each had. We continue to work with Brad in making sure our succession planning is current as well as other business related issues that arise. I have found any member of the office efficient and knowledgeable.” Lisa Skander Skander Tire Service Inc. “My business is celebrating 50 years in operation, and we have been engaged with Brad Franc for almost half of that time span. Initially, we worked with Brad on corporate organization and planning, then embarked on business succession planning as the next natural step. Granted, succession planning doesn’t need to take the 20 years we have dedicated to it, but, with Brad’s help, we have made a number of significant decisions—and implemented resulting actions—in that time to smoothly transition our business from first to second generation. We’re focused now on second to third generation transition and, again thanks to Brad, we’re confident we will be one of the few businesses nationally that successfully carry a family business to the third generation.” Glenn Kress Kress Brothers Builders, Inc. Brad Franc, Author, The Succession Solution As an attorney, experienced entrepreneur and former certified public accountant, Brad Franc has a broad knowledge of what it takes to start, manage and transition a business. He leverages this unique perspective in his role as advisor and counselor to clients of all sizes from all sectors involved in the succession process. Having worked with more than 200 family business owners, Brad is distinctly effective in helping business owners prepare an organized and structured succession plan. Brad’s focused, process- and detail-oriented approach keeps planning on track until conclusion. Brad has practiced business and estates and trust law at Houston Harbaugh for more than 25 years. During that time, he also founded three successful businesses. With two businesses listed on Inc. Magazine’s list of fastest-growing businesses eight separate times, Brad has personally experienced every phase of a business’ life cycle—from start up through transition. Three Gateway Center 401 Liberty Ave 22nd floor Pittsburgh, PA 15222