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Alternatives for Family Businesses

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Prepared for Managing the Family Entreprise course.

Prepared for Managing the Family Entreprise course.

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Alternatives for Family Businesses Alternatives for Family Businesses Presentation Transcript

  • “While the majority of family businessowners would like to see their businesstransferred to the next generation, it isestimated that 70% will not survive intothe 2nd generation and 90% will notmake it to the 3rd generation.”Family FirmInstitute~Wednesday, 27 February, 13
  • Alternatives for FamilyBusinessesRoberto Ciancibello . Rahul Maini . Qasim Mohammed . Mohamed Rizwan . Varun SharmaWhat are the available options?Wednesday, 27 February, 13
  • AgendaRecapAdvice Consultants GiveAlternatives and Pros & ConsWhat Should the Brown Family Do?Implementation for the Brown’sConclusionWednesday, 27 February, 13
  • RecapWednesday, 27 February, 13
  • Reiteration of Importance of FBRecap ConsultantsAdviceAlternatives Pros & Cons Options BrownFamilySuggestionsBrown’sImplementationConclusion90%IncorporatedBusinesses33%Fortune 50060%Publicly Traded64%GDP85%EmploymentOutPerformNon-FamilyMGMTControlledFirmsWednesday, 27 February, 13
  • What constitutes a FBOwnership Control by MembersStrategic Influence in ManagementConcern for Family RelationshipsPossibility of Continuity AcrossGenerationsErnesto J. PozaRecap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation Conclusion~Wednesday, 27 February, 13
  • Downside of FBRecap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation Conclusion85%Fail in5Years30%< Surviveto G212%Survive toG34%Survive toG4#1Succession#2LiquidityWednesday, 27 February, 13
  • Socio-Psychological & EmotionalDimensions of FBThis is a neglected area in FB studiesShapes: decisions making, creativity, teamwork andleadership“emotional over genetic components...” ~ CarsrudInfluences alternatives FB’s takeResearch is split on its importanceRecap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Recap of the ThreeCircle ModelFamilyOwnership ManagementRecap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • The Actual Three CircleModelFamilyOwnership ManagementRecap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Question # 1:What other tools (other thanthe three circle model) couldconsultants and advisors usewhile working with familybusinesses?Recap ConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Advice ConsultantsGive To ClientsWednesday, 27 February, 13
  • RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionTypes of Advice GivenCoaching and CounsellingFinancial andTax AdvisoryBusinessProfessionalizationTransitionPlanningWednesday, 27 February, 13
  • RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionTransitional PlanningProcess ofpreparing for thebusiness forcontinuation“Silence is thegreatest destroyerof wealth in afamily business”Tom DeansPassed to family, themanagement team, oran external buyerStarting point fortransition areshareholdersagreements, wills andpower of attorneysWednesday, 27 February, 13
  • RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionStrategies to Professionalize FBProcess ofimplementingimportantstructures &processes in theFBSetting ofpolicies regardingemployment,compensation,succession, anddirectionAlways donewhen the FB issuccessfuland not when introubleWednesday, 27 February, 13
  • RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionTax and Financial AdvisoryCapitalGainsExemptionEstateFreezingTax BenefitsFamilyInvestmentPublic vs.PrivateRetiringAllowancesAdvices on issues relating to:Wednesday, 27 February, 13
  • RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionFamily Coach and CounsellorsProvide advices on soft issues in FB:Management ofRelationshipsImproving FBMembersCommunicationIdentifying FB valuesand driversSelecting & GroomingSuccessorsImproving efficiencyand effectiveness ofFBWednesday, 27 February, 13
  • Question # 2:Besides the points wementioned, what other types ofadvice do you believeconsultants provide FB with?RecapConsultantsAdvice Alternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • AlternativesFor FB & Pros/ConsWednesday, 27 February, 13
  • RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionGeneral Alternatives for FamilyBusinessesHarvestSell SharesorSell AssetsRestructureChange ManagementorEmployee StructureDiversifyPrivateEquityEase of Raising Capitalvs.Need for ControlNew MarketorNew ProductWednesday, 27 February, 13
  • Option # 1:HarvestWednesday, 27 February, 13
  • Acquire/SellShares of theCompanyAcquire/SellAssets(Bulk Sales Act)Two Options:RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionHarvest Option: Buyer or SellerWednesday, 27 February, 13
  • Why Shares?RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionClearCutDealAllowsForExitTaxFriendlyStraightForwardTransitionSellersPerspective:Wednesday, 27 February, 13
  • Optionto PurchaseAssets“Pick andChoose”ApproachAccountingValuationBuyersPerspective:RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWhy Assets?PPEGoodwillReceivablesPurchase PriceAllocated toAsset inTransferWednesday, 27 February, 13
  • Legal Tax•Transfer of Sharesinvolves all Assetsand Liabilities• Further DueDiligence Required• “Capital Gains”Deduction andTax-RedemptionOpportunitiesRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionLegal Liabilities and Tax ManagementWednesday, 27 February, 13
  • RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionPros and Cons of HarvestPros Cons• Perform Deal• Exit Investment/Company• Acquire Assets/Expansion• Potential Legal Liabilities andTax Consequences• Buyers will Prefer Assets vs.Sellers Preferring to SellShares• Level of Due DiligenceContracting andNegotiation RequiredWednesday, 27 February, 13
  • Option # 2:RestructureWednesday, 27 February, 13
  • When to RestructureMarketOpportunityActionsofCompetitorsTo improveProfitabilityNewProductorInnovationRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Why Restructuring is Difficult?RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionBusiness Capital NeedsLiquidityControlFamily BusinessTriangleFamily Issues Business IssuesShare Ownership & ExperienceInvestment in Illiquid Assets Shareholders Resistance to ChangeWednesday, 27 February, 13
  • How to overcome these Problems#2 Utilize Effective Communication#3 Devise Effective Education andTraining#4 Counter Resistance and Align Employees with Strategy#5 Provide Personal Counselling to Any Change-Related Fears#6 Monitor and FineTune the Change#1Benefit theEntire OrganizationRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • #1:Plan Ahead#2:Consider RiskInvolved & BeFlexible#3:Make SureEveryone isInvolved#4:Discuss Changeswith EmployeesRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionTips for RestructuringWednesday, 27 February, 13
  • NoThere arealternativesthat workLayoffsvs.SlowerMethodRemove non-essentialfunctionsHead DownnotBottom UpRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionDoes Restructuring Mean Laying ofPeople?Wednesday, 27 February, 13
  • Pros Cons• Cut Costs• Improves Efficiency• Selective EmployeeRetainment• Eliminates CorporateBureaucracy• Loss of Workforce• Disruption of InterpersonalRelationships• Employee Confusion andDifficulty in Adapting toNew RolesRecapConsultantsAdviceAlternatives Pros & Cons Options BrownFamilySuggestionsBrown’sImplementation ConclusionPros and Cons of RestructuringWednesday, 27 February, 13
  • Option # 3:PrivateEquityWednesday, 27 February, 13
  • What is Private Equity?“Provides access to analternate source of capitalthrough independent investorsmanaging an investment fundon behalf of a group oflimited partners”RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Investment Process in PELP 1 LP 2 LP 3FUND (Incorporated)PortfolioCompany APortfolioCompany BPortfolioCompany CManagementTeam atPE FundRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Summary of PE Investment Cycle#1:SourceCapital#2:Invest#3:GenerateReturnsRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • What PE Firms Lookfor in a Business1#CompellingStory2#PredictableEarnings3#ExceptionalManagementTeam4#DefensibleMarketPosition7#FavourableIndustryTrends6#ExceptionalProfitability5#StrongGrowthPotentialRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • PE Firms and FamilyBusinessControl: Beready to give itup!Leverage: Becomfortable withdebt added tothe businessDealStructureand Fees:Should benefitboth partiesValue-Add:Partners shouldadd equity valueChemistry:Partners shouldshare same visionideallyRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Pros and Cons of PE FirmsPros Cons• Liquidity• Growth Capital• Eliminate PersonalGuarantees and RetailOperational Costs• Strong Partners withAligned Goals• Debt Burden• Board Seats• Required ExitRecapConsultantsAdviceAlternatives Pros & Cons Options BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Option # 4:DiversificationWednesday, 27 February, 13
  • MarketDevelopmentDiversification(Unrelated toCurrentBusiness)ProductDevelopmentMarketPenetrationMarketNewExisting Existing NewProductRecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionDiversification StrategiesWednesday, 27 February, 13
  • Pros Cons• Risk Minimization/SpreadsRisk• Breathe Life into Company• May improve Returns• May improve Employeecommitment to theCompany• Loss of Focus• Risk of total Failure• Loss of Identity forCompany• May strain CompanyResourcesPros and Cons ofDiversification StrategyRecapConsultantsAdviceAlternatives Pros & Cons Options BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Question # 3:In your opinion what otheralternatives could one suggestto family businesses?RecapConsultantsAdviceAlternativesPros & ConsOptions BrownFamilySuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • The Brown FamilyWednesday, 27 February, 13
  • RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamily SuggestionsBrown’sImplementation ConclusionMcKinsey’s FiveCircle Model for FBFamilyFamily ForumsFamily PoliciesFamily ServicesOwnershipShareholder’s AgreementLegal DocumentsFoundationsManaging Charity InitiativesManagementCompany GovernanceWealthManagementCompany InvestmentAsset ManagementWednesday, 27 February, 13
  • Brown Family PastFO MLegend:1. Scott Brown2. Sandy Brown3. Annette Brown4. Bobby Brown5. Sarah Brown6. Amir Koshlaw7.Ted Brown8. Bonnie Brown9. Eileen Banks10. Ira Banks11. Marty Zinn12. Richard Knight13. Ginne Walsh14. Hew Nalini211RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamily SuggestionsBrown’sImplementation Conclusion10913, 1417, 8Wednesday, 27 February, 13
  • Brown Family PresentFO MLegend:1. Scott Brown2. Sandy Brown3. Annette Brown4. Bobby Brown5. Sarah Brown6. Amir Koshlaw7.Ted Brown8. Bonnie Brown9. Eileen Banks10. Ira Banks11. Marty Zinn12. Richard Knight13. Ginne Walsh14. Hew Nalini2, 3, 4, 5, 6111912, 13, 147, 8RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamily SuggestionsBrown’sImplementation ConclusionWednesday, 27 February, 13
  • Brown’sFamilyAspectWednesday, 27 February, 13
  • Getting the Family in OrderEileenAnnetteScottSandyBobbySarahEileenAnnetteScottSandyBobby SarahRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • MaintainFocus onGoalsIdentify NewIdeasContributeImpartialFeedbackAddProfessionalismto BusinessOutside AdvisorsRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Family CouncilFamily members should separate thebusiness from the personal (or at leasttry to) by creating a council that will actas an intra-family steering committee forall business related decision-making.Professionalizing the Family BusinessFamily PoliciesFamilies should come up with policiesthat govern the manner in whichindividual members must behave withothers belonging to the extended familyunit.RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Brown Family needs HELP!1#Form FamilyCouncil3#SuccessorChangesManagement2#ChooseSuccessor forBusinessRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Brown’sWealthMGMTWednesday, 27 February, 13
  • Wealth Management: Brown’s FBValuation (Ira Banks, 1995)Brown Family REIT - Balance Sheet (1995)($ Value as shown )Period - 1995Assets:Real Estate:Land: 33,036,585$Gross Real Estate Operating Assets: 33,036,585Less: Accumulated Depreciation: 3,221,823Net Operating Real Estate: 36,258,408Cash & Cash-Equivalents: -Accounts Receivable, Net: -Prepaid Expenses & Other Assets: 82,843Total Assets: 82,843$Liabilities & Shareholders Equity:Total Debt, Net of Discounts: 17,921,186$Accounts Payable: 137,340Accrued Expenses & Other Liabilities: -Total Liabilities: 18,058,526Shareholders Equity:Owners Equity - Beg of year 11,323,978Net Income 4,036,924Owners Drawings (300,000)Total Shareholders Equity: 15,060,902$Total Liabilities & SE: 33,119,428$Brown Family REIT - Net Asset Value Model (1995)($ Value as shown)CurrentCap Rate: Forward NOI: Value:Capitalized Income:NOI Contribution from:Owned Properties: 9.15% 1,726,391$ 18,867,661$Balance Sheet % of BS CurrentValue: Value: Value:Balance Sheet Assets:Other Balance Sheet Assets:Cash & Cash-Equivalents: - -Accounts Receivable, Net: - -Prepaid Expenses & Other Assets: 82,843 100.0% 82,843Total Asset Value: 18,950,504$Liabilities:Total Debt, Net of Discounts: 17,921,186$ 100.0% 17,921,186$Accounts Payable: 137,340 100.0% 137,340Total Liabilities Value: 18,058,526Net Asset Value: 891,978$Diluted Shares: 10,000.0Total Diluted Shares & Units Outstanding: 10,000.0Net Asset Value Per Share: 89.20$RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Wealth Management: Brown’s FBValuation (Scott Brown, 2008)Brown Family REIT - Balance Sheet (2008)($ Value as shown )Period - 2008AssetsReal Estate:Land: 82,628,508$Gross Real Estate Operating Assets: 82,628,508Less: Accumulated Depreciation: (4,760,724)Net Operating Real Estate: 77,867,784Cash & Cash-Equivalents: -Accounts Receivable, Net: 22,225Prepaid Expenses & Other Assets: 216,377Total Assets: 238,602$Liabilities & Shareholders EquityTotal Debt, Net of Discounts: 66,250,726$Accounts Payable: 688,929Accrued Expenses & Other Liabilities: -Total Liabilities: 66,939,655Shareholders Equity:Owners Equity - Beg of year 20,647,136Net Income (6,269,896)Owners Drawings 1,311,613Total Shareholders Equity: 15,688,853$Total Liabilities & SE: 82,628,508$Brown Family REIT - Net Asset Value Model (2008)($ Value as shown)CurrentCap Rate: Forward NOI: Value:Capitalized Income:NOI Contribution from:Owned Properties: 7.50% 3,580,294$ 47,737,253$Balance Sheet % of BS CurrentValue: Value: Value:Balance Sheet Assets:Other Balance Sheet Assets:Cash & Cash-Equivalents: -Accounts Receivable, Net: 22,225 100.0% 22,225Prepaid Expenses & Other Assets: 216,377 100.0% 216,377Total Asset Value: 47,975,855$Liabilities:Total Debt, Net of Discounts: 66,250,726$ 100.0% 66,250,726$Accounts Payable: 688,929 100.0% 688,929Total Liabilities Value: 66,939,655Net Asset Value: (18,963,800)$Diluted Shares: 10,000.0Total Diluted Shares Outstanding: 10,000.0Net Asset Value Per Share: (1,896.38)$RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Comparables Analysis2008 2007 1995 1994AFFO* (1,509,172.00)$ (449,541.00)$ 572,419.00$ 684,491.00$ROA -7.59% -1.35% 12.19% 5.37%ROE ** -39.96% -5.77% *** 26.80% 14.09%Debt Ratio 4.27 3.27 1.20 1.62No CAPEX recorded for 08 and 07* Adjusted Funds From Operations - AFFO** Large writedown on fair value of properties*** Large gain on fair value of propertiesMultiples Comparison1995 1994FFO 815,101.00$ FFO 931,705.00$AFFO 572,419.00$ AFFO 684,491.00$FFO/AFFO 1.42 FFO/AFFO 1.36RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWealth Management: Brown’s FBValuation ComparableWednesday, 27 February, 13
  • RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionValuation Comparable Cont’dWednesday, 27 February, 13
  • Brown’sasOwnersWednesday, 27 February, 13
  • Importance of Drafting a ShareholderAgreement for the Brown’sTransferringownership of abusiness requires aShareholder’sAgreement (SA)With a broadmandate, thepossibilities of aShareholderAgreement areendlessThe Brown’sshould consider thisbecause the SAdefines boundariesof ownershipKey Issues the SA will solveinclude:Share Ownership RulesBuy/Sell RulesDeath of ShareholderRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Share Ownership RulesWho will be allowed tohold shares within thebusiness?What happens in the caseof martial breakdown?Should share’s be restrictedto family members, i.e.should in-laws be preventedfrom being shareholders.Since most provincesprovide for family propertyequalization on martialbreakdown.The Brownfamily should mention this inthe SA.RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionBuy/Sell RulesCan shares betransferred to non-family members?Two scenarios:Sale of shares by onefamily member.Sale of entire businessby all family members.How will shares bevalued?Agreement should setrules for valuing shares,and valuation methodchosen, this is need toavoid tax implications.How should newshareholders betreated?New shareholders(Amir) should sign onto the SA asprerequisite for shareownership.Wednesday, 27 February, 13
  • RecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionDeath of ShareholderUpon death can shares betransferred to heirs?Depending on thesuccession plan of the FB,the Brown’s could restrictwho, if anyone can inheritshares on death.Wednesday, 27 February, 13
  • Other documents to consider for FBMission StatementEmployment PolicyGovernanceCompensation policyDistribution policyCommunication PolicyRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Brown’sFB MGMTWednesday, 27 February, 13
  • Management at Brown’s FBHire IndependentProfessionalManagementKeep the Familycommitted to itsownership roleAllow externalmanagers to takelong termperspectiveBrown’s should actas advisors guidingand managing thebusinessScrutinizemanagement forshortfalls, fire andhire based on thisScrutinizing andguiding reducesagency problemsat the FBRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionAll this should be considered once the financial condition is stabilizedWednesday, 27 February, 13
  • Pros Cons• Professional Advice• Fresh Perspectives• Reduces Conflict ofInterest• Reduces the likelihoodof power struggles• Finding and Hiring the rightpeople• Management taking firmcontrol• Managers leaving the firmProblems with ExternalManagementRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • Brown’sCharityAspectWednesday, 27 February, 13
  • Managing the Brown’sCharity InitiativesRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionCharity is an importantelement of keepingfamilies committedThis is especially truefor members whodontwork in the FBThe Brown familyshould considersmaller donationsThe family has tochange their approachto that ofowner-investorThe family needs tohave a meeting todiscuss donations forthe futureThe Brown’s shoulddefine objectives oftheir donationsWednesday, 27 February, 13
  • ConclusionProfessionalize MGMTMake Prudent Financial DecisionsCreate Important DocumentsCreate Family CouncilRecapConsultantsAdviceAlternatives Pros & ConsOptions BrownFamilySuggestionsBrown’sImplementationConclusionWednesday, 27 February, 13
  • OR? !Wednesday, 27 February, 13