Preparing next gen leadership for transition

Advance preparation can be helpful in creating a smooth transition in ownership, particularly for manufacturers owned by Boomer founders seeking retirement.

“When company owners prepare for a sale or transfer of leadership, they must be able to clearly and effectively communicate with the next generation about how to best steer the organization through these choppy waters.”

This observation is in the July edition of Industry Week written by Jack Finning, a partner at AAFCPAs in Boston. His vantage point is from providing advisory to closely-held businesses.

Finning specializes in business transaction advisory services for both buyers and sellers of private companies, and no doubt has seen the good and the bad in both.

“Transitions can be difficult, and the manufacturing industry is currently on the edge of an incredible wave of changes,” he comments in the article. “Understanding the cultural and organizational details is a critical part of ensuring that the company’s legacy will be secure in the hands of the new leaders.”

What our clients are saying...

“New Image Coatings, owners of Seal-Once, retained Business Transition Strategies in April of 2015 to locate a strategic buyer for the company. This was successfully completed during April of 2016 when we were acquired by UC Coatings of Buffalo, New York. Working at our side throughout this process were John Howe director, and Ken Schaefer, deputy director, of Business Transition Strategies. From the start of the project, where the information memorandum was developed, to helping us create the management presentation to acquirers, through negotiating the letter of intent and then the definitive agreement, they were there with me and our professional team every step of the way. It took nearly one year to the day to complete the project, but they never lost focus on my best interests and helped me keep my eye on business. This sale was very complex. It included transfer of trade secrets from the product developer, …as well as the transfer of a manufacturing and licensing agreement we had with the core compound producer… John and Ken marketed the company to a range of strategic acquirers, including a number of private equity groups and their platform companies, which ultimately resulted in an agreement with United Coatings… BTS’s level of expertise in the process and close attention to detail enabled us to successfully navigate the deal. I would recommend John Howe and Ken Schaefer to any company owner considering selling.”

- Hank Croteau

New Image Coatings