March 17, 2009
Dear Family Business Owner,
I originally retained the services of Business Consulting Resources Inc. (BCR) to evaluate the non-family leadership and the management structure of my interior design firm. While doing so, BCR helped me evaluate the potential for my next generation family members to take an active role in the succession of the company.
With the next generation, they also evaluated the opportunities and challenges that would be faced should the next generation take over the Company.
Throughout this process, BCR developed a strong rapport with the next generation and they provided objective support for and facilitation of ongoing discussions and negotiations between the current generation ownership and the next generation. BCR met with and worked with the senior members of my firm as well as each member of my immediate family to understand and evaluate their interests, succession potential and their operational capabilities.
BCR provided me with the initial support, objectivity and insight to develop and help achieve a very successful family succession with my firm.
Succession Planning is critical and it should not be left to chance upon the quest for retirement late in a career. I highly recommend that business owners talk to BCR about succession planning early in the business to ensure strategies and their financial implications are well thought through and succession is managed purposefully.
BCR became actively involved when we needed help and managed to always be available to guide us at the most critical points of our restructuring.
President Philpotts & Associates, Inc.
\ 1 I WI
phone 808 523 6771 fax 808 521 9569 h School Street #200 Honolulu Hawaii 96813