Business Owners
in Transition

Set Up A Discovery MeetingFamily businesses often admit to putting short term personal needs ahead of the longer term interests of the business. Experience our hands-on, focused solutions to concerns about transferring and building wealth for the next generation. You can rely on Fairport Asset Management.

This specialized offering helps business owners create a strategic business plan to grow, preserve and transfer family wealth from one generation to the next. Business Owners in Transition Download.

Transitions

Changes surrounding the sale of a company bring new responsibilities and questions. At Fairport, we are dedicated to guiding clients before, during and after these significant events. Fairport makes a difference for business owners in transition.

Fairport understands the unique needs of business owners who:

  • Have great entrepreneurial spirit, typically high risk preferences and look to a wealth manager to keep track of the complexities of their financial picture;
  • Need objective advice while working with multiple transactional advisors;
  • Want to achieve their dynamic personal, family, economic and philanthropic goals.

Our professional advisors (which include CPAs, CFP® certificants and CFA charterholders) have experience working with high net worth business owners at every stage of life to coordinate and implement a succession and liquidity plan that fits their distinct situation. Fairport has the capability to interface with other professionals on behalf of our clients to deliver an integrated, focused experience.

Fairport’s expertise in working with business owners stems from decades of experience and we understand the importance of listening and continually connecting with our business owner clients throughout the relationship. Fairport’s professionals understand how challenging and emotional this transition can be and act as the client’s trusted advocate every step of the way.

The Fairport team makes a difference by providing strategies that are specific to the issues faced by business owners in transition. These strategies include examining tax implications, generating forward-looking cash flow scenarios, and implementing investment strategies to help provide our clients with peace of mind.

Aligning Family Values and Business Value

Fairport recently developed a presentation program that addresses the challenges of the modern family business owner. The program’s groundwork is set with an overview of the state of the family business, highlighting some startling statistics. Next our presenters outline the dimensions of the family business and provide a process for aligning family and business values. Drawing on their experience as advisors, our presenters focus on case studies and key strategies that have led to both business and personal satisfaction for their clients who own family businesses. Feel free to email us at Hello{at}FairportAsset{dot}com for more details.

Case Study

Family Business Owner

Advising a Business Owner Goes Far Beyond the Business!

For most of their married life together, Bob and Delores had no trouble talking about money matters. It was a necessity for them since Bob, at age 55, owned a small manufacturing company and so much of the family’s fortunes rose or fell with the cycles of the economy. Delores, 53 also worked in the business as the Chief Financial Officer.

Lately though they had been having some heated discussions and Delores thought she knew why. Until recently,most of their decisions were based on whether to spend on certain luxuries or save money. They had similar goals and tastes,  which include great enjoyment of their Florida condominium and sailing on the lake in the summer. But now their son wanted to join the company and Bob wanted to retire by the time they were both 60. They were facing money and life decisions that were more complex than simply what to save.

They asked other small business owners for referral to a professional planner-  someone who had experience working with family owned business succession issues. Also important to them was finding someone willing to spend the ongoing one on one time they felt was necessary to find solutions that matched their particualar circumstances.

They found Charlie, an advisor who specialized in financial matters for family business owners. When they met him over lunch he emphasized his personal family business experience - the good and the bad! Bob and Delores talked from salad through dessert about their complex needs and felt confident that Charlie understood the myriad decisions they face. What appealed most to Bob and Delores was that Charlie sought to collaborate with their other advisors to tailor a successful plan for their unique situation.

Over the following months Charlie helped Bob and Delores explore the advantages and disadvantages of tax strategies such as gifting versus using a family limited partnership to the outright sale of the business. As part of that dialogue they explored ways to grow the value of the business. They also reviewed the benefit plans as a way to assist Bob and Delores plan for their retirement.

The special tools such as The Business Navigator combined with the experience and expertise of the team led by Charlie resulted in a succession plan that gave Bob and Delores a more secure future. What did they see as the key to success? “Charlie understood the dynamics of our family business as well as the dynamics of the business of our family.”

This is a fictional situation. Neither the investors nor the advisor are real. The description of independent registered investment advisors is for general information purposes only and does not necessarily reflect the services offered by any particular advisor. Advisors’ services, investment strategies and conditions for accepting accounts may vary.