Lakes On Eldridge

LAKES ON ELDRIDGE

Houston Dynamo FC at Shell Energy Stadium

L OE

LAKES ON ELDRIDGE

sep + oct 2023

The Lakes Group Magazines

Lakes On Eldridge, Lakes On Eldridge North, and Twin Lakes Magazines are published bi-monthly by sns media and mailed to above neighborhood residents vis USPS

Important Numbers

TABLE OF CONTENTS

LOEN

713.525.8607

Deadline for advertising is the 15th of the month preceding the publication date. Submissions are subject to space limitations and editorial approval. Email to intownmagazine@gmail .com for inquiries and submissions.

LOE Board of Directors 2022/2023

Gaynor Richardson President

Gar y Fehsenfeld ....................... Vice president

Sue Strebel ......................................... Treasurer

Jim Wynn Secretary

Alphine Freeman .................................. Director

6 Publisher’s Letter

8 Arts & Events: Bayou Arts Festival

10

Food: Molina’s Cantina Going Strong at 82

14

Financial Focus: Succession Planning

CONTRIBUTORS

Lindsay Mowad

William Hanover

Marene Gustin

Evans Attwell

Philip Berquist

Minnie Payne

Virginia Billeaud Anderson

LOEN Lakes on Eldridge North is part of THE Lakes Group of Publications that includes LOEN, LOE and Twin Lakes

PRODUCTION Web Design CSS Art & Design Layout & Graphic Design CSS Art & Design Graphic Designer Cris Bell Photographer Wells Brown

LOEN magazine is published bi-monthly by SNS Media. Articles are welcome and will be given careful consideration for possible publication. Intown magazine does not assume any responsibility for unsolicited materials. Materials submitted will be returned if accompanied by a stamped, selfaddressed envelope to 1980 Post Oak Blvd Ste. 100 Houston, TX 77056. You can also e-mail intownmagazine@gmail.com. Copyright 2023 by Intown magazine. All rights reserved. Content may not be reprinted or reproduced without permission from Intown magazine.

MONTHLY

¨ Inspect, and possibly change out HVAC filters.

¨ Clean kitchen sink disposal.

¨ Clean range hood filters.

¨ Inspect your fire extinguisher(s).

QUARTERLY

¨ Test smoke/carbon dioxide detectors.

¨ Test garage door auto-reverse feature.

¨ Run water and flush toilets in unused spaces.

¨ Check water softener, add salt if needed.

BIANNUALLY

¨ Test your water heater’s pressure relief valve.

¨ Give your house a deep clean.

¨ Replace batteries in smoke/carbon dioxide detectors.

¨ Vacuum your refrigerator coils.

SOURCE: artofmanliness.com

Get out and vote

As a multicultural oasis, business powerhouse, and the world’s energy capital, Houston has a lot going for it, including a couple of experienced, successful politicians who want to become our next mayor. Despite the many hot-button national issues, this year’s fall elections are all about Houston’s race for mayor, and it should be a doozy. The most likely scenario is a runoff in early December between two very well-known legislators. As with most of the past Houston mayors, the election will likely produce a term-limited tenure. Based on the incumbents who have preceded them, the mayor’s office offers relatively easy job security dating back to a ten-year term for then-Mayor Kathy Whitmire. It is, as always, a vital election due to a mayor’s powerful impact on its citizens’ everyday lives and well-being.

Ms. Sheila Jackson Lee is a nationally known long-time Congresswoman with offices in the Heights. She is notable for her work in civil rights and, more recently, health care, which has put her in the national spotlight. The Congresswoman from the Heights District C Texas’ 18th Congressional District will face the long-time outspoken, popular state senator John Whitmire, who has represented the Texas Senate District 15 since 1982. Both have a ton of name recognition and will likely be the two to choose when the votes are counted on the first Tuesday in November. A runoff due to neither candidate getting over 50% would happen in early December, with a date to be determined. Get out and vote, or don’t complain.

Speaking of Houston’s multicultural population, two of our illustrious writers have penned articles in this issue illustrating the melange of our citizenry that makes Houston so alive.

Marene Gustin covers an 80-year celebration of food with the Molina family, and Virginia Anderson does a deep dive into the fascinating rug purveyor Mohsen Rezaei.

Arts +

EVENTS

Artupdate houston published every two weeks by houstonintown. For updates and more go to houstonintown.com and sign up for free updates.

Bayou City Art Festival Downtown

Ongoing through Jan 21 2024

The Iconic Portrait Strand by Nestor Topchy

Houston Museum Of Natural Science

Permanent Exhibits

Alfred C. Glassell, Jr. Hall

Cullen Hall of Gems and Minerals

Earth Forum

Farish Hall of Texas Wildlife

Frensley/Graham Hall of African Wildlife

Hall Of Ancient Egypt

Hamman Hall Of Texas Coastal Ecology

Herzstein Foucault Pendulum

John McGovern Hall of The Americas

Lester & Sue Smith Gem Vault

ALLEY THEATRE

American Mariachi

Sep 22 through Oct 22

Little Comedies

Oct 6 though 29

Broadway Across America

The Hobby Center

MJ

Nov 14-19

MILLER OUTDOOR THEATER

100-Year Celebration Continues

Go to milleroutdoortheatre.com

STAGES REPERTORY THEATER

Thunder Knocking On The Door

Ongoing through Aug 6

Bayou City Art Festival Downtown, produced by the Art Colony Association, Inc., will be on Saturday-Sunday, October 14-15, 2023.

Located in Sam Houston Park and along Allen Parkway, the Bayou City Art Festival will celebrate providing unique art experiences and education for the Greater Houston area while supporting local organizations and promoting the impact that art has on the Houston community. As one of the top art festivals in the country, the outdoor gallery provides patrons with the opportunity to meet 250 artists, view original works, and purchase one-of-a-kind art, world-class paintings, prints, jewelry, sculptures, functional art, and more. This year’s featured artist is Michelle McDowell Smith, a mixed-media artist from Roanoke, VA.

The weekend festival features two entertainment stages, a food truck park, beverage stations throughout the festival, and art installations. Guests will enjoy Houston’s skyline views while visiting the festival’s wine garden, craft beer garden, and art bar. Bayou City Art Festival will also feature a Collegiate Art Collective, a collection of art composed of Houston-area college art students.

For more information, please visit www.bayoucityartfestival.com.

MUSEUMS

Asia Society Texas Center

Tsherin Sherpa: Spirits

Opening Thursday, September 21

Museum Of Fine Arts Houston

Woven Wonders: Indian Textiles from the Parpia Collection

Ongoing Through Sep 4

William Kentridge: In Praise of Shadows

Ongoing through Sep 10

Impressionist and Post Impressionist

Masterpieces from the Pearlman Foundation

Ongoing through Sep 17

Robert Frank and Todd Webb: Across America, 1955

Oct 8, 2023–Jan 7, 2024

Rembrandt to Van Gogh: Masterpieces from the Armand Hammer Collection

Oct 15, 2023–Jan 21, 2024

Contemporary Arts

Museum Houston

Ming Smith: Felling the Future

Ongoing through Oct 1

Jordan Stafer: Trilogy

Ongoing through Nov 26

Six Scenes from Our Future

Oct 27 - Mar 17, 2024

Holocaust Museum Houston

“I’ll Have What She’s Having”: The Jewish Deli

Ongoing through Aug 15

Berlin: A Jewish Ode to the Metropolis

Ongoing through Sep 10

The Negro Motorist Green Book

Sep 1 through Nov 26

Menil Collection

Art of the Cameroon Grassfields, A Living Heritage in Houston

Ongoing through Sep 3

Si Lewen: The Parade

Ongoing through Sep 3

Hyperreal: Gray Foy

Ongoing through Sep 3

Longing, Grief, and Spirituality: Art Since 1980

Morian Hall of Paleontology

Starke Hall of Malacology

Wiess Energy Hall

Welch Hall of Chemistry

Special Exhibitions

Sharks! The Meg, The Monsters, & The Myths

Trains Over Texas

Curator’s Choice: Recent Acquisitions of the Houston Museum of Natural Science

Life in Stone

Microsculpture: The Insect Photography of Levon Biss

Tourmaline Treasures

Biophilia: A Dialogue of Nature, Art and Science

MUSIC & DANCE

HOUSTON SYMPHONY

Ravels’ Daphnis and Chloe

Sep 29 through Oct 1

Seong-Jin Cho Plays Ravel

Oct 7 - 8

Barber’s Violin Concerto + Dule Ellington

Oct 14-15

THEATER

A.D. PLAYERS

Forever Plaid

Sep 6 through Oct 1

Always Patsy Cline

Ongoing - Oct 29

Potus: Or, Behind Every Great Dumbass Are Seven Women Trying To Keep Him Alive

Sep 1 through Oct 8

Switzerland

Oct 6 through Nov 12

THE ENSEMBLE THEATER

Chicken Biscuits

Sep 22 through Oct 15

Theatre Southwest

A Doll’s House Part 2

Sep 15 - 30

Theatre Under the Stars

Jagged Little Pill

Through Sep 9

Sweeney Todd

Oct 10 through Oct 29

SPORTS

Houston Astros

Minute Maid Park

Sep

1 - 3 NY Yankees

8 - 10 San Diego

11 - 13 Oakland

18 - 20 Baltimore

22 - 24 Kansas City

Houston Dynamo Shell Energy Stadium

Sep

16 St Louis FC 30 FC Dallas

Oct 7 Colorado Rapids

Houston

Oct

Texans quarterback CJ Stroud

Intown’s Classical Music Editor and Critic, the Hon. Philip Berquist, Honorary Consul for the Republic of Croatia for Texas

The new season looks very exciting

We are still in the midst of tremendous heat (I keep reminding myself and others, “THIS IS TEXAS in the Summer!) but September brings the beginning of a new 2023-2024 classical music season for Houston. Perhaps even a break from the weather. From my angle, the new season looks very exciting. Let’s begin -

Houston Grand Opera

One again, HGO has programmed six operas for the 1012-1024 season, including one world premiere that will open the year. Intelligence is about a spy-ring run by women during the Civil War. Composed by Jake Huggie, it brings mezzo-soprano Jamie Barton back to Houston and features the HGO initial performances of Janai Brugger; conducted by Kwamé Ryan. October 20, 22, 28 and November 1, 3.

Verdi’s final comic opera, Falstaff, is presented and completes the fall repertoire. Based of course on Shakespeare, this production features Reginald Smith, Jr. as the rogue and beloved Falstaff. Conducted by Patrick Summers. October 27, 29, and November 4, 8, 10.

Another composer’s final opera, this time Wagner’s, Parsifal returns after a thirty year absence (really hard to believe that it has been

Houston Symphony Orchestra

As has been for many years now, HSO presents its classical music season over eighteen weekends. There are some differences in availability, however, as three of the weekends will be initially available to season subscribers. Those are the Bruckner Symphony No.8 conducted by former Music Director Christoph Eschenbach in February, and the final two concerts in June 202, a “Strauss Festival” with the composer’s Four Last Songs and An Alpine Symphony followed by two unstaged performances of Strauss’s complete opera, Salome. Both of the final Strauss concerts are conducted by HSO Music Director Juraj Valčuha.

My picks for the season highlights include the three concerts mentioned about and the opening weekend of Ravel’s Daphnis and Chloe conducted by Valčuha on September 29, 30 and October 1 2023. (Suites 1 and 2 on the 29 and the complete ballet on the remaining two dates.) Valčuha also conducts a “Symphonic Dances Festival” in November with music by Rachmaninov, Barton and Ravel on two weekends.

In early December, former Music Director Andres Orozco-Estrada returning and conducting two important works by Shostakovich, the brilliant Violin Concerto 1 and the chilling Symphony 11, “The Year 1905.”

In February, Itzhak Perlman conducts the Tchaikovsky Symphony 5. In March Valčuha leads three performances of Mahler’s epic Symphony 6, “The Tragic.”

All performances are at Jones Hall and the entire classical schedule as well as other performances can be accessed at www.houstonsymphony.org.

that long!). The story of a group of knights protecting the Holy Grail and trying to save their leader, Amfortas, who can only be healed by the “perfect fool” who it turns out is Parsifal, This production is led by Tony Award - winning John Caird. Russell Thomas is Parsifal, and international super star and HGO veteran, Christine Georke is Kundry. January 19, 21, 27, 31, and February 4 2024. Not to be missed!

Puccini’s Madame Butterfly completes the winter rep. The familiar tragic story of love and betrayal with Puccini’s usual wonderful music, is a revival of another Tony Award winner, Michael Grandage, and stars Ailyn Pérez as Cio-Cio-San and Yonzhao Yu as Pinkerton. Conducted by Patrick Summers. January 26, 28, February 3, 7, 9 ,11.

The spring repertoire brings us Mozart with the immortal Don Giovanni. Lady seducer extraordinaire Giovanni finds himself facing the ultimate vengeance from the world. Conducted by Dame Jane Glover, Luca Pisaroni stars as Giovanni and Andriana Churchman as Donna Anna lead an international cast. April 19, 21, 27, May 1, 3.

Closing out the season is the always popular The Sound of Music by Rogers and Hammerstein. The well known story of the Von Trapp family of Austria during World War 2 stars Isabel Leonard as Maria and Alexander Birch Elliott as Captain Von Trapp. Richard Bado, HGO Chorus Master, conducts. April 26,, 28, 30, May 4, 5, 10, 11, 12.

For more information - www.houstongrandopera.org.

Houston Ballet

The season begins on September 8, 2023 with A Midsummer Night’s Dream set to the music of Mendelssohn and Ligeti. September 8, 9, 10, 15, 16, 17.

Next is a World Premiere by Annabelle Lopez Ochoa, TUTU with music by Ravel and Stars and Stripes choreographed by George Balanchine with music by JohnPhillip Sousa. Quite a combination. September 21, 23, 24, 29, 30, October 1.

For the holidays, one can again expect Tchaikovsky’s The Nutcracker with some 33 performances (I think I counted them correctly!). It runs from November 24 through December 27.

February 2024 brings Cinderella with the music of Prokofiev. February 22, 24, 25, March 1, 2, 3.

Bespoke is a mixed evening with music by Bach, Janácek and 48nord. March 7, 9, 10, 15, 16, 17.

Mayerling is set to the music of Liszt. May 23, 25, 26, 31, June 1, 2.

Four Seasons is the season finale and is set to the music of Tchaikovsky, Xiaogang and Vivaldi. June 6, 8, 9, 14, 15, 16.

For more information - www.houstonballet. org.

Another great season of classical music and fine arts awaits us here in Houston. I hope that this guide is helpful.

Let me continue to hear from you - classicalmusicberquist@gmail.com.

FOOD

Still going strong and cheesy good

by Marene Gustin

If you live in Houston, you’ve almost certainly eaten at one of Molina’s Cantinas, there are currently three locations of the Tex-Mex stalwart that turns 82 years young this year.

It all began back in 1929 when Raul Molina left his hometown of Laredo, Mexico looking for a better life. He found it working as a busboy in Houston, a job that led him and wife Mary, in 1941, to buy that very same restaurant. It was called the Old Monterrey Restaurant and was located at 1919 West Gray, where a Walgreens now sits. Two sons, Raul Jr., and George, worked in the restaurant and the whole family lived upstairs in a one-room apartment.

They bought another restaurant and in 1952 they renamed it Molina’s Mexico City Restaurant and then Molina’s Restaurant and Cantina. Over the years several more sites were opened. Today the business is run by the three grandsons of Raul — Raul III, Ricardo, and Roberto.

“In the beginning, the restaurants were small and had several of the same menu items, all Tex-Mex,” says Ricardo Molina. “Over the years the menu

has greatly expanded. We added grilled items like fajitas, seafood offerings, soups, and salads. Many of the signature items remain and are still made with the original recipes, including chili con carne and Enchiladas de Tejas.”

Customers can be rapid about their favorite dishes, such as The Ladies Special combo plate, puffy tacos, and José’s Dip.

The exact birth of the famous José’s Dip is a little murky, but the story goes that a waiter named José was once asked by a customer for a special dip, so he put dumped some spicy taco meat into the queso and voilà… José’s Dip!

But the biggest change involved tequila.

“Only beer and wine were served and there were no bars, but in 1971, liquor by the drink became law in Texas, and that changed the restaurant and the industry dramatically,” says Ricardo Molina. “Molina’s began serving their

Raul & Mary Molina (above) and Roberto, Ricardo and Raul Molina III.

famous authentic (and potent) margaritas, which helped introduce people to tequila and changed the dining experience. This was really a game changer for all restaurants. Restaurants evolved into entertainment venues over the last several decades instead of just somewhere to eat.”

It’s hard to imagine eating Tex-Mex without a cold margarita, it’s even harder — particularly given this year’s heat wave — to imagine eating it without air conditioning.

“The original restaurant was one of the first to install air conditioning,” Ricardo Molina recalls. “Before A/C, sales would drop tremendously in the summer — I understand that was the case at all restaurants.”

Dining at Molina’s can be a family experience. Many diners are second and third generation Tex-Mex eaters, and almost all the regulars have their favorite waiter or waitress, many of whom have been working at Molina’s for decades. President George W.H. and Barbara Bush were longtime fans. One of the brothers visits each location every day.

“We are Tex-Mex and we’re proud to be Tex-Mex.” Ricardo Molina says. “There was a time that people were saying Tex-Mex isn’t Mexican food, and that’s fine, but we have the same base recipes that we’ve had forever. We do small batch; we grind our own chilies to make gravies and chili con carne and we try to be consistent on those signature items since we have third-generation guests who still dine with us decades later. We want it to taste the same as it did back then. It’s our area’s comfort food.”

INGREDIENTS:

2 oz Premium 100% agave tequila (such as Hornitos)

1 oz Premium orange liqueur (such as Grand Marnier)

1 oz fresh squeezed lime juice

Salt, to rim the glass (optional) Lime wedges

DIRECTIONS:

•Wet the rim of glass and dip in salt

•Fill with ice

•Pour remaining ingredients into a shaker over ice and give it a good, festive shake

• Strain into salt rimmed glass

• Garnish with a lime edge & enjoy!

Top Shelf Molina’s Margarita

Makes one tasty adult beverage. Celebrate Cinco de Mayo, or taco Tuesday, or any day with this authentic margarita Molina’s way. No mix needed.

Iranian Born Mohsen Rezaei’s World of Rugs

By Virginia Billeaud Anderson

Some priceless objects were irretrievably lost when Alexander laid waste to Persepolis in 321 BC. Manuscripts of Zoroastrian sacred scripture that were housed in Persepolis’ library, for one. Being a student of Aristotle didn’t stop Alexander from letting the Macedonian army torch books. Another deplorable loss were the Persian rugs. Achaemenid dynasty rulers received the satraps who came to pay tribute and kiss their royal feet in sumptuous surroundings. Cyrus the Great had magnificent rugs. So prized was the rug beneath King Xerxes’ gold plated throne in his audience chamber, only the king’s feet could touch it. It’s easy to imagine handwoven Persian carpets throughout the palace complex Alexander ravaged. Interestingly, it was during this Achaemenid dynastic era (6th to 4th century BC) that Persian rugs evolved into a precious art form. I’m not saying this was the beginning of hand woven rugs, that happened long before, I’m saying the manufacturing techniques and pattern designs developed during the Achaemenid period laid the groundwork for Persian rugs’ unrivalled beauty and craftsmanship. Centuries later, the Safavid Dynasty (1501-1736) advanced carpet production by establishing royal workshops and extending patronage to highly skilled artisans. Perhaps you saw

some of the Safavid masterpieces on display in MFAH’s Islamic Art galleries.

Ever read Rumi? In one passage the poet urges, “be drawn by the stronger pull of that which you truly love.” In many ways, Iranian born Mohsen Rezaei who founded Mohsen Oriental Rugs in Houston embodies Rumi’s sentiment. Mohsen’s is a deep-rooted connection to the rugs he loves. Born into a family of Iranian rug merchants, he has spent practically his entire life around Persian rugs, is innately aware of their artistry, and feels inseparable from the historical and cultural heritage that permeates them.

Some people seem destined to do what they do. Whenever I meet one, I pay attention. There’s usually a spiritual lesson in this. At the very least I’m reminded to know myself. Over the course of some fun visits to Mohsen’s rug store located on West Alabama Street near the Menil Collection, surrounded by stacks of Persian and Oriental carpets, Mohsen told me his story. “I started to learn about rugs when I was 10 years old. Every summer, during my school break, I would go to the Tehran Rugs Bazaar with my father. I became interested in learning to repair rugs. Most of my family was in the rug business, selling, repairing, and cleaning rugs. By the time I graduated high school, I was an expert at antique rug repair.”

Helping his father nail inventory familiarized him with Iran’s rug producing regions and the different styles historically associated with each, to give examples, Tabriz rugs commonly have medallions, and Isfahan rugs often sport arabesques. Such knowledge, it goes without saying, feeds into his work today. “When I worked with my father in the Tehran market we traveled to all the rug cities in Iran - Tabriz, Hamadan, Esfahan, Qum, Naein, Malayer, Zanjan. Also Mashhad and Kashan. We had agents everywhere who collected rugs for us, who knew what we wanted, meaning a good rug at the right price. Rug dealers who knew my father a long time found good rugs and bought for us. The people we worked with know what we were looking for. Also we were working rug stores outside of the Tehran market, collecting in the evening and bringing to the bazaar the next morning. In Houston I’m doing the same thing. I buy Persian rugs from U.S. wholesalers due to sanctions, and imported Turkish, Indian and Pakistani rugs, and I attend rug shows in New York, Atlanta, Las Vegas and High Point.”

A reason Mohsen buys Persian rugs from U.S. wholesalers is they’re not prohibited by the U.S embargo against Iranian imports which began with the 1979 Iranian Revolution, and strangely enough has

Iranian born Mohsen Rezaei in his store Mohsen Oriental Rugs

Vintage Persian Kashan 10 x 14

been off and on until now. You might recall Obama ditched sanctions, and Trump reinstated. “Obama released the embargo when he made the nuclear deal, then several years later Trump began it again.” Which gets to the heart of a Persian rug. In the simplest of terms, it’s a rug woven inside Iran’s borders by a meticulous process that begins with wool from Iranian sheep being spun into yarn that is colored with natural plant and root dyes such as madder and indigo. Village women typically perform the weaving, using their hands to form threads into small loop-shape knots, arranging knots into the intricate patterns each region is traditionally known for. Design motifs get passed down through generations. Most have symbolic meaning, including pre-Islamic associations.

As might be expected, Mohsen’s inventory includes Oriental rugs. On one of my visits I spotted an exceptional Turkish Oushak. Needless to say, rug repair is a cornerstone of his business. Persian rugs generally increase in value over time, so owners tend to hold on to them. If continuing sanctions restrict U.S. supplies and jack-up values, owners will repair and resell years from now to collectors willing to shell it out. Years back, Mohsen repaired my Persian Mahal. Through some haggling, I luckily own four Persians and two from Turkey.

Hamadan is way ancient, one of the world’s oldest cities. Called Ecbatana in antiquity, Greek historians extolled its beauty and riches, describing a gold covered citadel, or as Herodotus suggested, a ziggurat, although archaeologists are having fits trying to find a ziggurat beneath the modern city. In 550 BC Cyrus the Great yanked the rich city into the Persian Empire. In time, his successors built there a summer palace, and you can bet they filled it with Persian rugs. Hamadan became a busy place for buying and selling rugs brought from surrounding areas. Mohsen was born in Hamadan (1972.) “My father and grandfather were from Hamadan. My grandfather didn’t have a store, he simply bought and sold rugs. My father opened his store in Tehran in 1980. My family moved to Tehran in 1990. My father retired and is now a USA permanent resident. Whenever he visits here, I benefit from his experience. You have to really love this business. People don’t stay in it for very long unless they do.”

Houston beckoned. “In 1998, I immigrated to Beirut, Lebanon and worked in the rug business for two years. In 2000, I immigrated to New York City where I repaired rugs. But from the beginning, I disliked how crowded and rushed it was. I wanted to find

a quieter city. One of my father’s friends who was also in the rug business suggested Houston is the best place to work and live. After two months in Manhattan, I moved to Houston and started repairing rugs for Mr. Gus Parvizian. In 2003, I began working for myself. My first location was in an antique store on Dunlavy Street. In 2012, I moved to the Antique Pavilion on Westheimer, but in 2022 it closed for demolition. Fortunately I found a building at 1316 West Alabama. After 20 years of business, I have my own building.”

Given all the rugs he’s handled, I couldn’t help but wonder if Mohsen had a favorite. Which rug really turns him on? “Serapi,” he said unhesitatingly. “Unique color, unique design, and they’re always valuable. They are made near Heriz.” By this he means rugs made in villages nestled throughout the Heriz region of northwestern Iran that feature a less frou-frou, less classical, more abstract take on motifs like palmettes or vine scrolls, some with blue tones that bowl you over.

www.mohsenorientalrug.com

By Jessica Leone Vice President Frost Bank

Succession Planning: An Important Part of Business Ownership

Many business owners spend a lifetime building and growing a successful company, but they might not have given much thought as to how they’ll walk away from it. Nevertheless, business succession planning is a critical process for any entrepreneur, whether your company is a momand-pop shop or a multinational enterprise. Planning ahead for your eventual exit – be it voluntary or unexpected – can help ensure business continuity or maximize the rewards of a sale.

Here are five key considerations to get the wheels turning.

1 Consider multiple possibilities

At least several years before retirement, make time to think about your ideal exit strategy. Do you want to pass down ownership to your heirs, have your business partners buy you out or sell the company outright? Start learning

about the steps involved and weigh the pros and cons of each scenario.

2 Balance business and lifestyle needs

How you leave the company might depend heavily on your plans for the next chapter. Some business owners

want to retire quietly; others want to keep a seat on the board, start a new venture or engage in philanthropy. Your vision of the future will greatly impact your financial needs, and thus your succession strategy.

3

Involve the right people

Succession planning is a team sport. To do it right, make sure to consult with your wealth management advisor, attorney and CPA. Don’t forget to include your spouse and any adult children, especially if you’re expecting them to play an ongoing role in the company.

4

Get down to details

You and your team will need to conduct a thorough business assessment and pricing study, both to determine the value of the company and how to keep it running in your absence. Then you’ll need to ensure those findings align with

your personal financial goals and strategies, including wills, trusts, tax planning and risk management.

5

Have a safety net

Be aware that life insurance can serve as a succession planning tool, allowing your beneficiaries to assume control of the company if you die prematurely. And be sure to consider other “what if” scenarios, building flexibility into your plan so unfortunate surprises won’t derail the business or your finances.

Even if you envision running your company for years to come, it’s never too early to plan your departure. Contact Jessica Leone at 713.388.1058 or Jessica.Leone@Frostbank.com for help with making a smooth transition.

Investment management services and trust services are offered through Frost Wealth Advisors of Frost Bank. Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value. Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank. Additionally, insurance products are offered through Frost Insurance. Deposit and loan products are offered through Frost Bank, Member FDIC.

Frost does not provide legal or tax advice. Please seek legal or tax advice from legal and/or tax professionals.