Massachusetts
SUMMER 2017
FAMILYBUSINESS CUT FROM THE SAME CLOTH Inside:
A Rebrand And A New Generation For Catania Oils Official magazine of the
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Massachusetts Family Business Official magazine of the
CONTENTS
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A COMMON THREAD Tucked in back alleys and perched above restaurants, the next generation of Boston’s tailors are not just hemming and gathering – as immigrants, they are sewing together the fabric of the city’s future.
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director’s corner
The Family Business Association and The Warren Group are about to become the new chocolate and peanut butter when they combine forces, bringing two great events i into an even better package.
the keystone
Boomers are getting ready to retire and transition the management of their businesses to the next generation – but what if the next generation doesn’t want it?
business profile
A local oil company rebrands with a new name and a new generation at the helm.
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From the Board
A Winning Combination By Ed Tarlow
D
o you remember the clever television commercial in which two strangers, one eating a chocolate bar and the other with a jar of peanut butter, bump into each other on a busy sidewalk? The resulting combination of chocolate and peanut butter was (ostensibly) the origin of the iconic Reese’s Peanut Butter Cup. The Family Business Association and The Warren Group are about to become the new “chocolate and peanut butter” by combining two great events into an even better package. For the past several years the FBA has focused on two major annual events: the New England Family Business Conference and the Massachusetts Family Business Awards. Both have become a fixture on the Massachusetts business calendar, with steadily increasing numbers attesting to the strength of the family business community across the state. Starting in 2017, and for what we hope will be many years to come, The Warren Group and the Family Business Association will be joining forces to combine these two popular events. The New England Family Business Conference will move from June to October, and will commence with the Massachusetts Family Business Awards ceremony on the evening before the conference officially opens. The conference will once again
Standing room only at a panel discussion at the 2016 New England Family Business Conference.
feature a full slate of informative and engaging speakers and workshops, all designed to help attendees improve the efficiency, management and profitability of their businesses. We think this “one-two” combination will offer numerous benefits for both attendees and sponsors. Attendees will know they can meet and network with all of the state’s family business leaders in one place, at one time. Sponsors will be able to associate their companies with a powerhouse event that is sure to draw even larger crowds than previous editions. It is the kind of move that makes us wonder why we did not think of the change before now! Family-owned businesses continue to be the backbone of the Massachusetts economy. And providing support, backing and recog-
nition for the leaders of family businesses continues to be the role of the Family Business Association. We remain an important resource for family business members and those who support them by providing regional educational programs, access to helpful information, and connection with familyoriented advisors. We hope you are as excited as we are about the new partnership between the Massachusetts Family Business Awards and the New England Family Business Conference. Look for an announcement of a date and location in the coming weeks, so you can clear your calendar for this new and exciting event. ■ ED TARLOW IS THE PRESIDENT OF THE FAMILY BUSINESS ASSOCIATION.
Massachusetts
FAMILYBUSINESS
Official magazine of the Family Business Association. Inc.
Editorial | Advertising | Design A Family-Owned Business Since 1872
101 Huntington Ave., Suite 500 Boston, MA 02199 fbaedu.com
DIRECTORS Jeffrey S. Davis, Mage, LLC Al DeNapoli, Tarlow, Breed, Hart & Rodgers, P.C. Brian Nagle, First Republic Private Wealth Management
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PRESIDENT Edward D. Tarlow, Tarlow, Breed, Hart & Rodgers, P.C.
VICE PRESIDENT Catherine Watson, Tarlow, Breed, Hart & Rodgers, P.C.
TREASURER Jeffery P. Foley, Gray, Gray & Gray, LLP
280 Summer Street, Boston, MA 02210 Phone 617-428-5100 Fax 617-428-5119 www.thewarrengroup.com ©2017 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher.
The Keystone for Successful Baby Boomer Succession
By Stanley H. Davis and Kelley R. Small
I
f you are or have been the parent of a teenage child, you may have read the book “I Hate You, But Will You Please Drive Me and Cheryl to the Mall?” by Anthony E. Wolfe. You probably got a chuckle out of the title, but after reading it, found it totally relatable. Raising children is always a push-pull relationship; however, in the final analysis, we love our children and will do almost anything for them – including turn over the family business. Thousands of businesses are owned by the Baby Boomer generation and they are finding themselves asking one of the largest questions of their careers: “Who is going to take over the family business?” Your business is like your child. In many cases, you have given birth to it, you have fed it, nurtured it, been an-
STANLEY H. DAVIS
KELLEY R. SMALL
gry at it, loved it and despised it. In the end, it is like a piece of you and you cannot imagine leaving it permanently. Perhaps you would like to take a long vacation from it, keep your hand in it, but never leave it completely. After all, it is part of the family. Whether you have inherited or started your own business, you have likely heard the question, “What is your exit plan?” It is one we ask our clients on a regular basis. It is not an easy question to an-
swer and can be especially vexing for owners of family-held businesses, where few seem to have a solid exit strategy in place. Typically, business owners fall into one of these categories: a. I feel my plan is solid and I can walk away today with a strategy in place. b. My son or daughter will take over after s/he graduates from college. c. Once I hire the right people, I will be able to take more time off and it will run itself. d. I need to bring in someone to run the business until my son or daughter is ready to run it. Warren Buffet is famous for the expression, “the lucky sperm club,” when it comes to the inheritance of a family business. But are inheriting children reContinued on page 9 5
Business Profile
Making a Mark Ayer-Based Oil Company Ready for the Future with a New Name and a Fourth Generation at Its Helm
Anthony Basile, former president, third generation
Joseph Basile, president, fourth generation
Stephen Basile, vice president, fourth generation
By Anna Sims
W
hen a family business has endured for four generations, it must be doing something right. But in the case of Ayer-based Catania Oils, a processor and packager of organic, non-GMO vegetable, olive and blended oils, that something might just be a desire to continually change and improve. “Every generation, every step of the way has taken [the business] further and further,” said Stephen Basile, vice president and a fourth generation family member. “Now it’s our turn.” Stephen, along with his brother Joseph Basile, president, are leading the way as the fourth generation to put its mark on the business. Recently that leadership has included unveiling a new company name. Long known as Catania Spagna Corp., the company in February changed its name to Catania Oils to better support the brand. Troubles with the company’s original 6
name, Catania Spagna Corp., included frequent mispronunciation of “spanga.” The original name also made no mention of the company’s actual product, oils, which could cause confusion. “Even once we’d explain to people that we’re in oils, they would say, ‘Oh, like fuel?’ And we’d have to explain, ‘No, like cooking oils.’ That’s why our logo is [an image that’s half plant, half oil drop] giving off those more natural, earthy tones that speak to plant-based oils,” Stephen said. The name change also helped align the company’s offerings with its existing reputation. “Within our different divisions – we have retail, food service and food manufacturing – for the most part, we weren’t referred to as Catania Spagna Corp., we were referred to as Catania,” Joseph said. “We looked at it and we felt like there was a lot of brand awareness [already] with the name Catania … as well as gen-
erational history. It was important to us to keep Catania in the company name.” Treasuring A Legacy The history of Catania Oils began in a small village in Sicily where Giuseppe Basile – great-grandfather of Joseph and Stephen – started selling oil in his neighborhood. Giuseppe immigrated to the United States around 1900, landing at Ellis Island before settling in Lynn, Massachusetts, where he continued the work. “He started selling oil door to door with the hopes of creating a family business without really knowing what the legacy would become,” Stephen said. Today, Giuseppe’s one-time door-to-door business operates in a more than 250,000-squarefoot facility in Ayer. Packing more than $225 million in oils each year for customers including Stop & Show, Whole Foods and General Mills, the company employs more than 140 workers, including 13 family members.
The oldest members of the company’s fourth generation, Joseph and Stephen began their tenure at the family business when they were barely teenagers. “My grandfather would pick us up and bring us to the plant just so we could be around it … It was really just about having fun and being with our grandfather. We would be given tasks to do like sweeping the warehouse and helping him with local cash sales,” Joseph said. As the brothers got older, they became more involved in a
“Every generation, every step of the way has taken [the business] further and further. Now it’s our turn.” — Stephen Basile, vice president, fourth generation variety of different roles in the company. “I always like to say we got Miyagi-ed into the business,” Stephen said, referring to the 1984 movie “The Karate Kid.”
Their training at Catania Oils, he joked, was similar to Mr. Miyagi’s unconventional method of teaching karate. “You Continued on page 8
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remember, ‘Wax on, wax off’? It was like that. We had no idea what was going on, and then later on, it was like, ‘Oh, OK, I understand now.’” Ultimately, Stephen believes the way his family trained them at the company was invaluable. “From holding all of these different positions, we really developed a good understanding of the entire operation from approval process to production to manufacturing to warehousing to shipping – basically, the entire operation,” Stephen said. “I would say that’s one of the most important things we went through.” In addition to the name change, the fourth generation of Basiles has been leaving its mark on the business in many other ways, including improving its technological capabilities. “From an operations perspective, we’ve drastically changed the way we come to market and the operation itself as far as how we bring oil into the facility as well as package and ship it,” Joseph said. “We’ve invested a lot of money in new capabilities [including] automation of equipment, and other stuff that makes us more efficient.” While Joseph and Stephen embrace new challenges, they continue to deal with the same conundrum facing all family business, no matter how long they’ve been around: how to strike the balance between business and family. Joseph said one of the most important things he learned from his father and grandfather growing up was the importance of being able to put the business first. Going forward, they want to make sure they have “the right people in the right roles to grow the business,” regardless of that person’s last name or how long he or she been employed at the company, Joseph said. And while both brothers appreciate the history and value of working with their relatives, their view of the company’s family extends far beyond an employee’s last name. “What I love is the passion that the people have that work here. We have a lot of employees here that are non-family, but they treat our business like they are family,” Stephen said. “We appreciate all of our employees, but to be able to work with people other than family who will treat your business like it’s their business is really, really encouraging to see.” ■ 8
Continued from page 6
ally that lucky? A successful parent-owner can be a hard act to follow. The pressure on the next generation to do things as their parents have done or to take the business to the next level is immense. Given this, it’s worth making a careful assessment to determine whether your child wants – or equally important, whether your child is the best person – to take over your business. As you consider this, to potentially give your business’s future a leg up under the leadership of the next generation, have your son or daughter precede their entry or return to your business by spending some substantive years in another well-run business. The education and perspective they can achieve will be reinvested in your business and will further their own exposure to different career opportunities not bestowed on them simply because of their lineage. Ultimately a smart, interested and talented offspring won’t be good at everything; running your business may be one of those things. Alternatively, they may self-select out
of consideration. In these cases, as a business owner, you may have a very painful decision to make – whether to engage a non-family member to take the helm. If you give this decision the time and energy it deserves, you may conclude that by turning to a more skilled leader you’ll be favoring your business, your employees and your community, not to mention your children’s inheritance and your own legacy. On occasions when it becomes obvious that the leadership reins of a company should not – for whatever reason – be handed down to the next generation, we’ve worked with owners who have determined that their best (or only) option to sustain their enterprise was to recruit the right successor. We’ve also worked with a number of families who opted for a strategy to simultaneously elevate performance, position the business for eventual sale, and provide a leadership asset for the acquirer. The natural life cycle of Baby Boomer-owned family businesses has them all
now facing the wave of leadership and ownership succession. The difference for this generation is the resources that have emerged to help sustain their business legacy, plan for their personal wealth and consider their own next adventure. A keystone asset will be the right leadership for the business and the times. That leadership will optimize business performance, maximize the attractiveness for an acquirer and be an asset toward the longevity of the enterprise. The right leader to sustain and position each business will underpin the best outcomes within the flood of Baby Boomer successions. Selecting that leader may be one of the biggest and most important decisions you, as the business owner, have left to make. ■ STANLEY H. DAVIS AND KELLEY R. SMALL ARE PRINCIPALS OF STANDISH EXECUTIVE SEARCH LLC, AN EXECUTIVE SEARCH ADVISOR TO MID-SIZE AND SMALLER COMPANIES POSITIONING FOR ACCELERATED GROWTH, CHANGE OR SUCCESSION. FOR MORE INFORMATION, PLEASE VISIT WWW.STANDISHSEARCH.COM.
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9
E H T M O CUT FR H T O L C E SAM
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By Mike Flaim
V
ery few people can say that their clothing fits them perfectly. For most people, “good enough” is the benchmark, and unless the garment binds like a rubber band or drapes like a car cover, they simply shrug and accept that as standard. Generally we can get by with jacket sleeves that hang a little long or a pair of pants with a hem that rides a little low. It’s only when people realize they need to look their absolute best that they suddenly remember the existence of a whole group of highly skilled craftspeople. Tailoring is an industry that has existed since the middle ages, when high society conceived that the things people covered themselves with should do more to complement the human form. Ever since then, tailors have been working so that men and women can more easily make an impression; they help people get jobs, close deals and walk more confidently. Their work is essential to some of our most important occasions. Tailor shops are almost universally small businesses, and many are family-run. The singular importance of referrals allows them to exist for generations without so much as spending the equivalent of a piece of Hancock’s chalk on advertising, while other businesses on the same block can fail despite the best laid promotional schemes of computer mice and admen. Tailoring requires a keen eye and a high level of dexterity. This, coupled with a latent emphasis on customer service, allow the profession to transcend national and cultural borders in a way very few vocations can. This article features just a few of them, three shops in Boston owned by families whose backgrounds vary immensely, but are united by an entrepreneurial spirit and the uncommon knowledge of a highly technical skill. Beyond that, however, they share the fact that the seed of their entrepreneurship found purchase in another country, and the transplanted roots have taken hold here. Despite their variegated origins, these people have a common thread. Joining the Family Business – Despite Objections Binh Tran is a young, second-generation tailor. She and her mother opened the doors to All Fit Tailoring in 2010, but they were adept at working with clothing long before Continued on page 12 11
Continued from page 11
“I refuse to do things the fastest, cheapest way possible. If it doesn’t look beautiful on you, that’s my reputation on the line.” — Binh Tran, All Fit Tailoring and Alterations then thanks to Binh’s mother, The Tran, who began sewing at the age of 12. Binh was born in Vung Tau, Vietnam, and spent her childhood there until the family emigrated to the Boston area in 1992. Then in fourth grade, she accompanied her mother on her job searches; at the time Binh was the only one in the family who spoke English. She helped her mother secure a job in a Boston garment factory as a patternmaker, where she made templates for pieces of fabric, which would then be assembled into clothing. Patternmaking is among the most technical tasks of the fashion industry, and the knowledge of garment construction would allow her, and later her daughter, to approach tailoring from a perspective few have. Despite Binh’s interest and familiarity with the industry, her mother didn’t 12
want her daughter to be a tailor. “She went through a lot, and she didn’t want that for me,” said Binh. “It’s too hard to make a living because the industry is shipping more and more things overseas. That’s why my mom wanted me to go into nursing. But I always wanted to go back to it.” Armed with first-hand knowledge of the way clothing is constructed, Binh and her mother opened All Fit Tailoring seven years ago. They sold the patternmaking machines and invested in alteration equipment. They decided to focus on bridal gowns because they saw a void in Boston’s market; there were places that sold gowns, but hardly any that had an on-site tailor. Their first location was a small storefront on Newberry Street, but they quickly outgrew it. Binh began to search for a more suitable space, and her standards were exacting.
She wanted a space large enough to accommodate very long trains on dresses. She needed abundant natural lighting so brides planning outdoor weddings would be able to see how they’d look come the big day. Finally, if such a place could not be found on ground level, then they needed an elevator. “There are often elderly people who want to be there for their granddaughter’s first fitting, and I didn’t want stairs to prevent the bride’s grandmother from being here with her,” she said. After two years the Trans found such a spot. 138 Newbury St. checked all the right boxes, and as soon as they signed the papers they began a three-month conversion process. With help from Binh’s husband and his contractor friends they turned the shop into a clean, pearlescent space. Binh took great care to coordinate the
look and function of her shop. For example, instead of practical but unprepossessing metal bars to hold the considerable weight of a dozen or so wedding gowns, she had her husband reinforce the ivory crown molding of the ceiling. With the help of a hooked pole she can raise a gown up among the soft, recessed lighting and place it onto the specially-built lip of the molding. It joins the other gowns hanging there, festooning the ceiling like opulent trim. It is a place where “the gown can be treated with respect,” she said. “It’s very hard for a bride to trust someone with their dress. You have to give them that sense of comfort, the confidence to leave a dress here and know it’s in good hands.” There are dozens of dresses between the front and back halves of her business – what brings all these brides through her doors? “Referrals,” she said. “Yelp and Google reviews definitely help, but it’s only between 5 and 10 percent of business. We don’t pay for advertising.” A person may only see Binh and The Tran once in their life, but that bride has sisters, friends, nieces and coworkers. That’s why they don’t advertise; their effort is their advertising. “I refuse to do things the fastest, cheapest way possible,” she said. “If it doesn’t look beautiful on you, that’s my reputation on the line.” A Willingness to Educate Bill Kopellas was born in Boston and has fond memories of growing up in his father’s tailor shop (the eponymous Frank). They’ve been at 58 Winter St. for over 40 years, but Frank has been a tailor for much longer. Born on the Greek island of Peloponnesus, Frank became a tailor’s apprentice at the age of 13. Like many others before him, Frank saw opportunity in America. He emigrated and opened up a shop on Winter Street, on the second floor of an old building with an unprepossessing sign hanging in the corner window. With a good location, as well as the fact that he’s a master tailor, Frank had little difficulty building his clientele in a new city and a new country. His wife worked by his side as a seamstress, and eventually his son and daughter joined him. Today, Bill and his sister work with their father alongside two other fulltime tailors. What sets Frank’s shop apart from other tailors is that they also sell suits. This was
a lot more common years ago, but tailors today typically focus on altering outside garments. Outside garments are of course welcome, but the benefit of selecting a suit from Frank’s, Bill said, is the education that comes with it. “We pride ourselves on honesty to customers,” he said. “I don’t want to sell you one suit and get you out the door – I want to sell you 30 suits over the course of your lifetime. I will tell you when something doesn’t look good.” One of the biggest challenges facing the industry is a lack of understanding from customers about how much work is involved in skilled alterations, Bill said. “People don’t really understand what they’re paying for,” he said. “They buy illfitting suits at department stores or worse, online, where the salesperson will give them bad advice and say it will only need $15 or $20 worth of work because they want them to get out the door. In reality, that suit might need $100 worth of work.” Men may come in wearing a brand-new suit two sizes too big and expecting to pay $20 to have it fit perfectly after tailoring, he said. “I will tell people, ‘I want your business, but I don’t want you throwing your money away. Go get your money back; get a different suit – either from me or another place – that’s your size, because in the end it’s going to be better.” Bad information and a fundamental misunderstanding about the way a piece of clothing should fit, combined with the skewing of price perception thanks to the rise of fast fashion in the past decade, makes life harder for people like Bill and his father. Still, Bill believes that 90 percent of people understand the time and effort it takes on his part: “it could be a thousand-dollar suit or a hundred-dollar suit; for me it’s the same work,” he said. As for the other 10 percent, he refers back to his willingness to educate; he can show them the difference between quality tailoring and shoddy tailoring, and why Bill and Frank’s approach will always have a place for as long as clothes need to fit. Four Generations of Maestros Like Frank Kopellas, Emilio Mauro of Mauro’s in South Boston is also a master tailor. These days the title is not so much a formal accreditation – the process of reaching that level of professional accom-
plishment and recognition has become less formalized over the years, particularly in America – but when masters like Emilio and Frank were in their salad days it required years of apprenticing and fastidious testing. Emilio isn’t the only Mauro who can call himself “maestro;” his younger brother is a master tailor, who occasionally works with Emilio in his shop. His late brother Luigi was also a master tailor, as was their father, who followed in the footsteps of his father, who took after his father. The Mauros have four generations of tailoring expertise, all of which was honed just outside of Naples. The latest generation, Emilio and his brothers, emigrated to the U.S. in the 1950s. Tailor shops and Tokyo high-rises are some of the best places to observe impressive economy of space, and Emilio’s shop is no exception. Tucked at the end of a long corridor in an old commercial building in South Boston, what the shop lacks in square footage it makes up for with the proprietor’s personality. He’s so focused on the garment he’s working on that he doesn’t notice someone entering his shop. A visitor stood for a moment, afraid to startle anyone whose hands are near a needle moving so fast you can’t see it. After a minute or so Emilio looked up, beamed, and asked how he can help. He speaks with a very heavy Neapolitan accent. In the middle of a question about what makes his profession unique, he interrupts in the most genteel way possible and says, “My father used to say, ‘How great was it to be a tailor? You could meet the most important people in the world – everybody needs a tailor.’” Well into his seventies, it’s clear his father’s rhetorical question still resonates. “My father told us when we were kids, ‘Don’t forget; this is the best job in the world,’” he says, seizing his open-sided thimble and flicking it onto the middle finger of his right hand. “He said, ‘You put your thimble on your finger and you can go around the world. You don’t have to carry heavy tools or anything. And everybody, if you are a good tailor, they’ll be looking for you. You can travel the world with a thimble.’” Along with his trusty thimble and a soft tape measure draped around his neck, his shop contains a few other tools of the trade: Continued on page 14 13
Continued from page 13
a garment press, several sewing machines from the 1950s, one of which has a marked patina by the dial thanks to years of dutiful service, and, of all things, his smartphone. Emilio is adept with technology. As he speaks about how essential good communication is, he draws out his phone every time he thinks an example would help punctuate his point. With a few quick taps, he’s found the website, the picture or the email he’s referring to. The man insists he’s old – too old to be featured in this article, as he’s afraid it will drum up his business when he’s winding down to retire – but his quick mind and deft fingers betray that idea. He emails, he texts, he’s on Yelp and he has opinions about things like Google’s reported pay-to-appear search algorithm (a scheme which he dismisses with a wave of his hand and a shake of his head). “At 75,” he says, “you don’t need to advertise. You have your own customers, and if you don’t you’re no good as a tailor. Advertising for us comes free. If you’ve been here for 45, 50 years and you have to advertise to get the business, you are no good.” When asked if things like Yelp and Google reviews can be traced to a sizable chunk of his business, it is, like the other tailors featured here, not a seismic effect. The recognition heaped upon him online certainly doesn’t hurt, but his industry has worshipped at the altar of customer service for so long that to attribute his esteem to the internet is irreverent. Like everyone featured here, Emilio came to America to build his future. He loves his home country deeply, as expected – he served faithfully in the Italian army as a young man – but he also loves his adopted country for its ability to allow someone like him to practice their trade, raise a family, and give his progeny opportunities unfathomable to his younger self. Emilio may well be the last master tailor with the surname “Mauro,” but he’s not in the least bit saddened by it; in fact, he’s elated to have laid the pattern for his family’s success in a country that welcomed him, all while using the talents that were developed over generations in an ancestral home. ■ MIKE FLAIM IS AN ASSOCIATE EDITOR WITH THE WARREN GROUP, PUBLISHER OF MASSACHUSETTS FAMILY BUSINESS. HE MAY BE REACHED AT MFLAIM@THEWARRENGROUP.COM. 14
“You can travel the world with a thimble.” — Emilio Mauro, Mauro’s
“I don’t want to sell you one suit and get you out the door – I want to sell you 30 suits over the course of your lifetime.” — Bill Kopellas, Frank’s Custom Tailoring
Not all family members are alike. At Tarlow Breed Hart & Rodgers we celebrate the differences that make family businesses special. With guidance from our family business specialists, your company could bear fruit for generations to come. Isn’t it time you had a conversation with our Family Business Practice Group? Call Ed Tarlow or Al DeNapoli at (617) 218-2000.
101 Huntington Ave., Boston 617.218.2000 | tbhr-law.com
Portrait by renowned illustrator Joseph Adolphe.
RENOWNED INSIGHT | BUSINESS SUCCESSION
“The biggest challenge for your business today? Tomorrow.”
Donald P. DiCarlo Jr. M.A., J.D., LL.M. (Tax) National Director of Business Advisory Services, Senior Wealth Strategist Don helps business owners develop and implement successful business succession strategies. He forges relationships with clients while they are still actively engaged in managing the business, and offers key advice at each critical stage. He is part of a seasoned team of wealth advisory professionals who work seamlessly to provide the full spectrum of services required by clients. To learn more about our collaborative and creative approach to managing wealth, contact Mark Andersen at 617.457.2056 or mandersen@wilmingtontrust.com.
Transitioning ownership of your business will undoubtedly be one of the most significant events of your life. And one you may not be prepared to even think about right now. However, with careful planning at each stage, you’ll be ready for what’s ahead – and confident that you’ll preserve everything you’ve worked so hard to build. Growing your business. Your banker and insurance specialist will help determine which deposit, lending, cash management, and insurance solutions will best fuel the growth of your business. You’ll also want to ensure your will and other estate planning documents are in order, and that you’re taking advantage of tax-minimization strategies. Transitioning business capital to personal capital. As your business evolves, you may consider selling or transitioning to your son or daughter, or someone outside the family. We can help you explore exit strategies, secure the right buyer, and value your business. We’ll also help you determine how and where to invest your wealth, and how to manage your liquidity and cash flow needs.
Managing and transferring personal wealth. This is when all your hard work pays off. You’ll begin to implement trust and planning strategies to transfer wealth to the next generation. You may also have the freedom to donate resources to those organizations you find meaningful.
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O F FA M I LY B U S I N E S S E S SURVIVE INTO THE S E C O N D G E N E R AT I O N Source: familybusinessinstitute.com
At Wilmington Trust, we can help create a plan for each stage of your business and your life. Founded by a family business leader more than a century ago, we have the experience to help guide you through times of growth and succession. Our approach focuses on both your business and personal financial needs, allowing us to make each transition in your journey a seamless one. For more insight on how to successfully prepare for what’s next, view our capital transitions video series at wilmingtontrust.com/capitaltransitions.
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This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of your professional advisor should be sought. Private Banking is the marketing name for a product and service offering. Investments: • Are NOT FDIC-Insured • Have NO Bank Guarantee • May Lose Value Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation (M&T). Investment management and fiduciary services are provided by Wilmington Trust Company, operating in Delaware only, and Wilmington Trust, N.A., a national bank. Loans, retail and business deposits, and other personal and business banking services and products are offered by M&T Bank, member FDIC. ©2016 Wilmington Trust Corporation and its affiliates. All rights reserved.