Sharing Our Experience:
Ownership Opportunities and Challenges
Through our own experiences in running a family-owned and -operated company and our customers’ hard-won experience, we have learned that there are huge differences between owning a business and managing one. Left unrecognized, these differences can create risks that can broadside even the most capable entrepreneur.
Ownership issues can include realizing a need for additional capital, starting a new business line, buying out partners or contemplating an offer to sell the company. Each of these events requires rethinking the business-as-usual model.
As an example, let’s use a major ownership event: a business owner realizing that it’s time to sell the company. Too often we have seen an owner cut a deal with a competitor over lunch. The result—a lot of money can be left on the table.
To take best advantage of such an opportunity, we suggest to our clients that they speak with investment bankers who are experts in the industry to outline a sales process. In addition, we suggest you:
- Seek advice from other business owners who have recently sold their business.
- Talk with the business owners’ lawyers or accountants regarding their experiences with the sale.
- Develop realistic expectations of what the company’s sale might bring.
- Define your primary goals in selling the business.
- Identify and evaluate employee and family considerations.
An effective ownership plan can help in focusing on how the business will maximize its owners’ return on investment. Many advisors, such as Cole Taylor Bank, specialize in dealing with the idiosyncrasies of owner-operated businesses.
Outside advisors, including accountants, lawyers and management consultants, can assist in understanding and addressing ownership planning and any unexpected transactions. Together, the bank and these advisors can help put together an ownership plan that will prepare the business owner for dealing with both opportunities and challenges.
As owner/operators ourselves, we understand better than your typical banker what is at stake for entrepreneurs. We can apply three generations of experience in both owning a business and helping our clients who are owner-operators to reach their goals and maximize their net worth.
Our goal is to maintain an ongoing discussion with customers like you about the issues you face as a business owner. We are interested in keeping the conversation lively and look forward to the chance to sit down and discuss your plans. Please don’t hesitate to contact us directly.
Jeffrey W. Taylor
(847) 653-7720
[email protected]
Bruce W. Taylor
(847) 653-7710
[email protected]
An effective ownership plan can help in focusing on how the business will maximize its owners’ return on investment.
Visit us at
www.coletaylor.com
COLE TAYLOR TALKS
By Jeff and Bruce Taylor