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This Month, the Exit Planning Institute started a new feature with an article on a different member each month. I am proud to say that Maurie Cashman was the first advisor to be profiled by EPI.
I hope you find the interview 'Meet CEPA Member Maurie Cashman' both informative and informational.
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EPI: Maurie, what is the one thing you are most proud of that you have accomplished inside and outside of the industry?
Cashman: Inside the industry I guess I would put all of the accomplishments that I share with so many people aside and say that it is the types of relationships that I have been so fortunate to have developed over time. I have been a part of a lot of very difficult negotiations, high growth and changes over the years and those relationships were forged in fire. Some are with people that were part of our “team” at the time and I remember comments like “I’m sure glad he’s on our side of the table” or “I’d want him in my foxhole when the bullets start to fly”. Equally gratifying are those people who were on the other side of the table who say things like “you were the toughest negotiator we ever had to deal with but you were always fair and it drove us crazy."
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Part Two
In the prior issue of this newsletter, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.”
Three other common arguments are:
- I will be required to work years for a new owner.
- I don’t need to plan. When the business is ready a buyer will find me.
- This business is my life! I can’t imagine my life without it!
Today, let’s see if we can dispel these last three objections so you can move forward with planning to leave your business when you want, for the amount of cash you want and to the successor you choose.
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How to Determine When it is Appropriate to Bring in a Family Business Consultant
Last week we introduced you to what Family Business Consultants are and what role they play in dealing with the emotional and behavioral issues associated with family business transfers. We also looked at how the role of the Family Business Consultant is like that of the Panama Canal pilot captain. Your business advisors help you navigate the vast ocean of topics such as estate, wealth, and business planning opportunities. When it comes time to go through the tough areas such as the family dynamics (behavioral and emotional issues) that inevitably arise when any type of change threatens to occur (succession, leadership, wealth transfer, control, etc.), Family Business Consultants help you, your family and your advisory team navigate the intricacies of the special passageway, rather than attempting to get around the problem by avoidance and denial.
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Most, if not all, business owners have been approached by at least one of their advisors with the ever-popular question, "What would happen to your business if you died or became disabled?" Few business owners fail to recognize this question for the thinly-veiled pitch to buy insurance that it is.
Our goal is not to discourage you from buying life or disability insurance. Far from it. Purchased in the proper amounts and for the correct reasons, life and disability insurance proceeds will, indeed, help your business to survive your sudden absence. Insurance alone, however, cannot resolve all of the three primary issues that face every business when owners go AWOL. Let’s identify the three primary continuity issues and examine possible solutions.
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