The Smart and Savvy Exit - Family Transfers - Ellen McIlhenny

Ellen McIlhenny - “The Smart and Savvy Exit – Family Business Transfers”

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INTRODUCTION
 
Now that we are in the new year, we are seeing more articles published speculating about what the future will look like in the workplace. Almost everyone who was formally in an office environment experienced at least some exposure to working virtually.  Many of us now spend most of our time in a home office. 

The question is, what will a post-pandemic office look like?

There are many surveys that say the whole work-from-home situation has been a surprisingly positive experience for both employees and employers. It took a lot of up-front work and in most cases financial investment to make it happen, but I think it proved to many that this could be something useful in the future even for those who return to the office. Instances when for whatever reason and employee cannot make it into work, does not necessarily mean they cannot work.

Early surveys found that over half of hiring managers reported that things had gone better than expected when they were asked about the work-at-home trend. And some even reported increased productivity. Very few indicated that remote working gone worse than expected with decreased productivity.

Many surveys found that most would prefer to work from home either full or part-time.

Once the pandemic is gone, we expect most employees will return to an office environment. Many have, already with measures being taken to protect everyone from infection.  The problem is, the good reasons for being in the office such as seeing, collaborating with, and building relationships with one another, are limited because of the precautions everyone must take. The question is, will the office environment ever be the same and will the convenience of working at home out-weigh the benefits of having everyone together.

Now of course, not everyone can work from home. In fact, it is estimated that only about 40% of the workforce could reasonably work from home. Positions in finance, business services, and technology easily transitioned. Service workers, on the other hand, such as those in transportation, hospitality, manufacturing, and construction, must be on-site. But if the work at home trend continues the things will look different and there will be less opportunity to feel like part of a corporate team. Personally, as a recovering corporate person, the one thing I did like about having to go to the office each day was the camaraderie with my fellow workers. That is why I think this trend is a little sad.  

Just another part of our lives that will be forever changed by COVID-19.
 
 
Show Objectives - The Why
 
I decided to change gears a bit today because I am currently working with a client that is working on doing a family transfer in the next few years so we are attempting to plan for an easy transition that will benefit both the owner in his retirement and the sons who will carry on the legacy of the business. I have been doing a lot of reading on the topic and felt like it would be a good topic for this show…So here we are.

Key Issues
1.    Why is this different? And why should it be the same?
2.    Who are the Leaders?
3.    Preparation, preparation, preparation.
4.    Control – Can you relinquish?
5.     Can the family afford this?
6.    Can you afford this?
7.      How will this affect the key employees?
8.    Benefits and Challenges
9.    What is fair?

 Shows 

• Previous: Podcast Episodes 25 – 28 of Season 4 - The Smart and Savvy Exit – Building Value – Part 5  - We talked about building value with exceptional financial statements.

Find My Podcast at https://pod.co/future-financial-confidence-with-ellen-mcilhenny
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Next Week: Episode 9 of Season 4 – An Interview..

Resources:
Written by Ellen McIlhenny 
Owner of CFO Plus Services, a Fractional CFO services firm which also offers Back Office Bookkeeping Services.  Author of the business novel The Big Turnaround; How Bad Management Nearly Destroyed an Exceptional Company. Check it out at https://thebigturnaround.com


You can connect with Ellen on any of her #cfoplusservices platforms or ellen@cfoplusservices.com
https://cfoplusservices.com
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