Why do some family businesses thrive for generations while others struggle with succession and longevity?

In this episode of the Finish Big Podcast, Mark Dorman hosts Carol Butler, President of the Garing Center for Family and Private Business at the University of Cincinnati, North America’s largest university-based family business center. Together, they discuss how the Garing Center supports family-owned businesses with resources that drive growth, resilience, and community.

Carol shares her journey from a Fortune 500 executive to a key player in family business support, emphasizing the center’s mission to foster the success and sustainability of private and family-owned businesses through real-world insights, leadership programs, and roundtable discussions.

Mark and Carol discuss:

• The Importance of Community for Family Businesses
• Roundtable Groups and Their Impact
• Educational Programs and Institutes
• Challenges in Family Business Transitions
• Affordable Resources for Small Businesses

Connect with Mark Dorman:

• Succession Plus US
• LinkedIn: Mark Dorman
• LinkedIn: Succession Plus
• Facebook: Succession Plus
• (330)-416-9271
• mdorman@succession.plus

Connect with Carol Butler

LinkedIn: Carol Butler

About Our Guest:

Carol Butler brings 30 years of corporate leadership experience and a passion for helping family businesses succeed. As President of the Garing Center, Carol is dedicated to providing educational support and resources that ensure the longevity and impact of family-owned businesses in the Cincinnati region and beyond.

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Are you a business owner considering an Employee Stock Ownership Plan (ESOP) or exploring succession strategies?

In this episode of the Finish Big Podcast, Mark Dorman delves into ESOP financing, discussing how bank and seller financing typically work together, and the potential advantages of mezzanine loans. Gain insights into tax implications, the role of ESOP trustees, and how these plans can benefit both the business and the community.

This week’s guest, Kelly Finnell, President of Executive Financial Services Inc., offers his expertise on ESOPs. He covers essential topics such as the process, timeline, and personal satisfaction involved in executing a successful business transition.

Tune into this episode for a comprehensive guide to ESOPs and succession planning. Discover how to navigate these complex transactions and ensure your business’s legacy thrives. Don’t miss out—listen now!

Mark and John discuss:

• Combining bank and seller financing, and the use of mezzanine loans.
• Differences in taxation for current pay interest and warrants in seller debt.
• Ensuring fair market value and commercially reasonable terms in ESOP transactions.
• The typical changes in the business owner’s role, salary, and benefits.
• The steps and time required for feasibility analysis and transaction implementation.

Connect with Mark Dorman:

Succession Plus US

LinkedIn: Mark Dorman

LinkedIn: Succession Plus

Facebook: Succession Plus

(330)-416-9271

mdorman@succession.plus

Connect with Kelly Finnell:

LinkedIn: Kelly Finnell

About our guest:

Kelly Finnell is a leading ESOP consultant and president of Executive Financial Services Inc. Based in Memphis, Tennessee, Kelly specializes in ownership succession planning and has authored “The ESOP Coach.” With extensive expertise in ESOP transactions, Kelly guides businesses through financing, taxation, and trustee responsibilities.

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