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Leveraging ESOPs in Exit Planning with Kelly O. Finnell, CEO of Executive Financial Services (Ep. 15)

Leveraging ESOPs in Exit Planning with Kelly O. Finnell, CEO of Executive Financial Services (Ep. 15)

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No financial advisor understands every strategy and tool to build a perfect business plan. With the niche area of ESOP, even fewer know to use it effectively. That’s why learning from someone who knows is the best option.

In this episode, Mark Dorman speaks with Kelly O. Finnell, J.D., CLU, AIF®, CEO and President of Executive Financial Services, on ESOPs, their role in business planning and how banks are incorporating ESOP financing in their services. Kelly shares his rich 40 years of knowledge on ESOPs and the strategies business owners can leverage in their ownership succession planning.

Kelly discusses: 

  • Why he chose to change his area of expertise to such a niche area in financial planning
  • Who benefits from including ESOPs in their business plan
  • How ESOPs can be leveraged for tax deductions
  • Why seller transactions have increased in benefit due to banks leveraging ESOP consultants
  • And more

Resources:

Connect with Kelly O. Finnell:

Connect with Mark Dorman: 

About our Guest: 

Kelly O. Finnell, J.D., CLU, AIF® is one of the nation’s premier ESOP consultants, having spent more than 40 years helping business owners design and execute ESOPs. Kelly is one of the most sought-after speakers about ESOPs, with experience presenting at more than 300 conferences and meetings throughout the U.S. and abroad in London and Sydney.

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Empowering Business Owners for Success with Bob Hothem, President of The Alternative Board – Miami Valley, Ohio (Ep. 14)

Empowering Business Owners for Success with Bob Hothem, President of The Alternative Board – Miami Valley, Ohio (Ep. 14)

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How much could you problem-solve with your own information? How much more could be solved with the knowledge of multiple business owners?

In this episode, Mark Dorman is joined by Bob Hothem, CEO of TAB Miami Valley, on how his company works with business owners to create guidance and accountability through personalized coaching plans and learning from experienced business leaders.

Bob discusses: 

  • What value does TAB bring to business owners
  • Examples of how business coaching works to provide knowledge and experience
  • How peer-to-peer boards offer multiple viewpoints on individual struggles
  • How to connect with TAB today
  • And more

Resources:

Connect with Bob Hothem:

Connect with Mark Dorman: 

About our Guest: 

Bob Hothem is the president and owner of TAB Miami Valley. TAB Miami Valley focuses on improving diverse businesses and their owners’ lives by creating advisory boards of noncompeting independent business owners. Bob acts as a facilitator and coach with these businesses and works with them to drive measurable change in a number of areas.

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How to Structure the Exit From Your Business From a Legal Perspective with J. Douglas Drushal, Esq, Critchfield, Critchfield & Johnston (Ep. 13)

How to Structure the Exit From Your Business From a Legal Perspective with J. Douglas Drushal, Esq, Critchfield, Critchfield & Johnston (Ep. 13)

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When exiting your business, you want the value that you put in. How can you ensure your exit plan considers the future of that business and your wants either through succession planning or the sale of the company?

In this episode, Mark Dorman is joined by J. Douglas Drushal, partner at Critchfield, Critchfield & Johnston, to share his decades of experience counseling businesses through their exit strategies and what he has learned along the way.

Doug explores: 

  • How a team contributes to the success of an exit plan
  • How business sale transactions are structured when exiting a business
  • The difference between buying a business through assets versus stocks and the fears that come with those sales
  • Options for creating a middle market between the seller’s evaluation and the buyer’s price
  • And more

Resources:

Connect with J. Douglas Drushal:

Connect with Mark Dorman: 

About our Guest: 

Doug Drushal is the most senior Member of the firm, having joined in August of 1979, after a two-year Clerkship with Judge Anthony J. Celebrezze of the U. S. Court of Appeals for the Sixth Circuit. He has perhaps the broadest areas of practice in the firm, providing both business and personal guidance on a wide variety of topics, using his 40 years of experience to the advantage of his clients. Doug enjoys being outdoors, as evidenced by rafting down the Colorado River through the Grand Canyon twenty times and taking snow skiing trips across the West, and an occasional visit to the golf course. He also enjoys traveling internationally, having visited India several times as well as various countries in Africa and Europe. He also manages to find the time to play full-court fast-break basketball several times per week.

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Visualizing Your Financial Possibilities with Adam Holt, CEO of Asset-Map (Ep. 12)

Visualizing Your Financial Possibilities with Adam Holt, CEO of Asset-Map (Ep. 12)

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Business owners can be seen as knowing everything about finance because their businesses succeed. But that isn’t often the case. 

In this episode, Mark Dorman speaks with H. Adam Holt, founder and CEO of Asset-Map about simplifying financial explanations and discussions with business owners. Adam shares how helping business owners understand complex financial planning will increase the number of clients taking their first step toward their financial future.

Adam discusses: 

  • Why he started Asset-Map
  • How visual and auditory learners can benefit from alternative financial explanations
  • What the next generation of Asset-Map users will need
  • Examples of Asset-Map utilization for business owners
  • How Asset-Map changes the way you relate with money
  • And more

Resources:

Connect with Adam Holt:

Connect with Mark Dorman: 

About our Guest: 

Adam Holt has always considered himself both a student and a teacher – driven to explore, understand and communicate the complexities in the finance, business, legal and tax environments. He takes great pleasure in breaking down the complex into manageable distinctions for his clients and colleagues. The evolution of Financial Planning as a profession has required not only a specific understanding of the nuances of markets (including commoditized products such as investments and insurance), but also the point in our life journey, environment and business will drive future opportunities and challenges. As such an advisor, Adam has aligned himself with other forward-looking professionals and continually seek those that value a consultative approach premised on communicating thoughtful and intelligent analysis.

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Treating Your Business as an Asset with Chuck Richards, CEO of ValuCompass (Ep. 11)

Treating Your Business as an Asset with Chuck Richards, CEO of ValuCompass (Ep. 11)

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80% of businesses fail to transfer successfully due to a lack of planning. How can a small shift in perspective increase your chances of success?

In this episode, Mark Dorman speaks with Chuck Richards, CEO of ValuCompass. He unpacks how their research tool analyzes your business, helps you treat it as an asset and connects your personal objectives and your business plan to achieve greater success in transferring your business.

Chuck explores: 

  • The two main reasons why businesses fail
  • Examples of businesses that might not be transferable 
  • How thinking of the business as an asset increases its success rate 
  • Why your personal goals should be the driving force behind what you do with your business
  • How ValuCompass helps private businesses communicate what makes them valuable and worthy of investment
  • The four key tools to turning a business into an effective asset
  • Case Studies of before and after successes
  • And more

Resources:

Connect with Chuck Richards:

Connect with Mark Dorman: 

About our Guest: 

Chuck Richards’ mission is to help business owners and CEOs build profitable and transferable businesses that in turn create wealth for the owners and their families, build vibrant communities, and help economies thrive. Chuck carries on his mission in Vermont and abroad – his vision and CoreValue Research have touched the lives of business owners across the globe from Canada to Europe to Australia and Africa.

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Tilling the Soil for Growth with Jerry Schill, CEO of Schill Grounds Management (Ep. 10)

Tilling the Soil for Growth with Jerry Schill, CEO of Schill Grounds Management (Ep. 10)

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Taking the step to build your passion into a business takes more than just money. You need an entrepreneurial spirit for what you are building.

In this episode, Mark Dorman is joined by Jerry Schill, CEO of Schill Grounds Management, to talk about his journey as an entrepreneur. Jerry shares his experience in building a business, how the business has grown, and what he looks forward to for the future of Schill Grounds Management.

Jerry discusses: 

  • Why he started a landscaping business and how that business changed over the years
  • The importance of arranging your affairs well in advance of your exit
  • What it means to scale a landscaping business
  • What to consider when looking at a merger and acquisition
  • The partnership options his organization provides to exiting owners
  • And more

Resources:

Connect with Jerry Schill:

Connect with Mark Dorman: 

About our Guest: 

Jerry Schill has received numerous accolades for his leadership in the Northeast Ohio business community and the commercial landscaping and snow management industry, including the National Leadership Award from SNOW Magazine and Lawn and Landscape Magazine. He is an active member of the Legislative Committee for the Accredited Snow Contractors Association (ASCA) and the Snow and Ice Committee for the Ohio Landscapers Association (OLA).

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Masters Special! Planning for the “Back 9” of Your Business with Rodney Davis, Owner of River Greens South G.C. (Ep. 9)

Masters Special! Planning for the “Back 9” of Your Business with Rodney Davis, Owner of River Greens South G.C. (Ep. 9)

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Many advisors know about the game of golf, whether they play to let off some steam or to connect with clients on a more personal level. Behind every green course is a business like any other.

In this episode, Mark Dorman speaks with Rodney Davis, from River Greens Golf Course, on his experience as a golf course owner, all the planning that goes behind the scenes and his journey to building an exit plan before he planned his retirement.

Rodney discusses: 

  • How he became the owner of River Greens Golf Course in Avon Park
  • When and why he started building his exit plan
  • The business planning behind golf courses
  • The importance of building an exit plan sooner rather than later 
  • And more

Resources:

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Connect with Rodney Davis:

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Is an ESOP the Correct Exit Strategy for Your Business? With Kevin Vonderau and Dan Bender (Ep. 8)

Is an ESOP the Correct Exit Strategy for Your Business? With Kevin Vonderau and Dan Bender (Ep. 8)

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Employee stock opportunity plans aren’t just for employees as the name suggests. Business owners can benefit from ESOPs just as much.

In this episode, Mark Dorman is joined by Kevin Vonderau, Executive Vice President and Chief Lending Officer of Westfield Bank, and Dan Bender, Senior Vice President at Westfield Bank, in discussing the role of ESOPs in business planning both for business owners looking to exit their business and their employee’s retirement plans.

Kevin and Dan discuss: 

  • What ESOP stands for and how it fits within business planning
  • How ESOPs work for employees versus business owners
  • What a leveraged ESOP is and the bank’s role in those types of ESOPs 
  • Top five industries that benefit from including ESOPs
  • And more

Resources:

Connect with Kevin Vonderau:

Connect with Dan Bender:

Connect with Mark Dorman: 

About our Guests: 

Kevin Vonderau has been meeting the banking needs of clients in Northeast Ohio for over 25 years. During that time, he has gained a broad understanding of the services and products that they offer to solve their client’s financial needs. This deep knowledge and experience allows Kevin to not only create solutions for his customers but also gives him the expertise to help them avoid or overcome obstacles. At Westfield, they know that in business, it’s all about networking. Kevin look for ways to help his customers build their contact base. Through various events, many of which they host here on the Westfield campus, and his network of trusted colleagues, he is able to connect his customers with experts outside of the banking industry who can help them grow their businesses and plan for their future.

Dan Bender is an experienced Commercial Relationship Manager with Business Banking and Middle-Market experience in the Greater Cleveland area. His expertise includes establishing credit facilities for working capital, capital expenditures, business acquisitions, and real estate purchases and refinancing. He also maintains commercial relationships for non-borrowing customers who require treasury management services.

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Trapped in the Family Business with Dr. Michael Klein (Ep. 7)

Trapped in the Family Business with Dr. Michael Klein (Ep. 7)

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Joining the family business can be an easy way to start a career. But is it the career you want? And how can you explore new opportunities within the singular business? 

In this episode, Mark Dorman speaks with Dr. Michael Klein, President of MK Insights and author of Trapped in the Family Business, on how multigenerational businesses trap family members with the expectation of joining the family business.

Dr. Michael unpacks: 

  • How do family members become trapped in the family business
  • What influence family members have on the next generation’s career path
  • Why previous generations need to take a step back from controlling the business
  • What current businesses are doing to provide future generations an opportunity for personal growth within and outside of the business
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Dr. Michael Klein:

About our Guest:

Dr. Michael Klein has been a workplace consultant and advisor to individuals and organizations for over 20 years. He has worked with privately and publicly held businesses in industries including pharmaceuticals, insurance, entertainment, banking, construction, logistics, education, forestry, retail, publishing, hospitality, manufacturing, and healthcare. 

Michael has held positions in Organizational Development, Human Resources, and served as a Director of Advisor Training & Development at MassMutual Financial Group. Dr. Klein published “Trapped in the Family Business,” to assist individual family members in understanding, managing and taking control of their professional and personal lives when other family members are involved. He also has created and managed development processes for executives, sales leaders and other professionals.

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Your Journey through “No Man’s Land” with Doug Tatum, Chairman & CEO of Newport, LLC (Ep. 6)

Your Journey through “No Man’s Land” with Doug Tatum, Chairman & CEO of Newport, LLC (Ep. 6)

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While growing, businesses reach a point where they are too big to be small but too small to be big. This place is called No Man’s Land.

In this episode, Mark Dorman speaks with Doug Tatum, Chairman of Newport LLC and the author of No Man’s Land: Where Growing Companies Fail. Doug explains how the book came to be from his personal experiences leading a firm and how it helps small business owners looking to grow their businesses.

Doug discusses: 

  • What is No Man’s Land and how he discovered it
  • Why entrepreneurs are scared to take the step and leave their inner circle
  • The four M’s to navigate No Man’s Land
  • How entrepreneurs can expand their business without losing control
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Doug Tatum:

About our Guest: 

Doug is Chairman of Newport LLC, a national partnership of CEOs and senior executives who advise emerging middle market companies and assist private equity firms to invest in and grow portfolio companies. He is also a member of the Teaching Faculty at the Jim Moran School of Entrepreneurship at Florida State and also Advisory Board Chairman for the Business Dynamics Research Consortium at the University of Wisconsin – Extension. Previously, Doug was Chairman and CEO of Tatum LLC, which grew into a highly respected national professional services firm with 30 offices and over 1000 professionals and employees. Doug is the author of No Man’s Land: Where Growing Companies Fail, a leading text about growth companies that has been translated into several languages and has won four National Best Business book awards.  His insights about the economy and business have been cited in hundreds of media outlets including Inc. Magazine, The Financial Times, and The New York Times online.

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