Succession Planning
Succession Planning
Butler Area, was organized on March 12, 1800, from an area of the Allegheny Region. Butler is the greatest city as well as the area seat, for the District of Butler, was laid out in 1803, as well as on April 2, 1803, the area was officially established for judicial objectives.
In 1803 John as well as Samuel Cunningham ended up being the very first inhabitants in the town of Butler. After living in Butler, the 2 partners laid out the neighborhood by attracting up plots of land for the flow of more inbound inhabitants. John A. Roebling lived Saxonburg in 1832, by which time many of the region was then populated with German inhabitants.
The design of Butler were specified around 1800 as complies with: Starting at a grasshopper tree on the south side of Buffalo Creek (near Freeport), thence along the Allegheny line due west 23 miles, thence due north 23 miles, after that north 35 levels eastern 15 miles, after that eastern to the Allegheny River, thence due southern to the location of start.
The form and shape of Butler Area appears like a rectangular shape covering greater than 790 miles with the northwestern edge removed diagonally. The limits of Butler Area, unlike numerous various of other Pennsylvania regions, have actually stayed the same from its production to today.
The populace of Butler Region is 185,000 citizens that reside in 33 townships, 23 districts and also the city of Butler. Half of the area is taken into consideration woodland land and open space, fairly exceptional thinking because the city of Pittsburgh is simply 20 minutes from the area's southerly boundary. Significant freeways consisting of Interstates 79 and also 80 as well as the Turnpike make the area conveniently obtainable to site visitors.
The Jeep—Born And Made In Butler.
The American Austin Cars And Truck Business (1929-- 41) was likewise located in the district of Butler. Later on the company transformed its name to American Bantam Vehicle Business. The contemporary Jeep was developed by American Bantam and also the very first forerunners were mass-produced at the Butler property.
Butler is residence to among the very early Ford dealers, developed in 1918 as well as still extant.
Demographics
The racial make-up of the city was 93.6% White, 2.7% African American, 0.2% Indigenous American, 0.5% Oriental, 0.52% from various other races, and also 1.14% from 2 or even more races. The mean earnings for a family in the city of Butler was $25,154, as well as the average earnings for a household was $35,893. Regarding 14.7% of family members and also 19.1% of the populace were listed below the hardship line, consisting of 26.8% of those under age 18 as well as 14.5% of those age 65 or over.
Local Resources
Major Employers:
Sites of interest
“Experience…Wisdom…Credibility”
We realize the Family Business owners in the Butler area inquire often who is the best family business consultant to partner with for succession planning, business valuation, exit strategy and the avoidance of having any family feuds during the planning stages of selling their business----never realizing that The Snebold Family Business is your local #1 partner who has been in business since 1989.
We understand that every day the Family Business owners here in Butler aren't inquiring to hire a business consultant on a day to day basis, but we want you to recognize that we are available-- and that we are the most qualified “local” business consultant – to partner with for you and your family.
We also recognize that all family businesses are just not the same. Not only does each family business need to have all the operation skills and policies in place for the business, including managing the profits, taxes, day to day operations, sales and marketing, human resources, and payroll benefits, but a family business also needs to take care of family relationships. For example, conflict resolution and family feuds in the family owned and operated business is much more different than a regular non-family owned business, and the effects of failure go well beyond an employee getting demoted, transferred to another position within the company or fired altogether. The results of failure become more greater still when you are considering succession planning and selecting a family member to eventually take over when you are ready to step down.
So how do you go about in selecting a family business consultant for your family business? This is not as easy as you may think with a family owned and operated business as it is with a non-family owned and public operated one. Just selecting the most qualified consultant based on what your business friends, associates and membership organization tell you or what you see on the internet may solve your business planning short term, but if the business consultant has never worked with a “local” Butler family business before, they will undoubtedly create major problems for you and your family relationships.
Here are just three initial qualities The Snebold Family Business offers for you to use when it’s time to select a family business consultant:
Choose Experience:
Your family business consultant/partner needs to be focused and tuned into the sometimes hidden conflicts that is very common to family owned and operated businesses. It’s not only hard to get to the root cause of the conflicts if you’ve never had to do it before, it is sometimes even harder to even identify its existence between each family member. At Snebold Family Business we are seasoned pros with local “experience” and having a track record of resolving complex family business challenges.
Choose Wisdom:
“Knowledge is nothing but the facts known by a consultant, whereas wisdom is the combination of experience and knowledge, with the power and skill of applying them or soundness of judgment in a person”…By Rich Snebold
How well can your business consultant manage and move beyond the daily business issues and penetrates to understand your unique culture and interactions of the family members is critical? At the Snebold Family Business we know that having harmony between the family members isn’t necessary, but having the knowledge and good idea of how all the different relationships work together inside and outside the family business is the starting point of our partnership and wise relationship. Especially when you are managing complex issues like crafting or executing a succession plan, getting to the nuts and bolts of the family member’s relationships with one another is important so the skill and soundness of all conversations can be direct and clear.
Choose Credibility:
Does your business consultant have enough credibility in your “local” Butler marketplace and more important among the family business members to have any sort of a positive impact for the family business as a whole? At the Snebold Family Business we have been serving the local Butler community since 1989 and have developed strategic partnerships with many of the top business owners in the local region.
For the business consultant to be effective it also can means tough love even for the person that is signing his or her paycheck. Poor emotional decisions and business dysfunction often start at the top.
Choosing your business consultant poorly has far more negative consequences for a family business than a “normal” business. Keeping these three wise qualities in mind as you make your selection will greatly increase the likelihood that you will choose well and be successful.
Is Your Business Sellable?
Find out with the Sellability Score, our free online questionnaire that helps you gauge the true value of your business in under 15 minutes. The Sellability Score quantitative algorithm weighs dozens of variables to predict how easy it would be to sell your business and the likelihood of getting a premium price. This sophisticated tool tells you how your business would stack up in the eyes of potential buyers if you tried to sell today.
How Much Is My Business Worth?
So, you’ve decided to sell. Maybe you’ve taken your business as far as it can go or maybe you’ve decided you need to switch things up a bit.
But you can’t just stick your business on eBay and hope for the best. There’s a lot you need to know about how to sell a business. Our Business Valuation Package will take you through how to value your business and how to sell it for top dollar.
Most business owners do not know what the value of their business really is. The real value involves a “willing buyer and a willing seller,” but what other reasons are there to have a valuation completed?
· Buy-Sell Agreement – The value in a buy-sell agreement is much more easily defended if there is a professional report attached. This also protects family members.
· Re-capitalization of stock – a re-cap of stock, creating voting and non-voting shares is, once again, more easily defended when there is a professional value completed by a third-party expert.
· Gifting of stock to heirs or employees should have a business valuation supporting their value per share.
Our team of experts can help you. Contact us today!
Healthy Family Business
How do you know if your family business is healthy? Review this checklist to see how you measure up.
Functioning of the Family
· Individuals can manage themselves and relationships with others
· Family has the ability to resolve conflicts with mutual support and trust
· Boundaries between work and family are appropriate and respected
· Knowledge is used wisely and isn’t blocked by unresolved relationship problems
· Communications are open and clear
· Individuals are flexible and able to use advisors wisely
· Family has the ability to make decisions and move forward
· Family is clear about goals and navigates towards the goals
· Family has a good direction and leadership
· Transitions are managed and marked by rituals
· Intergenerational boundaries are appropriate and respected
Management of the Business
· Knowledge is developed and mobilized as collective intelligence
· Organization and its members make use of knowledge to adapt to changing environment and produce and sustainable, competitive advantage for the business
· Decision making is based on knowledge and expertise
· Organizational learning develops new competencies and effective behaviors
· Responsibility is spread throughout the company/family
· Succession is planned early
Development of the Governance and Ownership System
· The mission and goals are clear
· There is a functional board of directors with outsides on it
· There is a sound plan for succession and transfer of ownership over the generations
Effectiveness of the Boundaries between the Family Business Systems
· Business uses family values in strategic Planning
· Boundaries are porous and allow appropriate exchange of information between systems
· Each system used goals and values to steer the course
· Business issues are not acted out in the family and vice versa
· Mutual learning exists between the system (family’s learning flows to the business and vice versa) and is put into action
· Individuals understand core competencies of one another and of the company
Unhealthy Family Enterprises
· The family has poor communications skills and is unable to manage conflict
· There is low trust between family members
· The goals and values of the family are unclear
· Family members roles and obligation are unclear
· The business lacks a sense of direction and does no strategic planning
· The business lacks sufficient expertise – the family tries to do it all
· There is a little thought to succession planning
· There is little collaboration between the family and non-family employees
· There is not a functioning board of directors
· There is no one to turn to for advice and help with key problems
· Family issues spill over into business issues (and vice versa)
· Boundaries between work and family are unclear
Information in this section compiled from “Consulting to Family Business”(Hilburt – Davis – Dyer)
Leadership
Our leadership package and report offers you a straightforward, no-nonsense insights toward knowing who your leaders are, the types of activities that motivate them, and gives you the insight and advantages that you can leverage, and the potential challenges to consider before you sell your business
· Having qualified, experienced, and well-trained leaders are critical to the future success of your business and your financial security.
· Your business is more valuable to inside or outside “buyers” if it has a strong “bench”.
· If you ever want to “transition” out of some of your daily duties, it is imperative that you have a strong leadership team.
· We would be pleased to help you analyze strengths and weaknesses of your “bench” and design a personalized development program for your key leaders.
Succession Planning
Family business owners often want their company to continue beyond their lifetime, managed by their children and, possibly, future generations.
“According to The Family Firm Institute, only about 30 percent of family businesses survive into the second generation, 12 percent are viable into the third generation, and only about 3 percent of all family businesses operate into the fourth generation or beyond” ….June 12, 2018
These survival strategics can be alarming and a best a difficult and challenging process facing every family business owner—raising issues that you’d probably rather avoid. But the strength and longevity of your family business will be your reward. At Snebold Family Business we can partner with you to develop and put a succession plan in place, lending our 30 years plus of local expertise to help you identify, implement and adjust your personalized strategies and techniques that will best serve you and your family business.
You’ve dedicated years of energy and commitment and in some case your lifetime to building your family business. When it’s time for your children or other family members to take over the management, every family business owner will have to devote the same focus and energy, thought and planning to developing a succession plan. Snebold Family Business has over 30 years of local experience advising the family business owners. Not only can we help you with your family business succession plan we will also provide the most current practices and guidance for your unique circumstances.
Every local business owner, family, and stage of life is different. But when it comes to succession planning, they all require the same things, focus, caring and expert consideration. At Snebold Family Business we identify and implement the custom strategies that will best serve you. An experienced partner to make the transition smooth and profitable.
Snebold Family Business offers you access to our strategic partners and specialists. Private business advisory. Fiduciary services. Investments. And more. If you need to sell your business we can help you as well.
Let us work with you and your family to develop a succession plan that will honor what you’ve built-and make sure it thrives for generations to come. Butler | Family Business | Succession Planning | Business Valuation
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Snebold Family Business
7000 Christopher Wren Dr., #101, Wexford, PA 15090
412-427-4080