Kevin Price, Host of the Price of Business on Business Talk 1110 AM KTEK (on Bloomberg’s home in Houston) recently interviewed Andreas Scott.Here’s that interview.
About the interviewee
Andreas Scott is a co-founder and partner at Collaborative Legacy Partners (CLP) and is the person being interviewed. He is a Certified Financial Planner® who conducted the first-hand research that helped confirm the need for a new approach to transition management for senior level executives and business owners. His experience working with and understanding business owners and executives has given him a deep understanding of the financial and non-financial challenges owner and executives face as they leave their positions. This knowledge has driven the solutions that CLP offers today.
Tell me about your firm (number of employees, location, type of companies you work with, etc.).
Collaborative Legacy Partners has five partners and a support team of 8. We are located at 800 Nicollet Mall Suite 2500 Minneapolis, MN 55402.
Our clientele is comprised of Fortune 500 corporate executives who are leaving the c-suite and middle market business owners who have recently sold and have $5 million or more of investable assets. We work with accomplished professionals who are reaching the age where retirement might be expected, yet are not interested in fully stepping away from their careers. We help our clients explore, assess, and implement a plan that will allow them to explore a range of options and opportunities as they leave their positions.
What type and size of companies do you have as clients?
Our clientele is comprised of Fortune 500 corporate executives who are leaving the c-suite and middle market business owners who have recently sold and have $5 million or more of investable assets.
What comes to mind when you see this topic?
One of the biggest challenges that we see our mid-market business owner clients facing today is knowing how to effectively transfer ownership of their businesses to the next generation in a family business. The owner still feels like they have the energy, drive, and passion to run the business but also want to give every opportunity to the next generation. Being able to transfer ownership and management effectively can be the difference between having a company be successful for multiple generations or having it fail when the owner passes away.
What are the best practices when it comes to this issue?
Plan ahead! One of the most valuable things an owner of a family business (and any businesses in general) can do is to know what his/her desires are regarding eventual ownership transfer, communicate it to the necessary parties, and plan accordingly. When the owner knows what they desire then they can begin to bring together a team of professionals to make sure it is executed upon when the time is right. By planning ahead the owner has the highest likelihood of having the desired outcome.