Every industry has its own nuances. We take that into consideration and approach business solutions with the specific lens required of your field. Our teams are comprised of talent with relevant experience and we’re prepared to meet every challenge.
AI and fraud risk management in financial processes: Rethinking internal controls
Learn how stronger internal controls, AI governance, continuous monitoring, and fraud risk management help organizations prevent, detect, and respond to emerging threats.
Inside the Psychology of the Presidents Cup
In this week's Growth Spurt, Dr. Drew Brannon takes us inside the Presidents Cup, breaking down the unique formats, traditions, and team dynamics that make the event so compelling.
Driving enterprise value in construction: A practical framework for owners
Learn the five drivers of construction enterprise value and how owners can increase valuation, reduce risk, and prepare for succession or sale.
The Cost of the Wrong Hire
A bad executive hire costs far more than a salary; it can erode culture, stall momentum, disrupt strategy, and create a ripple effect throughout an organization.
Responsible AI starts with governance: Building trust, controls, and accountability into AI adoption
AI creates value only when it can be trusted. Learn how governance, controls, and accountability help organizations adopt AI responsibly and realize ROI.
Every industry has its own nuances. We take that into consideration and approach business solutions with the specific lens required of your field. Our teams are comprised of talent with relevant experience and we’re prepared to meet every challenge.
AI and fraud risk management in financial processes: Rethinking internal controls
Learn how stronger internal controls, AI governance, continuous monitoring, and fraud risk management help organizations prevent, detect, and respond to emerging threats.
Inside the Psychology of the Presidents Cup
In this week's Growth Spurt, Dr. Drew Brannon takes us inside the Presidents Cup, breaking down the unique formats, traditions, and team dynamics that make the event so compelling.
Driving enterprise value in construction: A practical framework for owners
Learn the five drivers of construction enterprise value and how owners can increase valuation, reduce risk, and prepare for succession or sale.
The Cost of the Wrong Hire
A bad executive hire costs far more than a salary; it can erode culture, stall momentum, disrupt strategy, and create a ripple effect throughout an organization.
Sole owner of a professional services firm asked Elliott Davis: “How can I prepare myself and the firm now for my transition in the next 10 years?”
Context
Law firm based out of Charlotte, with satellite offices throughout smaller towns in the Carolinas
Owner has remained the sole owner of the firm even through large growth
Senior attorneys interested in ownership
Challenged with determining the best option for transferring ownership and setting owner up for financial success upon eventual transition
Our Approach
Focused on aligning the direction of the business with the owners’ personal desires and goals
Conducted Phase 1 assessment to define succession strategy and priorities using four pillars:
Personal: owners’ desires, plans and goals
Finance: valuation considerations, value drivers, financial transparency
Operations: roles and responsibilities, policies and procedures
Governance: legal documents, current ownership structure, operating agreements
Then, executed succession strategy initiatives in Phase 2
Client Impact
Current owner, now has a succession strategy aligning with her primary goal to transition away from an active role in the firm in the next 10 years
Owner understands and has modeled the future impact of recommended strategy to her personal financials
Senior attorneys received clarity on firm changes, negotiations are developing alongside external counsel
The Firm now has additional initiatives to prepare for future transition (e.g., marketing focus)
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team using the form below.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
