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.
“Elliott Davis" is the brand name under which Elliott Davis, LLC (doing business in North Carolina and D.C. as Elliott Davis, PLLC) and Elliott Davis Advisory, LLC and its subsidiary entities provide professional services. Elliott Davis, LLC and Elliott Davis Advisory, LLC and its subsidiary entities practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Elliott Davis, LLC is a licensed independent CPA firm that provides attest services to its customers. Elliott Davis Advisory, LLC and its subsidiary entities provide tax and business consulting services to their customers. Elliott Davis Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Elliott Davis brand are each individual firms that are separate legal and independently owned entities and are not responsible or liable for the services and/or products provided by any other entity providing services and/or products under the Elliott Davis brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Elliott Davis, LLC and Elliott Davis Advisory, LLC.
