Case Study
December 5, 2023

Helping a professional services firm owner develop and implement a succession strategy

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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?”

  • 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.

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