Case Study
October 6, 2023

Helping business owners develop a succession strategy

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Owners of family-managed business asked Elliott Davis: “Can you help us assess ownership and leadership transition options, so that we can play a more passive role in the organization and reap the most economically beneficial results?”

  • Construction company providing site work in the Southeast
  • Second generation, family-owned business
  • Challenged with determining the best option for transferring ownership and leadership responsibilities
  • Needed to develop succession strategy to help current owners plan for the future
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
  • Identified two potential exit options aligning with owners’ goals:
    • Company sale
    • Passive ownership
  • Supported both exit options with recommendations to achieve most advantageous exit from the business (e.g., develop strategy growth plan, address leadership gaps)
  • Continued providing strategic advice and support as owners navigated the execution of the succession strategy (e.g., hiring support, deal negotiation)
We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team.

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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