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On the Shoulders of Atlas tells the story of the Banks family and the succession planning issues faced by patriarch Victor, founder of Atlas Plastics. “He still wanted to have a business that his family could continue to grow with, but he wanted to diversify some of the family’s wealth,” says Landau.
Each of the book’s chapters tackles a different aspect of the plan: from the decision to either hold on to the company or sell it; how to go about selling the company and making the sale tax-efficient. And all the details are covered because when the authors aren’t busy writing books, they work together as a loosely knit team on business succession plans.
“Like most business people, they look at what gets left in their jeans after the smoke clears, and so part of the exercise in maximizing the value of their business is to minimize the tax liability that gets triggered when you sell,” says Landau. The book goes beyond the transactional aspects to deal with the softer side of the family business, and how it defines the family that built it. “A large part of my work is to integrate the advisors and help families understand the advice they are given, which these days is often complex, difficult and hard to integrate for most ultra high-net-worth individuals,” says Betts.
The final chapters deal with investing the proceeds of the sale and estate planning issues.
Few events in an advisor’s career match the work that goes into helping a client sell a business. The sudden wealth resulting from these transitions requires skillful management, and they’re also fraught with risks that often require expertise beyond the realm of many advisors.
“Clients are under stress as they say goodbye to an enterprise with which they’re closely associated, and which they’ve nurtured from inception.
“ “They don’t even know what they’re looking for, and they don’t know who to speak to first,” says Susan Latremoille, wealth advisor, Richardson GMP. “They’ve got to start someplace, but there’s no set place to start.”
“The primary issue, she says, is trust. Successful business owners often outgrow their original advisory team—which generally consists of the local lawyer and accountant, who may not even realize they are out of their depth. Latremoille points out the clients often don’t realize they need more help, and in reality require a panel of experts to guide them through the business sale process.
“And Latremoille has published a book that does just that, entitled On the Shoulders of Atlas, and its execution is a perfect example of the teamwork that business succession planning requires. It was written by Latremoille and fellow Richardson GMP advisor, Peter Creaghan, along with a team of 10 professionals, made up of financial planners, accountants and lawyers:
On the Shoulders of Atlas tells the story of the Banks family and the succession planning issues faced by patriarch Victor, founder of Atlas Plastics. “He still wanted to have a business that his family could continue to grow with, but he wanted to diversify some of the family’s wealth,” says Landau.
Each of the book’s chapters tackles a different aspect of the plan: from the decision to either hold on to the company or sell it; how to go about selling the company and making the sale tax-efficient. And all the details are covered because when the authors aren’t busy writing books, they work together as a loosely knit team on business succession plans.
“Like most business people, they look at what gets left in their jeans after the smoke clears, and so part of the exercise in maximizing the value of their business is to minimize the tax liability that gets triggered when you sell,” says Landau. The book goes beyond the transactional aspects to deal with the softer side of the family business, and how it defines the family that built it. “A large part of my work is to integrate the advisors and help families understand the advice they are given, which these days is often complex, difficult and hard to integrate for most ultra high-net-worth individuals,” says Betts.
The final chapters deal with investing the proceeds of the sale and estate planning issues.
Few events in an advisor’s career match the work that goes into helping a client sell a business. The sudden wealth resulting from these transitions requires skillful management, and they’re also fraught with risks that often require expertise beyond the realm of many advisors.
“Clients are under stress as they say goodbye to an enterprise with which they’re closely associated, and which they’ve nurtured from inception.
“ “They don’t even know what they’re looking for, and they don’t know who to speak to first,” says Susan Latremoille, wealth advisor, Richardson GMP. “They’ve got to start someplace, but there’s no set place to start.”
“The primary issue, she says, is trust. Successful business owners often outgrow their original advisory team—which generally consists of the local lawyer and accountant, who may not even realize they are out of their depth. Latremoille points out the clients often don’t realize they need more help, and in reality require a panel of experts to guide them through the business sale process.
“And Latremoille has published a book that does just that, entitled On the Shoulders of Atlas, and its execution is a perfect example of the teamwork that business succession planning requires. It was written by Latremoille and fellow Richardson GMP advisor, Peter Creaghan, along with a team of 10 professionals, made up of financial planners, accountants and lawyers:
On the Shoulders of Atlas tells the story of the Banks family and the succession planning issues faced by patriarch Victor, founder of Atlas Plastics. “He still wanted to have a business that his family could continue to grow with, but he wanted to diversify some of the family’s wealth,” says Landau.
Each of the book’s chapters tackles a different aspect of the plan: from the decision to either hold on to the company or sell it; how to go about selling the company and making the sale tax-efficient. And all the details are covered because when the authors aren’t busy writing books, they work together as a loosely knit team on business succession plans.
“Like most business people, they look at what gets left in their jeans after the smoke clears, and so part of the exercise in maximizing the value of their business is to minimize the tax liability that gets triggered when you sell,” says Landau. The book goes beyond the transactional aspects to deal with the softer side of the family business, and how it defines the family that built it. “A large part of my work is to integrate the advisors and help families understand the advice they are given, which these days is often complex, difficult and hard to integrate for most ultra high-net-worth individuals,” says Betts.
The final chapters deal with investing the proceeds of the sale and estate planning issues.
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