Sunset Family Business Radio

Using Collaborative Practice to Preserve the Family Business During Conflict

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On Thursday, March 11^th (live at 1:00pm) we will welcome three guest, Amy Waggoner, a leading Atlanta divorce attorney and Partner with Waggoner Hastings, LLC, Robert Bordett, CFP, CDFA, SVP Consolidated Planning Corporation, and Marsh Schechtman, LCSW who will tackle the subject of resolving major conflicts, including divorce, that could have the potential to not only destroy the family, but also the family business.

Our team of experts will discuss collaborative practice as it applies to family business issues.  Collaborative practice is a multidisciplinary approach to dispute resolution in which the parties work with a team of professionals, including lawyers, financial neutrals, and facilitators, to create a solution that meets the needs of all involved.  Collaborative practice can be used in negotiating original corporate formation as well as in negotiating corporate dissolution.  Collaborative practice also may be used in divorce to ensure that the divorce does not destroy a family business that the parties have worked so hard to maintain.

Our prior shows have emphasized planning around a number of different issues that family businesses face, and this show is no exception.  Understanding the value of the collaborative process will allow you to be prepared if conflict arises.   The show promises to be a lively and informative discussion so please be sure to join us–or download the Podcast after the show if you can’t listen live.

Our Guests

Amy K. Waggoner is a collaborative family law attorney.  Her focus is working together with clients in transition to find creative solutions that promote the best interests of the family and the children. In addition to the collaborative practice of family law, Amy serves as a Guardian ad Litem to protect the interests of children who are involved in contested custody matters and regularly volunteers her time in helping children and families through the Atlanta Volunteer Lawyers Foundation.

Amy is a founding member of the Atlanta Collaborative Divorce Alliance, and a member of the International Academy of Collaborative Professionals, the Collaborative Law Institute of Georgia, the Family Law Section of the Atlanta Bar Association, the State Bar of Georgia, and the State Bar of Tennessee.

She regularly lectures on collaborative and family law issues, particularly those involving implementing creative, non-adversarial solutions to legal issues.

Amy Waggoner, Waggoner Hastings – Telephone – 770-641-8200

Robert D. Bordett is Senior Vice President of Consolidated Planning Corporation.  He is a Certified Financial Planner, Certified Divorce Financial Analyst, and a registered mediator and arbitrator with the Georgia Office of Dispute Resolution. He is committed to positive outcomes for divorcing families.

Bob has spent more than 25 years providing financial expertise in collaborative practice and mediated divorce proceedings.  He is past president of The Collaborative  Law Institute of Georgia, past board member of the International Academy of Collaborative Professionals (IACP) and a member of the IACP Advisory Council on Collaborative Practice and Training.  In addition, he is past president of the Georgia Society of the Institute of Certified Financial Planners, served as a National Committee member for the Institute of Certified Financial Planners, and is a founding member of the Family Mediation Association of Georgia.  In addition, Bob is a current member of the Association for Conflict Resolution, National Association of Tax Practitioners, Financial Planning Association, and Association of Family and Conciliation Courts.  He has written numerous articles on financial planning and Collaborative Practice that have been published in the Atlanta Journal Constitution, Journal of Financial Planning, Georgia Family Mediation News, Fidelity 401K magazine and has appeared on CNN Sunday News.

Robert D. Bordett, CFP, CDFA, Consolidated Planning Corporation – Telephone – 404-892-1995

Marsha has a Masters degree in Clinical Social Work from Florida State University.  She has been a clinician for over twenty five years and has been practicing in the Atlanta area since 1982.

Marsha has had a full time private counseling practice since 1990 where she works with adults, adolescents and children in individual, family and group settings. For the past ten years, a good portion of her practice has been providing marital therapy to couples. She has also assisted couples and families who are transitioning as a result of separation and divorce. Marsha has provided Co-Parenting Counseling as well as Parent Coordination services for couples and families.

In 2004 she received her training as a Collaborative Divorce Coach and Child Specialist. She has been a part of many Collaborative Interdisciplinary Teams as a Divorce Coach or Child Specialist. Marsha is a board member of the Collaborative Law Institute of Georgia, serves on the research committee of the International Academy of Collaborative Professionals and is a member of the IACP. Marsha has facilitated a number of CLIG Practice and Organizational Development Group (POD) meetings, providing continual education for members, is a trainer for CLIG’s introductory and advanced trainings and provides basic and advanced training for collaborative professionals throughout the United States. Marsha is a registered general/civil mediator and divorce mediator.  Marsha is an active member of the National Association of Social Workers and the Academy of Clinical Social Workers.  Marsha Schechtman, LCSW – Telephone – 770-753-4911

Sunset Family Business Radio

Recap: March 4th Broadcast-3 Experts with Strategies for Preserving Wealth

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The Family Business Radio broadcast on March 4^th offered a penetrating look at the various aspects of finances for the family-owned business. Insights into this integral business sector where given in a round-table discussion format by Christina Napoli, VP-Commercial Banking for First Citizens Bank, Anita Pittman, CPA and Tax Partner with Cherry, Bekaert & Holland, and lawyer Loraine DiSalvo, Partner with Morgan and DiSalvo, moderated by Family Business Radio hosts Pat Romboletti and Meredith Moore.

Loraine set the stage by sharing her experience in the areas of estate planning, tax planning, and succession planning, in which she has often found that the bulk of a business owner’s estate is the business itself, and therefore illiquid. It is a circumstance that increases the difficulty of the estate tax situation and underscores the need for pre-event planning. One document that she highlighted as especially critical was the buy/sell agreement, which spells out the person or entity that has agreed to assume operation of the company, either temporarily or permanently, should something happen to the primary owner-family member.

From her perch as a CPA focusing on partnership taxation, executive compensation planning, and merger and acquisition work—plus having grown up herself in a family-owned business—Anita suggested that, if the weak economy has depressed company share value, now is a good time to think about transitioning some of the ownership to other family members.

That opening gave way to a lively and frank discussion about passing on ownership to children, especially when the children don’t welcome it. Loraine cited this circumstance—forcing unwanted ownership onto children—as the number one reason for the failure of family-owned businesses. Anita discussed the resulting conflicts that erupt among the children, stressing that upfront planning and transparency head off those problems.

As a banker, Christina pointed out that unwilling heirs affect the availability of financing as the bankers try to understand where the control now lies. Her rule of thumb is that if a person has 20 percent or more of ownership in the business, then they need to be involved in the day-to-day business and adding to profitability.

From this point in the broadcast, the participants delved into a range of topics that affect all family-run businesses:

• Structuring your business model appropriately from a tax POV.
• The definition of “long-term” in these fast-changing times. (Hint: it’s not five years anymore.)
• Setting up incentives for family members and non-family members.
• Awkward Conversations 101. Apparently, there are no magic words when it comes to the discussion of money and family.
• The view of family-owned businesses in today’s banking industry.
• A riveting discussion on the nearly-inexplicable status of the federal estate tax.
• Best ways to use your team of trusted advisors.

Be sure to listen and download the Podcast to hear all of the details on the above topics.

In the end the overarching theme of our experts was echoed in the 3 tips that our guests gave at the end of our broadcast—plan  plan, plan—plan early, plan often and review frequently.  And then plan some more.  Oh, yes—and throw in a mighty blast of clarity. All five participants agreed that these two key ingredients, planning and clarity, will help family businesses build wealth and preserve it.   Loraine also left our listeners with a great book recommendation:  “How to Run Your Business So You Can Leave it in Style” by John H. Brown.

We extend a big thank you to our three knowledgeable experts and newest members of the Family Business Radio community.  You can contact our guests as follows:  Loraine DiSalvo, Partner, Morgan and DiSalvo, PC, www.morgandisalvo.com,Email: ldisalvo@morgandisalvo.com–678-720-0750//Christina Napoli, VP First Citizens Bank, www.FirstCitizensonline.com, Email: christina.napoli@firstcitizensonline.com–678-624-4880// Anita Pittman CPA, Partner Cherry, Bekaert, Holland, www.cbh.com, Email: apittman@cbh.com–404-733-3221