Equitas Blog http://localhost/equitasconsultants.com/index.php/site/index/ en rprehogan@equitasonsultants.com Copyright 2012 2012-03-14T14:34:44+00:00 <![CDATA[Transition Planning for Success]]> http://equitasconsultants.com/blog/succession-planning/entry/transition-planning-for-success http://equitasconsultants.com/blog/succession-planning/entry/transition-planning-for-success#When:14:34:44Z Transition Planning for Success

How do I maximize the benefits and minimize the impact of the transition?  How soon should I start to prepare my company? My family? Myself?  What needs to be in place for a successful transition?

I was the guest speaker on the OTUS Group’s Ask the Expert call on January 25, 2012.   The topic was “Transition Planning for Success” and it was focused on small-to-medium size companies and dealt with topics such as when is it best to start planning for transition, tips and suggestions for business owners, etc.  

]]> Succession Planning 2012-03-14T14:34:44+00:00 <![CDATA[Can the senior generation keep its authority and still allow succession to happen?]]> http://equitasconsultants.com/blog/leadership-transitions/entry/can-the-senior-generation-keep-its-authority-and-still-allow-succession-to- http://equitasconsultants.com/blog/leadership-transitions/entry/can-the-senior-generation-keep-its-authority-and-still-allow-succession-to-#When:18:59:00Z This Q&A from the Business Leader Post neatly captures the key to a successful transition of a business from one generation to the next by showing there are different kinds of authority and that giving up one does not mean giving up all.  By replacing parental/presidential authority with a mentoring role, you can have your cake and eat it too.

]]> Leadership Transitions 2012-01-23T18:59:00+00:00 <![CDATA[Chair of the Queensway Carleton Hospital Foundation Board]]> http://equitasconsultants.com/blog/general/entry/chair-of-the-queensway-carleton-hospital-foundation-board http://equitasconsultants.com/blog/general/entry/chair-of-the-queensway-carleton-hospital-foundation-board#When:12:13:24Z I was recently named the Chair of the Queensway Carleton Hospital Foundation Board.  The hospital - which has always been known for its warm and caring patient treatment - is undergoing tremendous growth with the recent opening of the Irving Greenberg Family Cancer Centre and the current major expansion which will bring 10 new surgical suites, ambulatory clinic, dialysis clinic, major upgrades to the diagnostic imaging and cardio-pulmonary units, a new MRI, CT, ultrasound and nuclear medicine camera and new laboratory and pharmacy space to the hospital.  These projects are funded both by the provincial government and the private sector.  It is the responsibility of the Foundation to raise the necessary private sector funds for projects like these serving the health needs of more than 400,000 people in the west end of Ottawa and the Ottawa Valley.  The Irving Greenberg Family Cancer Centre will soon be the primary treatment centre in Eastern Ontario for breast, colorectal and prostate cancers and the hospital’s birthing centre will be one of the largest in the province.  This is a most exciting and challenging time for me to be chairing the hospital’s foundation board.

]]> General 2011-07-14T12:13:24+00:00 <![CDATA[5 Keys to Succession Success]]> http://equitasconsultants.com/blog/succession-planning/entry/5-keys-to-succession-success http://equitasconsultants.com/blog/succession-planning/entry/5-keys-to-succession-success#When:15:25:50Z Recently, Ron was a guest expert on the Otus Group’s Advisory Call.  Ron spoke about his article 5 Keys to a Successful Succession Plan.

To listen to the entire call, visit http://www.otusgroup.com/Resources/recording-5-keys-to-succession-success-march-2011.html

]]> Succession Planning 2011-03-25T15:25:50+00:00 <![CDATA[Family Challenges in the Family Business (2)]]> http://equitasconsultants.com/blog/succession-planning/entry/family-challenges-in-the-family-business-2 http://equitasconsultants.com/blog/succession-planning/entry/family-challenges-in-the-family-business-2#When:16:47:56Z Family Challenges in Family Business PresentationOn March 3, 2011 Ron presented to Cafe Ottawa members at the Hunt Club Golf & Country Club.  His presentation titled Family Challenges in the Family Business was well received and generated a good discussion. 

Here is what Cafe organizer Kim McWaters had to say: “Ron Prehogan of Equitas presented this informative and interactive presentation.  Feedback from this event has been fantastic, and those in attendance were lucky enough to receive a free copy of Ron’s book he co-wrote entitled “On the Shoulders of Atlas, a Story about transitioning a family-owned business”.”

For your complimentary copy of On the Shoulders of Atlas or to get a copy of the presentation please contact us as info@equitasconsultants.com or (613) 569-7001.

]]> Succession Planning 2011-03-10T16:47:56+00:00 <![CDATA[Family Challenges in the Family Business]]> http://equitasconsultants.com/blog/general/entry/family-challenges-in-the-family-business http://equitasconsultants.com/blog/general/entry/family-challenges-in-the-family-business#When:20:02:37Z Ron will be discussing Family Challenges in the Family Business at the next Cafe Ottawa event on March 3, 2011. 

Purpose: to hear examples of some common family challenges in the family business and learn best practices on how to address them.  Topics include:

  • Advice to a young entrepreneur who dreams of building a family business to last for generations
  • How to foster the entrepreneurial ethos in the next generation
  • Ensuring that your trusted advisors are right for you and your family

For more information and to RSVP, please visit the Cafe website http://cafecanada.ca/events.cfm?itemid=12125

]]> General 2011-02-22T20:02:37+00:00 <![CDATA[Don’t Let the Tax Tail Wag The Dog]]> http://equitasconsultants.com/blog/succession-planning/entry/dont-let-the-tax-tail-wag-the-dog http://equitasconsultants.com/blog/succession-planning/entry/dont-let-the-tax-tail-wag-the-dog#When:19:40:08Z Many business owners when asked if they have done a succession plan answer “yes, my lawyer did that for me a few years ago”.  What they often don’t realize is that the lawyer did an estate plan for them which is but one albeit very important component of a succession plan.  Less than 3% of wealth transitions fail due to a poorly designed estate plan whereas 60% fail due to a trust and communication breakdown within the family.

Step 1 of the Equitas succession planning process consists of a discussion with the business owners and ideally their spouses as to their wants and needs going forward.  Step 2 brings in other key stakeholders of the business to discuss what the succession plan is or ought to be – i.e. sale, finance or keep it in the family.  If the plan is to keep it in the family, we help structure the process including business and family meetings.  If the plan is to sell or finance the business, we provide the necessary advice and work alongside our client’s other advisors to achieve the desired result. 

Once the client knows where it wants to go and has a plan to get there, the estate plan should be reviewed to ensure that it is properly aligned with the succession plan.  In that way, the client avoids the “tax tail wagging the dog” which is a big reason why some brilliantly-crafted estate plans go awry

]]> Succession Planning 2010-08-09T19:40:08+00:00 <![CDATA[Gilbert Greenberg Distinguished Service Award]]> http://equitasconsultants.com/blog/general/entry/gilbert-greenberg-distinguished-service-award http://equitasconsultants.com/blog/general/entry/gilbert-greenberg-distinguished-service-award#When:19:37:17Z On June 2, 2010, I was honoured by the Jewish Federation of Ottawa with the 2010 Gilbert Greenberg Distinguished Service Award.  This award is the highest tribute the Ottawa Jewish Community bestows on an individual for exceptional service over the course of many years. The award was given to me primarily for the board positions I have held in Ottawa and nationally and internationally over a 25-year period including President of the Jewish Community Centre and Chair of the Jewish Federation of Ottawa.

My reason for community involvement was the same as my reason for creating Equitas – a burning desire to help strengthen what we have and the chain linking one generation to the next.  In Hebrew, it’s called L’Dor Va’Dor – From Generation to Generation.

]]> General 2010-06-07T19:37:17+00:00 <![CDATA[On the Shoulders of Atlas - Official Launch]]> http://equitasconsultants.com/blog/general/entry/on-the-shoulders-of-atlas-official-launch http://equitasconsultants.com/blog/general/entry/on-the-shoulders-of-atlas-official-launch#When:19:35:20Z On May 6, 2010 we officially launched “On the Shoulders of Atlas” a story about transitioning a family-owned business.

I am a co-author with other professionals who work with family businesses, On the Shoulders of Atlas answers the key questions that haunt business families around the world: What should we do with our business? Sell it? Keep it? Grow it? Take it public? Should we keep it owned by all the family members? Or just the ones that have shown they can manage it? If so, how do we treat family members fairly? How do we possibly find answers to these questions? And how do we talk to our family members, key advisors, and executives about these issues?

Please contact me if you are interested in obtaining a copy.

]]> General 2010-05-10T19:35:20+00:00 <![CDATA[The “R” Word… Relationships]]> http://equitasconsultants.com/blog/business-and-family-communications/entry/the-r-word...-relationships http://equitasconsultants.com/blog/business-and-family-communications/entry/the-r-word...-relationships#When:19:33:11Z Relationships are what make family businesses unique.  From parents to siblings to cousins to in-laws, everyone is affected by the family business.

 On March 9, 2010 Ken Andrews participated as an expert facilitator at Café Ottawa’s Family Business Event. 

]]> Business and Family Communications 2010-03-15T19:33:11+00:00