January 31, 2025 - Colby Schlicker
Lewis & Clark Bank Hosts Successful Business Transition Leadership Forum at Migration Brewing
David Sumpter, VP / Relationship Manager at Lewis & Clark Bank, speaks to a packed room of 30 attendees on how your bank can help a business owner (and their advisory team) find ways to add value to a business entity through growth strategies, such as lending programs, and understanding the details within their finances.
On January 30th, Lewis & Clark Bank, in partnership with WestPac Wealth Partners, hosted a highly successful Business Transition Leadership Forum at Migration Brewing. The event brought together industry experts and business leaders for an insightful and engaging discussion on strategic growth and exit planning.
Unlocking Value for Your Business
The forum featured an impressive lineup of speakers, including David Sumpter from Lewis & Clark Bank, Nick Mesirow from Moomaw, Mesirow & Godfrey, Scott Baraehr from Lewis Group CPAs, and Mark Grubbs from WestPac Partners. Each speaker shared invaluable knowledge and strategies to help business owners plan for the future and unlock value in their enterprises.
Key Takeaways from the Forum
The event was packed with actionable insights and practical ideas. Here are some of the key takeaways:
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Build a Collaborative Advisory Team: Creating a team of banking, legal, tax, and wealth management advisors can help mitigate taxes, ensure a legacy, and manage asset depreciation. Engaging with experts and asking the right questions is vital for informed decision-making, as Mark Gubbs said, "a team can help you 'Save money and make money at the same time’ versus having a ‘Spend money to make money’ mentality."
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Work ON Your Business, Not Just IN It: Entrepreneurs were encouraged to untether themselves from daily operations and focus on strategic growth.
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Planning Your Exit: Understanding when and how to exit your business is crucial. Consider three main options: selling to insiders, selling to outsiders, or keeping the business until the end. “They say the 2 sure things in life is death and taxes. The third is an exit. Will the third be on your terms? Failure to plan is planning to fail." said Mark Grubbs.
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Awareness of Timelines: Awareness of timelines and strategies for succession planning is critical to a successful transition. For example, obtaining a Letter of Intent (LOI) can take at least 36 months, so early preparation is essential.
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Financial Clarity: A counsel of professionals can help business owners get a clear understanding of their true earnings. David Sumpter reflected on banking and lending conversations where business owners got caught off guard by their own finances, often saying "I really make more than that."
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Documentation Matters: Nick Mesirow highlighted the importance of proper documentation, that it can be a major value-add, while poor documentation can be a deal killer. As Scott Baraehr noted, "Your CPA shouldn't be an archaeologist; they should be architects, forward-thinking."
Final Thoughts
The Business Transition Leadership Forum was a resounding success, providing attendees with knowledge and tools needed to plan for their business's future. By fostering a culture of collaboration and strategic planning, business owners can navigate transitions with confidence and unlock the true value of their enterprises.
Stay tuned for future events and opportunities to learn from industry leaders!