E. THOMAS WELCH, MANAGER, JD - ENDORSEMENT FOR THE BALANCE POINT
As you know, I have used your Balance System for the past several years. You may recall that I am a trustee of a trust that owns a business with about $60 million in revenue. I am also on the board of that company. As the technical “owner” of the business, I needed to make sure that there was a proper balance between the interests of the beneficiaries of the trust as the “true owners”, the trustee representing the income and remainder beneficiaries, the Board and Management.
After reading your book and some of your articles on these matters, I drafted an Owner Plan to make clear the needs and expectations of the owner as to the business’ future. Then I shared that with the Board and Management for their input, questions and clarification. This led to an excellent discussion and understanding between the three parties and preceded the final draft of the plan. We have had this in place since 2006 with some revisions during that time. It has been a great tool for decision making during the good business years, the Great Recession, and the slow recovery years since then.
Thank you for sharing your system with me!
E. Thomas Welch, Manager, JDPalisade Asset Management
LARRY D. HAUSE
Larry D. Hause, J.D., is founder and principal of Hause Family Business Transitions, LP and Senior of Counsel with the leading firm of Fredrikson & Byron. He grew up in a family business, and as an attorney and consultant, he has worked with privately held and family businesses since 1984. He guides entrepreneurs and other owners, as well as directors and managers, through the myriad challenges they face when their businesses are in transition.
CARY J. TUTELMAN
Cary J. Tutelman, Ph.D., is a business consultant and owner of CJT Company. Cary helps privately held and family businesses grow and move through the complicated web of ownership, management, board, and family issues that transition brings. He has been actively helping businesses since 1981.