Flow of private equity deals in Florida slows

By: Nina Lincoff
September 8, 2015

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CASSEL SALPETER & CO.,JUNE 30 2015 REPORT

Private equity deals slowed in the first half of 2015, according to a report from Miami-based Cassel Salpeter & Co.

The flow of private equity into Florida is slowing after a record number of deals in 2012, according to a recent report from Miami-based investment banking firm Cassel Salpeter & Co.

Just 75 private equity deals closed in the first half of 2015, compared to a record 180 in 2012, 175 in 2013, and 199 in 2014.

The lower volume of private equity deals doesn’t necessarily mean that the alternative lending source has dried up in Florida, said James Cassel, chairman and co-founder of Cassel Salpeter & Co.

“It’s hard to really say that it’s a trend. We’ll have to see how it plays out over the last six months of 2015,” Cassel said. “There are still all of the factors that inspire deal flow, expect for one. The availability of quality companies, because they did their deals in 2014.”

It’s possible the market is normalizing after an over-saturation of available deals.

“Even if they are slowing down, it’s not because of the economy. They are not slowing down because they ran out of money,” Cassel said. “They are slowing down because there aren’t deals on the market.”

However, for the companies still looking to close private equity deals in Florida, 2015 and early 2016 is the time to do it, Cassel said. “One of the driving forces is interest rates, because we all know interest rates are going to go up. They’re just not sure which quarter,” he said. Smart companies are looking to close deals before the Federal Reserve hikes interest rates.

“Interest rates will effect valuation, because as interest rates go up, you’ll be able to leverage a little less,” Cassel said.

Other factors that contribute to a wealth of private equity deals include an increase of firms in-state and an overall healthy economy. In the first half of the year, four new Florida-headquarter private equity firm popped up, bringing the total in-state to 41, according to the report. In all of 2014, just three new firms headquartered in Florida.

In terms of industry, business-to-business deals compromised the largest part of Florida private equity deal flow in the first half of the year at 36 percent, followed by business-to-customer at 18.7 percent, and then health care, IT, financial services, and materials and resources, respectively.

The report considered all private equity investments including buyouts, growth, investment in public equity, recapitalization and add-on.

Florida banks grow loans faster than the national rate in Q2

By: Nina Lincoff
September 4, 2015

Florida continued to be a sunny environment for those seeking a loan, as the state’s banks grew loans in the second quarter at a faster rate than banks across the nation.

Total loans held by Florida’s 168 banks in the second quarter rose to $121.1 billion from $118 billion in the first quarter, or a 2.9 percent increase.

That’s a faster rise than the 2.2 percent increase reported by banks across the nation, which collectively grew loans by $185 billion in the second quarter.

The number of banks however, shrunk in the Sunshine State, falling to 168 institutions from 175 in the first quarter. But while the number of banks shrunk, profits didn’t.

Florida’s 168 banks reported a profit of $347 million, up from $236 million in first quarter.

The most profitable Florida banks in the second quarter were:

  • Petersburg-basedRaymond James Bank (NYSE: RJF) with a net income of $51 million.
  • Miami Lakes-basedBank United (NYSE: BKU), with a net income of $47 million.
  • Jacksonville-basedEver Bank (NYSE: EVER), with a net income of $43.4 million.
  • Weston-basedFlorida Community Bank (NYSE: FCB), with a net income of $19.9 million.
  • Coral Gables-basedCapital Bank (Nasdaq: CBF), with a net income of $14.3 million.

The Florida banks with the deepest second quarter losses were:

  • Miami-based Brickell Bank, formerlyEspirito Santo Bank, with a net loss of $2.9 million
  • Tampa-basedBay Cities Bank, with a net loss of $1 million.
  • Lake Mary-basedIndependent Banker’s Bank of Florida, with a net loss of $806,000.
  • Fort Walton Beach-based Beach Community Bank, with a net loss of $740,000.
  • Miami-based Banco do Brasil Americas, with a net loss of $717,000.

 

According to the Federal Deposit Insurance Corp., banks earned a collective profit of $43 billion in the second quarter, the highest quarterly income on record.

“Bankers generally reported another quarter of higher earnings, improved asset quality, and increased lending,” FDIC Chairman Martin J. Gruenberg said. “There were fewer problem banks, and only one bank failed during the second quarter.

Despite the lending and profit gains, Florida banks struggled with tight interest margins. Their combined net interest margin – the spread between interest earned on loans and paid out on deposits – declined to 3.40 percent in the second quarter, from 3.58 percent a year ago.

Across the country, the average interest margin rose to 3.06 percent in the second quarter from 3.02 percent in the first, but still remained below the 3.15 percent reported in the second quarter of 2014.

“Revenue growth has been modest and net interest margins continued to decline – even as banks extended asset maturities to mitigate the impact of low rates,” Gruenberg said.

Loan quality declined slightly in Florida, with banks’ collective noncurrent loan ratio rising to 3.44 percent in the second quarter from 3.42 percent in the first, although that is still less than the 4.15 percent reported for the second quarter of last year.

The amount of reposed property at Florida banks fell to $1.1 billion in the second quarter, from $1.2 billion in the first quarter. Deposits, on the other hand, increased to $131.6 billion in the second quarter from $130.6 billion in the first quarter.

The number of banks on the FDIC’s Problem List continued a nearly seven-year fall, from 253 to 228 during the second quarter.

Low interest rates have been hurting banks, and it is expected that Federal Reserve will raise U.S. interest rates before the end of the year, according to media reports.

“Revenue growth has lagged behind asset growth, as exceptionally low interest rates put downward pressure on net interest margins,” Gruenberg said.

While a hike in interest rates will likely help banks boost revenue in the medium- and long-term, some are saying that there will be an inflection point immediately following a rate hike where banks will lose money due to floors set for loans before the increase.

“One interesting comment has been that most asset-based loans have a floor in them,” said investment banker James Cassel, chairman and co-founder of Miami-based Cassel Salpeter & Co.

With a low interest rate, the cost of banks’ money is very low, but there will be a short period of time where, following a rate hike, banks’ money will cost more than money coming in, Cassel said.

That will normalize, of course, but it is something to consider in the lead up to a rate hike.

Swisher, August 2015

Ripples from China’s woes swaying Miami

By: Carla Vianna
August 25, 2015

Although Greece’s debt crisis and China’s volatile stock market are phenomena occurring thousands of miles away, Miami’s increasingly global business and financial communities feel the ripple effects of issues toying with the global economy.

While the contagion effect by Greece may be minimal, China’s ups and downs are felt worldwide.

“It’s not what happens in Greece, it’s what happens after,” said Tom Balcom, founder of 1650 Wealth Management, a private wealth management firm. “Are other countries going to leave also? Who absorbs the loss, and how will that affect the markets?”

Mr. Balcom spoke of fears surrounding a Grexit, or a Greek withdrawal from the eurozone. However, since Greece is such a tiny part of the currency union, direct impact would be minimal, local economists postulated.

The Greece economy is actually as big as that of the Miami metropolitan area. The European country’s gross domestic product was about $282 billion in 2013, while the Miami metro area had a GDP of $281 billion, fact-checking site Politifact reported.

“The effect is psychological,” said James Cassel, chairman and co-founder of Cassel Salpeter & Co., an investment banking firm. “The Greece economy doesn’t have a direct relationship with South Florida.”

China on the other hand is the world’s second-largest economy, and its increasingly volatile stock market coupled with the recent devaluation of the Chinese yuan has shocked markets across the globe. Fears that China’s economy is slowing have sparked heavy selling in all markets, the Wall Street Journal reported. It’s been a tumultuous week for the US stock market, which plunged Monday and felt a spot of relief Tuesday.

“Some of these currencies have an effect on the real estate market,” Mr. Cassel continued. “The weak Euro might mean less Europeans buying in South Florida.”

There’s a push from developers in Miami hoping to attract Chinese investors, perhaps to cushion an expected European and South American slowdown. Miami – often referred to as a safe haven for international money – may attract flight capital from those in China uncomfortable with the long-term prospect of the economy and Chinese government’s reactions to it, Mr. Cassel said.

As the Chinese currency is adjusted or manipulated, he said, it will affect both the purchasing power in the US and its export potential. When the dollar is strong against the yuan, the US can buy more Chinese products but it also stunts US exports, he explained.

On the flip side, he said, the US economy is strengthening, so more product will be absorbed domestically.

“To be overly concerned about a market that was up 150% and is now down 50%, to me, is a little bit naive,” said senior investment strategist Jonathan Hill with Gibraltar Bank about the Chinese market.

“The recent turmoil is unwelcome, but we have been consistent in anticipating this hike in volatility,” read an email Mr. Hill sent to his investors and clients last week. The email calls the situation a “short-term disruption” and points out that traditionally light summer-trading volumes can leave markets vulnerable to “outsized swings,” which is common in July and August.

Ultimately, the Chinese slowdown can affect the growth of international trade and investments with South Florida’s three major partners: Central America, South America and Europe, said Miami economist Manuel Lasaga. Repercussions will further spill over to the local economy if China’s instability affects global growth, he said.

Mr. Lasaga points to the lack of transparency in how the Chinese economy is faring in the midst of its apparent slowdown as a reason for increased volatility in the market.

“I do think China should continue to grow 6% to 7% this year,” he said. “It’s still going to add momentum to the global economy,” but the momentum will be slower than anticipated.

Succession plans are key to protecting your business when the unthinkable happens

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By James S. Cassel
August 17, 2015

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Although there are probably many things you would rather discuss with your CEO than how to proceed if he or she unexpectedly dies or falls victim to some other tragedy, the fact is that you must. Companies without crisis-succession plans are at significant risk.

History has proved that the way companies handle these crisis situations can make or break them. A 2014 survey by the National Association of Corporate Directors reveals that two-thirds of publicly and privately held companies in America had no succession plan. This is for planned or unplanned succession.

Public companies are more likely and may be required to have succession plans in place, but very few private companies do, particularly those that are family-owned.

Losing a CEO to an unforeseen circumstance such as a tragedy, termination or resignation can create more turmoil than losing a leader to a situation you can see coming, such as a terminal illness or an orderly, planned change. Sudden losses can leave employees and other key stakeholders devastated and bewildered. Without a designated leader or clear path to the future, the business can suffer. This can be particularly disastrous for smaller companies.

While it is not uncommon for people to think their company could never survive the death of the CEO, the fact is that more often than not, it could survive with proper planning. Well strategized, efficiently executed succession plans bring benefits on multiple levels. In addition to providing a roadmap to help your company deal with the crisis, they put investors and shareholders at ease.

Of course, the core of your succession plan should be more than processes — you also must identify who will assume your CEO’s responsibilities. You should build a bench of candidates. In some family businesses, a family member with little history with the company might step in, so it is critical to have a succession plan to ensure the successor has adequate background and knowledge.

You also will have to address training: What kind of knowledge will the ascending CEO or interim leader need? Was there sufficient knowledge transfer prior to the need for it? Appointed successors, like an understudy in a Broadway production, must be well informed and ready to hit the ground running. This preparatory training should be an ongoing process.

Some businesses may need outside help on an interim basis, and there are companies that provide interim leadership assistance.

Succession planning should not only apply to your CEO; it should also include other senior positions such as President, CFO, CTO and CMO. Passwords, systems and processes should all be documented so your business can continue operating as usual.

A sound succession plan will contemplate how you will communicate with clients, customers, vendors, employees, investors and partners. Your key audiences should not learn about the death of your CEO from the news media, so you will need a public-relations and crisis-communications strategy that outlines how to best notify all your key internal and external audiences. It is interesting to observe the upfront, open manner in which Warren Buffett of Berkshire Hathaway (NYSE:BRK.A) is dealing with his succession. Buffet’s approach is much more well received than the way former U. S. Secretary of State Alexander Haig announced that he would be in charge after former President Ronald Reagan was shot (especially given the fact that the transition plan in the Constitution calls for the vice president to assume the leadership role).

If your business is family-run or family-owned with one family member playing a key role such as CEO, part of the succession plan should include not only a replacement CEO, but should also ensure there is an appropriate family member designated to maintain communication between the business and the family.

Consider “key person” insurance policies that can be owned by the company. The liquidity of these policies can offer the company the breathing room to survive a crisis. Some bank loans provide for calling the loan due if a certain person passes away, and that can be strategically insured around with a key person policy.

Another key consideration: bereavement services for grieving employees. In Miami, the Children’s Bereavement Center, which provides assistance to people of all ages, offers varied support groups and other services for bereaved adults, and resources for professional organizations and businesses dealing with trauma or crises. They are available on short notice.

Although the days and weeks following a tragic loss will certainly not feel like business as usual, they should be guided by a sound succession plan to keep the company on track with as few disruptions as possible. Investing a little time now to put the necessary plans and infrastructure in place can make all the difference when the unthinkable happens.

James Cassel is co-founder and chairman of Cassel Salpeter & Co., LLC, an investment-banking firm with headquarters in Miami that works with middle-market companies. He may be reached via email at jcassel@casselsalpeter.com. His website is www.casselsalpeter.com

Attracting and retaining top talent: a growing obstacle for South Florida businesses

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By James S. Cassel
July 12, 2015

Cassel pictureMaintaining a strong workforce is becoming an increasingly significant barrier to growth for South Florida’s middle-market businesses. Finding, attracting, and retaining quality talent is a tricky proposition in a region with a limited labor pool and low unemployment rates.

Deloitte’s newly published “Mid-Market Perspectives: 2015 Report on America’s Economic Engine” identifies employee turnover as a major concern for middle-market companies.

Clearly, there is more value in cultivating existing talent than having a revolving door of employees. So, how can you build a strong, loyal team in South Florida?

First, have the right perspective. Do not feel overwhelmed and assume that sweeping corporate changes will be required. Often, we can achieve a great deal by making a series of small adjustments, and continuing to make other adjustments as we build on our success. Develop a practical plan and identify realistic, attainable goals and objectives.

At all times, keep a close pulse on your employees. It can be easy for business owners to get so consumed by day-to-day operations that they lose touch with their teams, a costly mistake. Are your employees engaged, motivated and happy? How can you maximize engagement? If you have good employees who are unhappy in their current positions, can you find other opportunities within the company so you can keep them around? If not, outplacement may be best for all parties.

Your compensation packages, including cash and benefits, should be competitive. While many companies in recent years have tended to avoid raises, increased competition and poaching of employees is making it critical for employers to become more generous. Competitive compensation packages can reduce your exposure to turnover too. Even Walmart is having to address the need for wage increases.

Usually, employees will reject job offers for lateral moves unless they perceive significant disparities in working conditions and compensation. Keep your eyes and ears open so you know what other businesses in your industry are doing. Websites like PayScale and Glassdoor can help you assess average compensation data about different industries and job roles.

Working conditions, benefits and flexibility also are important. While it is important to offer 401(k) programs (ideally with matching contributions), these benefits will not support retention if your employees do not use them. This is often the case with younger employees who opt not to contribute to their 401(k) plans (although they should). Ensure that your employees are educated on the importance of contributing, no matter how entry-level their salaries.

It also helps if your office has a “cool factor.” Every generation of employees has different needs and wants. Trendy-looking, modern offices in desirable neighborhoods and touches such as free gourmet coffee and snacks in break rooms appeal to millennials and Gen X-ers.

When recruiting and hiring, conduct as much due diligence as possible. Personality tests can help, as well as meticulously following up with references. Your current employees can be great resources for recruiting. Leverage them when appropriate, as they probably know your company better than outsiders and would be more engaged to stay at companies where they are surrounded by colleagues they helped recruit.

Routine evaluations can also boost employee loyalty and performance. Embrace the opportunity to let your team members know how they are performing, praise their strengths and achievements, and provide guidance on how to reach their career objectives. At the same time, use the opportunity to solicit their thoughts and feedback, take good notes, and follow through on their comments.

Encourage employees to interact in structured social environments, such as barbeques, movie nights or whatever tickles their fancy. While many companies have stopped providing annual company picnics, it may be time to resurrect them. The more your employees enjoy each other’s company, the more apt they are to work well together. Consider employee recognition initiatives too, and perhaps pair them with these social activities. Corporate community involvement projects can help increase job satisfaction and engagement. Identify organizations your employees would be most inclined to support.

Career development is critical. Employees who feel challenged and believe they are learning are more likely to stick around. A current issue with the millennial generation, for example, is that most recent college grads will have four or five jobs in their first decade of employment. Bearing that in mind, many companies are offering less training and investing fewer resources to advance employees out of fear of wasting time and money. This can be a mistake: Bored employees are more likely to begin looking elsewhere for stimulation.

Attracting and retaining quality employees is no easy task. By taking the right steps to build a strong team, you can gain a competitive edge and position your business for maximum growth and success.

Middle-market businesses should help growth industries

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By James S. Cassel
June 14, 2015

Cassel pictureWhile the technology and healthcare/biotech industries in South Florida continue to gain strength and momentum, the region’s middle-market businesses are not properly positioning themselves to serve these industries and benefit from their growth.

There can be significant revenue opportunities for those that make the financial and other commitments necessary to position themselves to fulfill the needs of these growth businesses for highly qualified suppliers, subcontractors, and service providers. Too often, these growth businesses feel a need to look beyond South Florida for support because they do not believe their needs can be handled locally — a void that must be addressed. Right or wrong, this is the perception in the marketplace.

Based on our experience advising middle-market businesses seeking growth opportunities, the following is practical guidance for businesses that cater or want to begin catering to these growth industries:

Create a business-development strategy. Identify the key businesses you want to serve and pinpoint the ones you are best-suited to begin serving in the near or long term. Develop a plan for getting in front of these businesses to assess their needs and offer your services.

Identify the areas of your business, including products or services that you provide, which you may need to trim or expand in order to serve growth industries. Some of this may require partnering with or outsourcing work to other companies, locally, or in other parts of the United States, or internationally.

Consider investing in your team by providing educational or training opportunities and/or by adding head count. Hiring the best talent can be an expensive commitment, especially for business owners who are not sure if they will ultimately have enough business to support the additional head count. Thus, it may be wise to consider hiring temporary personnel or independent contractors who can eventually become permanent team members after you have gotten to know them and confirmed that they are a good fit, and when you are sure you have enough business to justify their compensation.

Consider acquiring or merging with competitors in the market. This is a great way to acquire quality talent. It is not uncommon in some industries, such as technology, for companies needing talent to buy younger, smaller companies to gain a competitive advantage.

Evaluate your client roster and eliminate the bottom 10 percent of your clients that may be too problematic, unprofitable or a disproportionate drain on your resources. One of the main obstacles for South Florida’s middle-market businesses is that many of them are running at or near capacity and lack the necessary talent and infrastructure to effectively handle the higher level of work required by companies in these growth industries. While parting with paying clients can often be a difficult decision, it is critical for long-term success. Part of the trouble with keeping clients that are cumbersome or not profitable is that they can drain your business in terms of time, energy and other resources. They can diminish your ability to provide quality service to other customers. Just as important, they can hurt your company’s employee morale and job satisfaction. For these reasons, bottom-tier clients might not be sustainable over the long term. Simply put, these clients are not good business and should be let go in order to make room for clients that will better support your growth.

Consider increasing your capacity by incorporating advanced solutions. Manufacturers, for example, may consider using robotics to reduce costs and increase capacity and productivity. 3D printing is another great way to increase efficiency. For example, manufacturers can use 3D printing to put together product prototypes that are quicker, less expensive, and easier to produce, and are thereby speeding up the manufacturing process and using technology to enhance their productivity and competiveness.

Develop a marketing-communications strategy. In order to hire you, companies need to know you exist and that you are able to serve them. When you have completed your business plan and implemented the necessary changes within your company to execute on those goals, you should work with experienced marketers to determine how to best position yourself to your target audiences, differentiate yourself from competitors, elevate visibility of your company among these audiences, and motivate them to want to hire you or buy your products. Your marketing strategy also should include a plan for building direct relationships with key decision-makers by attending key events, providing seminars and workshops, distributing e-newsletters, etc.

Without a doubt, South Florida’s middle market is missing opportunities to serve local companies in industries that are growing right in our own backyards. Serving these growth industries is not only important to our local middle-market businesses — it will also bring significant benefits to our local economy by creating more local jobs, financial opportunities and economic growth.

James Cassel is co-founder and chairman of Cassel Salpeter & Co., LLC. He may be reached via email at jcassel@casselsalpeter.com or via LinkedIn at https://www.linkedin.com/in/jamesscassel. His website is: www.casselsalpeter.com

Join Us in Celebrating Our Five-Year Anniversary

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We are thrilled to celebrate our five-year anniversary and thankful for the support from all our friends, clients, and colleagues that made our success possible. As the market has continued to expand, our firm has enjoyed tremendous growth based on the highly valued investment banking and financial advisory services we provide our clients in middle- and emerging-growth markets. These services include mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings.

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Our key achievements include:

  • Completing more than 200 transactions and assignments nationwide – totaling more than $10.8 billion in value – in varied industries, including financial and business services, healthcare, retail, aviation, and technology
  • Growing our professional team by 100 percent
  • Publishing, in partnership with PitchBook Data, the Florida Private Equity Deal Report, a semi-annual, top-level breakdown of private equity in Florida
  • Sharing our firm’s subject-matter expertise and thought leadership in national media outlets such as Bloomberg, The Deal, American Banker and Mergers & Acquisitions Magazine, and local outlets such as Florida Trend and The Miami Herald

Looking ahead at the next five years, we will continue to invest in our business and expand in order to meet a growing demand for the quality investment banking services and advice we are known to provide.

Thank you again for your support – we could not do it without you. Please contact us if we can be of assistance.

YOUR MONEY-Graduating Into the Family Business

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By Beth Pinsker
June 2, 2015

There is one big advantage 23-year-old Clint Morrison has found joining his family’s business fresh upon graduating from Rider University: he has a job, while most of his friends do not.

“They’re all still sort of scrambling,” Morrison says.

The Morrison family business, Benefit Design Specialists Inc, administers employee benefit plans for small businesses and is based in Mechanicsburg, Pennsylvania. Dad Tim employs not only his youngest son, Clint, but also two older sons, ages 27 and 29, as well as his own sister, a sister-in-law, a cousin and about 10 other non-related employees.

The key to a harmonious office with so many family members? “You have to find a spot for them to be productive or they won’t make it in the family business,” the patriarch says.

Here are some tips on joining the workforce – with your relatives, according to family business experts:

START ELSEWHERE

There is no official tally of how many “& Sons” or “& Daughters” are among the 28 million small businesses in the United States, according to the Small Business Association.

Yet one of Clint Morrison’s business professors advised him not to start in the family business. The advice: go elsewhere and garner some knowledge of the industry first. Given the state of the job market and his family’s specialty niche, Morrison decided that was not feasible.

The strategy worked well for Laura Salpeter, who got a law degree and then worked for a few years at a law firm before joining her father Scott Salpeter’s Miami-based investment banking firm, Cassel Salpeter. Also working there, after a few years of getting experience with other companies, is Philip Cassel, son of Scott Salpeter’s partner. Both offspring are now 30.

“Working with my father was something I’ve always contemplated. So I dived into the business world and found out more about what it is,” said Cassel.

WORK YOUR WAY UP

Even if you spent your childhood playing in the family factory, that does not mean you are going to walk into a corner office once you get your diploma.

Robert Spielman, a partner in the tax and business services unit at Marcum LLP, advises clients that it is their job to make sure their kids are exposed to all aspects of the business, especially if they expect to hand it over to them one day.

For example, one of his clients, a fish distributor, hired several family members for its sales force. “But none learned how to manage the business, and eventually, they had financial troubles,” Spielman said.

The best way is to start at the bottom and experience all areas of the enterprise. If the family business is a trucking company, start out in maintenance, then drive for six months, go into sales and then assist in the financing side before managing the fleet and employees, Spielman says.

MANAGE EXPECTATIONS

The family business dream – that someday, all of this will be yours – can be a great motivator, but it can also instill an unwieldy sense of entitlement.

This happened to one family business owner client of Steve Faulkner, head of private business advisory for J.P. Morgan Private Bank’s Advice Lab. The son was lording his status over his coworkers and superiors, saying “Someday, I’m going to own all of this, and fire everyone I don’t like.”

When the son’s manager finally had the courage to tattle to the boss, he fired his own son. However, two months later, when the son could not find another job, the boss asked another manager to hire him back.

“That’s a horrible succession plan,” said Faulkner.

It is better, he says, for business owners to get their relatives to work harder than they ever have to be worthy to take over the reins.

Another of Faulkner’s clients does exactly this, down to a formalized training program for the fourth generation that is now joining the business. Newcomers spend up to six years training at international subsidiaries before being brought back to headquarters for management jobs.

The process drills respect into the employees, something Laura Salpeter says she has learned on the job.

Her top advice for those joining the family business? Understand you are working for your parent, not with your parent.

Navios, May 2015