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Welcome to XPX Charlotte
XPX Charlotte is a multi-disciplinary community of professional advisors who work collaboratively to help owners of lower/middle-market companies build valuable businesses and assist them in preparing and executing a successful transition.
XPX Charlotte members:
- Embrace a shared responsibility for educating each other on the many disciplines of exit planning,
- Work to develop trusted relationships enabling client collaboration, and,
- Take ownership for sharing the importance and urgency of effective exit planning with business owners in our community.
XPX Charlotte’s success is continually measured by optimal outcomes of business value growth, business value transfer and owner life and legacy.
XPX Charlotte Events
Our mission is to achieve optimal exit outcomes for business owners in our community. To that end, XPX Charlotte organizes events largely focused around knowledge sharing and inspiring collaboration among members. Most months, we hold educational and community building events for our professional members on the 3rd Wednesday of the month. On occasion, we will hold purely social event to further community building.
Like many other XPX chapters, XPX Charlotte holds a Power Networking program, a members-only virtual event where participants are grouped into diverse teams of professionals to “connect, collaborate & create results for your Clients!”. XPX Charlotte members are also encouraged to participate in Cross-Chapter Power Networking events organized by XPX Global. These are published each month on our Events page.
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What is your goal for your business? As fractional CFOs, when we first meet with our clients, this is among the first questions we ask. Your goals will inform much of our work supporting your company – whether we focus on preparing you for a near-future exit or growing and building the value of your business over time. This is what makes our fractional CFOs – many of whom are also CEPAs – a vital (and often missing) piece of the exit planning puzzle. Many business owners enlist exit planning experts as they approach the exit process, bringing in an army of resources to make the most out of what has already been built. A fractional CFO, however, becomes embedded in your business over time and, in the process, comes to serve as a value growth advisor – a financial expert who can help you
You have been working on the transaction for months. The business has gotten healthy with great valuation increase. Now is the time to get it across the finish line. Then… The owner struggles with the emotions of relinquishing the business. The owner gets overwhelmed with the process and gets cold feet. The owner’s health starts to decline changing the parameters of the sale. The owner’s spouse or child has an emergency or health crisis distracting from the final steps of the sale. The owner backs out due to fear of how to stay relevant and influential without the business. In the past most of the emphasis has been on financial planning and finance-related goals. When you have an expert on your team focused on the Wellness Portfolio alongside the owner’s financial and the business’s M&A portfolio, these delays are prevented and addressed.
When you sit down for an intergenerational conversation about the future of the family business, it’s essential to have multiple goals before you. For instance, maintaining healthy family relationships is as vital as ensuring the business’s ongoing success during a period of transition. Family conflicts often arise from differing opinions, visions, values, or unresolved issues. Emotions can escalate, clouding judgment and diverting focus from the goal of a successful transition. A structured approach not only aids in crafting a resilient succession plan but also fosters unity, ensuring that the business thrives, and relationships are preserved for future generations. In particular, having structured, intergenerational conversations can help your family address ten common issues, ensuring smoother transitions and superior outcomes. 10 Common Issues that Succession Planning Can Resolve Vision for the Future Each generation has its vision for the future of the business. Often, the founding generation wishes for their successors to continue doing things just as they have done, while the children or grandchildren long to do things their way. An intergenerational conversation can help to clarify expectations and aspirations, helping all stakeholders find common ground. Roles and Responsibilities Clarity on who will take on which roles and responsibilities after the transition is crucial. This includes defining new roles for outgoing members if they plan to stay involved, as is often the case with parents who wish to ease away from the business without being cut out of the loop entirely. A structured conversation helps everyone know their role and avoid overstepping. Leadership Style New management often involves a new leadership style, especially when successors have very different personalities or communication styles from their parents. Again, a structured, intergenerational conversation is imperative to ensure new leadership styles can seamlessly integrate into the family business. Financial Expectations Expectations regarding profit distribution, reinvestment, and personal financial planning are often contentious. Having a transparent financial discussion can help to eliminate misunderstandings. Conflict Resolution Conflict is bound to happen even in the most tightly knit families and the most jovial business environments. A conversation about succession planning can provide an opportunity to discuss potential resolution methods, perhaps even introducing a process for third-party mediation. Training and Development Address the need for training and preparation for those taking on new roles, including the possibility of external education or internal mentoring. It is much better to clarify the expectations (and the available resources) before a new generation takes over. Cultural and Value Differences Generational shifts bring changes in company culture and values. These shifts must be managed carefully to maintain the company’s identity, even during a period of transition or evolution. Retirement and Exit Strategies Discussing retirement plans and exit strategies is essential for outgoing family members. This includes financial security and the emotional aspects of leaving the business. It’s good to help the older generation feel validated and supported while also allowing their successors a chance for empathy and understanding. Legal and Estate Planning Ensure all legal issues, including wills, trusts, and ownership documents, are addressed. Legal clarity can prevent any friction or conflict in the future. For this part of the conversation, it may be prudent to invite an attorney to be present. Recognition and Legacy Discuss how the contributions of outgoing family members will be recognized. It’s crucial to respect their legacy and to reinforce their lasting value to the company. Have a Clear Conversation About Family Business Succession Planning Succession planning is vital to preserving your family business legacy and maintaining smooth relationships between the generations. If you have any questions about initiating these structured conversations, we’d love to help. Reach out to WhiteWater Consulting at your convenience!
In order for your family business to outlive its founder, careful succession planning is a must. That means finding the most frictionless way to pass both leadership and ownership from one generation to the next. While some family business dynamics lend themselves to smooth and simple succession, others hit bumps in the road. One of the best ways to steer clear of these obstacles is to have some awareness of what they are. In this post, we’ll round up just a few of the factors that complicate family business succession planning. If any of these concerns loom large for your family business, reach out to the WhiteWater Consulting team; we’d love to offer whatever guidance we can! Common Obstacles to Family Business Succession Planning Lack of Communication Between Generations One of the biggest reasons for inadequate succession planning is the lack of communication between generations. Often, this hinges from the emotional nature of family business succession planning. The founding entrepreneur may be uncomfortable discussing their own mortality, or hesitant about “pushing” the family business on an heir who may or may not desire it. These and similar concerns mean that, too often, succession planning isn’t really discussed. Lack of Clarity About Successors In some family businesses, there may be just a single son or daughter who’s interested in taking the mantle. But what happens if there are multiple heirs, all with their own different skill sets and talents? When there isn’t a clear or obvious successor, that can make succession planning dicey… and often, the temptation is to put off important conversations until it’s almost too late. Operational Challenges While many of the most common obstacles to family business succession planning involve communication, other issues are more operational in nature. Consider a few practical hurdles that keep family businesses from implementing effective succession plans: Often, business owners don’t know where to start with training and developing the next generation of leadership. Tax issues, along with broader estate planning considerations, can seem complex and insurmountable, especially if there isn’t a skilled attorney involved. There may also arise challenges, both within the family and among non-family employees, to any sense of change within the company. It’s also difficult to create effective legal and governance structures; a business consulting company might be helpful for establishing a family council or something similar. These are just a few of the operational hurdles that can keep succession plans from advancing. Get Guidance for Your Succession Planning Perhaps the single biggest reason why family businesses don’t invest in a serious, strategic succession plan? They don’t know about the resources available to help them. You don’t have to pursue succession planning all by yourself. At WhiteWater Consulting, we’d love to talk with you about effective solutions to preserve what’s special about your family business, all while ensuring the company lasts for generations to come. Reach out to our team whenever you’re ready to chat.
In the competitive world of business, marketing plays a pivotal role to drive revenue generation, brand equity, and overall business valuation. Companies that view branding and advertising as a growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t (source: “Read our case study for details. A pilot program is a great way to get started with evaluating how marketing can support the sales process. Be sure to give the program enough time and budget to be effective. In the B2B environment, it often does not take much to recoup the costs of a successful marketing campaign. Getting Started In today’s digital age, businesses that fail to leverage marketing risk being left behind by competitors who effectively tell their story and reach their target audiences. As a trusted advisor, you have the opportunity to guide business owners in recognizing marketing’s potential to drive sustainable growth, profitability, and long-term enterprise value. Knowmad is here to help you design and build a digital marketing program that gets measurable business results. Reach out to William McKee and discover the potential that a data-driven marketing plan can make for your business.
Over the last couple of years, we’ve seen a worrisome trend of employees disengaging from their work. Sometimes dubbed “
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