Jeff Rogers, Chairman of OneAccord sat down with Matt Shaffer for a candid interview on Building Your Company's Value. As a 5th generation Seattleite, and proud resident of the Pacific Northwest, Jeff always knew that that he wanted to work in business, but he didn't know what that would look like.
He noticed that local businesses were being bought out by larger corporations and he decided that he wanted to help preserve the legacy of PNW companies, keeping businesses local with local ownership.
Today Rogers is the chairman of OneAccord, a local company that buys, upsells, and operates privately held companies. While the business is primarily known for acquisitions, the bulk of OneAccord's business model is helping privately held companies prepare for transitions. OneAccord has worked with over 600 companies, including the non-profit sector.
Rogers elaborated on the issues facing transitional companies today as many of the baby boomer generation prepare to retire, sell, or transfer ownership of their companies.
Business owners often find it difficult to release the reigns of the company that they have built from the ground up, but it is important to let go in order to build the legacy of the business. Rogers identified five key categories to look for when preparing to transition your business:
- Reduce owner dependency
- Diversify your customer base
- Transparent financials
- Growth Opportunities
Rogers elaborates on the importance of each point in his talk, but one of the overarching themes is the value of outside counsel. When it comes to diversifying and creative problem solving, having a network of professionals from different backgrounds is instrumental in developing new ideas. Rogers highlighted the benefits of groups such as CEOtoCEO, where leaders can meet, network, and exchange ideas and ask for honest feedback from trusted sources. This is incredibly important when it comes to the financial aspects of your company. Finding the right CPA who understands your specific business, and financial advisors who can forecast the future of your business are integral to the success and growth of your company.
A key takeaway from Rogers' conversation with Shaffer is that not all companies are the same. Finding the right advisors to guide your company is imperative to the health, success, and legacy of your business.
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