#CSOM – Navigating Ownership Transitions

It was just over a year ago that Scott announced his retirement and I was named president of HMA Public Relations.

And it seems like a perfect time to bring out of hibernation the Copper State of Mind podcast. We launched the podcast in March 2021 with Scott and I discussing our journeys to agency partnership and how we worked together over the years to grow HMA Public Relations.  It seemed fitting as we relaunched, that I would share the rest of that journey from employee to owner.

Navigating an ownership transition is not for the faint of heart!  He and I had begun these discussions years ago, had plans in place on how we wanted it to go, when it would happen, etc.  But as they say, best laid plans…

In mid-2023, Scott decided that he wanted to step away from the business. And although we had always assumed it would be a three-year buyout plan, he wanted to move forward with it sooner than later. He was in good health, had other things he wanted to tackle and the timing felt right.  So we put our action plan into hyperdrive and what had been a three-year plan became more like a six-month plan.

I share more about that journey and some things I learned along the way in this episode.  Among those lessons are:

• Don’t underestimate how long this is going to take. Even months after the purchase was complete, I am still discovering transition items that need to be done.
• Hire a good lawyer. And good lawyers are expensive, but well worth it. Whether your transaction is with a long-time colleague or an investor, you need people in your corner looking out for you.
• And speaking of people in your corner… have your team of advisors (financial planner, banker, CPA, tax account, HR, etc.) but don’t forget your team of friend-visors. These are your cheerleaders, your champions, the ones you can call in the middle of the night when you can’t sleep, will lend an ear or a shoulder to cry on. These folks are worth their weight in gold!

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