Our Clients

Case Studies

1. Succession, Family Business, Exit Planning & Self-Managed Sale

Case 1

Our client wanted to plan the exit from the business. The company provides a very reliable and good income to the owner. The company had a small, yet dedicated staff and a healthy workplace culture. The Client was frustrated with the “day to day” stresses from clients, seeking more time to enjoy leisure pursuits with his spouse and friends. Our client wanted to ready the company for sale within a 5-year window. The Client engaged us to 1) explore exit options, 2) identify & support the execution of changes in the organization to improve the chances of a successful sale / succession and 3) give him more freedom to pursue leisure activities. The initial estimate of value was $1.2 million, suggesting a multiplier of 3.25X. COVID Pandemic hit 3 months into our engagement.

The Approach & Results
  • Client participated in a Deep Dive Assessment: Value Builder Questionnaire, interviews with ProVision Advisor and provided documents for analysis
  • ProVision delivered an exit plan to the client outlining exit options and recommending actions to improve successful exit from the business
  • ProVision Advisor met with Client monthly to identify, implement and support changes in the organization aligned with exit and value building priorities
  • ProVision supported Client to build solutions and implement changes in the organization aligned with Client’s personal goals
Within 12 months:
  • Client’s business value improved by 13.89% with improvements on 4 value drivers and increasing the multiplier by 1
  • The Client was working a 4-day work week and had enjoyed 14 more vacation days
Within next 12 months:
  • Client in process of selling to employee(s), his preferred exit option, managing the sale himself with Advisor support.

Case 2

Our client wanted out of their service business. The company had a small staff of mostly part time employees and contractors who were disengaged and an unproductive workplace culture. The Client was frustrated with the “day to day” stresses from clients and staff, seeking more time to pursue their personal goals to travel and invest in real estate. Our client wanted to get rid of the company as soon as possible or scale it back to a level that could be managed virtually at the end of their current lease. The Company was beginning to achieve profitability after a few years of investment and growth. The Client engaged us to 1) advise them on the sale process, 2) identify ideal buyers and market to them 3) improve the sellability of the business with improved systems, delegation and management and 4) provide a sounding board to address their operational frustrations.

The Approach & Results
  • Client participated in bi-weekly advisory program to establish goals, develop operating and business procedures, improve their leadership and management skills and accelerate the value of the business
  • ProVision supported the Client in working with their accountant to restate prior year financial statements correcting bookkeeping errors and understanding the profitability of the company
  • ProVision Advisor helped the Client list the business for sale, create a process for vetting “tire kickers”, negotiating deal structure and terms and navigating through the due diligence through to the close
Results
  • The Client successfully sold the business within 6 months of listing it and started travelling
  • The Client started more self-employed businesses
  • The Client travelled to Europe, fell in love with some they met there, bought real estate there and recently got married
  • The Client’s goal of becoming a real estate investor is beginning to come true

Case 3 – Family Succession & Strategy

Our client wanted to incorporate their children into planning for business succession while retaining their control of the family group of companies. The original family business will celebrate its first century in business in 2022. The company has seasonal operations in the tourism and recreation industry operating in 2 locations. The Client wanted to become more hands off and have their children assume more management and strategic roles in the companies. The Client was working with their accountants on the share transfer plan to bring their 2 children into the ownership group. The Client engaged ProVision Business Advisors to facilitate a strategic planning workshop with the family.

The Approach & Results
  • Client provided us with background information, financial statements to analyze and completed questionnaires with our advisors during the Discovery Phase
  • ProVision facilitated four educational webinars with the family group as a levelling activity, providing all participants with foundational knowledge in family business best practices
  • ProVision facilitated a strategic planning session for the family supporting the family to identify key strategic initiatives to move the leadership succession forward and improve family harmony
Results
  • The Client continues to work with their accountants on the corporate structure, reorganizations and tax planning
  • The Client completed a strategic plan for the upcoming year

2. Professional Firms

Our Professional Firm clients in engineering, accounting and legal services were frustrated with their teams and the culture in their firms. They had unintentionally created a workplace where blame, excuses and denial explained lackluster performance rather than a firm where individuals accepted their responsibility and stepped up to accept accountability for their performance results.

As Managing Partners and CEOs our clients were unhappy with the results in the firm given the effort they were putting in, the trade-offs they were making and the cash they were contributing.  Some were having conflict with partners whereas others are sole practitioners. Some were growing organically and others were assessing potential firms to acquire.

They engaged ProVision Business Advisors to work with the Managing Partner and Office Manager in building strategic plans, improving their hiring and performance management practices, improve their personal leadership skills, strengthen their systems and compliance with operational processes and procedures.

The Approach & Results
  • We met with Partners and Management to determine priority pain points and issues to resolve along with identifying potential causes of constrained performance
  • We facilitated management and leadership training for partners and managers related to human performance improvements
  • We planned and facilitated strategic planning activities and tracked implementation
  • We supported the development of change and transition plans, met regularly with managers and partners (weekly) and provided performance prompts to encourage execution on plans / good intentions
Results
  • Managing Partners working fewer hours as improved their delegation skills by setting clearer expectations and more effectively managing team performance
  • Cash gap narrowing with improved financial policies, procedures and compliance with best practices
  • Managing Partners spending more time in strategic work
  • People processes improved, gaps closed and performance more actively managed
  • Office Managers making more effective decisions, better managing their stress and achieving performance targets