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FORTY UNDER FORTY
BANKING & Finance
Brian Koch, 35
Director of financial planning SRP srpnet.com Koch is responsible for SRP’s financial planning department, which crafts a six-year financial plan and a one-year budget. Additionally, the department provides extensive analytics and support for financial activities throughout SRP. Some of Koch’s challenges include how best to provide financial insight to SRP leadership and how best to manage sensitive cost data.
Jathan Segur, 34
Senior vice president of sales and marketing National Bank of Arizona nbarizona.com Segur is responsible for overseeing the executive banking department, which is comprised of 26 relationship managers and more than 50 team members statewide, along with managing the bank’s marketing efforts. At the age of 30, Segur became the youngest associate at NB|AZ to be appointed a senior vice president in the history of the company.
Ryan Suchala, 38 President Bank of Arizona bankofarizona.com
Suchala has served as president of Bank of Arizona since January 2009. He is responsible for the overall leadership, credit quality, staffing, efficiency and profitability for the commercial banking team. His banking affiliations include past chairman of the Young Risk Management Association as well as board member of the Risk Management Association.
8 AB | January-February 2014
Jason Miler: “It’s imperative to assemble a team of outside professionals, such as a business valuation specialist, exit planning consultant, attorney, tax and accounting professionals, and a financial planner.”
Transitioning leadership A thoughtful strategy can help business owners plan succession By MICHAEL GOSSIE // Photo by LILLIAN REID
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any business owners spend a lifetime building a company, only to find out too late there were simple steps they could have taken to maximize the value of their company before sale. Jason Miller, director of financial planning for BMO Private Bank, answers the questions every business owner should ask themselves before turning their company over to a new generation of leaders. Question: When do I want to exit my business, and on what terms? Jason Miller: Owners must clearly define their vision for the future of the business. When do I want to exit my business? What role do I want to play in the business after exit? Timing may be driven by circumstances out of the owner’s control, but this shouldn’t prevent forward thinking and planning. Q: Who do I want to own/manage my business upon my exit? JM: The answer isn’t always “the highest bidder.” For many, the question of ownership succession raises some very poignant feelings. Perhaps they envisioned a son or daughter taking over, or maybe they have certain values or principles they want continued. Thoughtful decisions
should be Jason Miller, 32 made long Director of financial planning before a BMO Private Bank in Arizona transition is bmo.com/privatebank/us imminent.
Q: What can I do to maximize the value of my business in the marketplace? JM: Steps can be taken to make businesses more attractive to potential buyers, such as several years of audited financial statements and a formally structured management team. It’s important for owners to be objective about the value of their business and to think proactively about what they can do to make the business more attractive. Q: How do I minimize the tax consequences of the sale of my business? JM: If the business is to be sold to a third party, the owner needs to consider the implications of a stock sale vs. an asset sale. If the business is to be transitioned to employees, an Employee Stock Ownership Plan may be a useful exit planning vehicle. And when transitioning to family members, it may be advantageous to form a limited partnership and take advantage NEXT of available discounts prior to transfer. NEXT GENERATION
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