Issue link: https://nebusinessmedia.uberflip.com/i/1175838
www.HartfordBusiness.com • October 14, 2019 • Hartford Business Journal 21 "The business is their baby and selling it can be the most important event in their life," Jezowski said. "We examine the relationship between the owner and the family and anyone else involved in the business. Does the owner want to keep the business in the family? If the owner is the founder, does he/she want to continue his/her legacy?" he said. "It's important to have a non-financial conversation to understand their objectives before considering strategic options." For instance, the Webster Bank team met with a third generation business owner nearing retirement. The owner planned to transfer a significant portion of the business to the children. "At that first meeting the business owner emphasized that continuing a legacy was the most important purpose, not deriving significant wealth from the transaction," Driscoll said. Build relationships When it's time to discuss strategic options, Webster Private Bank can provide a comprehensive set of solutions to meet their clients' needs. Driscoll explained that his team examines financial documents already in place, such as a current buy/sell agreement, wills and/or trusts. "We ask if they have gifted some shares to the next generation. We understand what the documents state and dig into trust planning to coordinate and estimate tax planning," he said. Many financial institutions offer advice to their business customers, but Webster Private Bank stands apart, thanks to its vast professional network. "We have excellent relationships with law and accounting firms, investment bankers, valuation advisors and others in many different disciplines," said Driscoll. In some cases, business owners may already have relationships in place and as their trusted advisor who provide the teamwork that enables others to also quarterback and orchestrate the process. "We are able to coordinate with other advisors and achieve a balance between what they already have and what might be missing," said Driscoll. "The quality of our professional relationships is an important differentiator and enables us to always live up Sponsored Content WEBSTER BANK INTELLIGENCE SERIES | Relationship building plays a pivotal role as Webster Private Bank helps business owners determine their best exit strategy. | Continued >