About the Program
What is Family Business Value Management (FBVM)?
FBVM is a comprehensive 10 session program focusing on the family business lifecycle. The program was conceived by Morowitz & Company, LLC as a state of the art, world class educational forum and training for family business owners and is based on tools and techniques offered by top business schools. The program is a comprehensive one year course that takes your family business through the family business life cycle and provides in depth exposure to the current macro-economic environment, the concept of wealth creation, business and strategic planning, management best practices, succession planning, and estate planning. Our goal is to provide the family business with the tools to succeed and to create sustainable family wealth. Specific program sessions are as follows:
- Session 1 - Introduction i.e. current economic situation and impacts on closely held businesses
- Session 2 - Managing and creating wealth from your most important asset - the family business
- Session 3 - Creating a business plan for the family business
- Session 4 - Financing your business and cash flow management
- Session 5 - Ten simple steps to growing revenues and cutting costs
- Session 6 - Tax minimizing strategies and entity structure for the family business
- Session 7 - Understanding financial statements, information management and using data to drive operations improvement (includes QuickBooks primer)
- Session 8 - Retirement planning and asset management - strategies for growing wealth outside of the family business
- Session 9 - Management and family succession planning - transferring control, picking the successor, strategies for bringing along the next generation
- Session 10 - Estate and Wealth transfer planning - strategies and vehicles for transferring and preserving wealth between generations
Why Family Business Value Management?
Only 40% of family owned businesses survive to the second generation, 12% to the third, and 3% to the fourth (Boston Globe, May 4, 2003)
We thought it essential to create a program that would help our friends and clients improve their odds of surviving to the next generation.
Are there any other benefits to joining this program?
Yes, and they are significant. Each FBVM participant business gets the Morowitz & Company, LLC five year trend analysis as part of the program fee. This trend analysis is a comprehensive look at the financial and operational trends of the family business and provides business owners with a greater understanding of their business, its value drivers, and requirements for long term success. Participant businesses will also receive a one hour consultation based on the five year trend analysis.
In addition to the trend analysis and consultation, participants will receive periodic family business newsletters, and will have access to tools, spreadsheets and other resources for growing the family business. These will include succession planning checklists, alignment checklists, tax tables and guides, spreadsheet models, etc.
In addition to these tangible benefits, you get the intangible benefit of interacting with other family business owners who share the same hopes, dreams, aspirations, and the daily pains of operating a closely held business.
About the Program
How much does the program cost?
The program costs $995 annually (for each family business) and is payable in advance and covers up to three family business members from each firm.
Who is presenting the program?
The program has been developed and is presented by Cory H. Morowitz, MBA, CPA. Mr. Morowitz is the Chairman and Managing Member of Morowitz & Company, LLC, an accounting and consulting firm with a concentration in family firms. For over 27 years Mr. Morowitz has advised businesses including family firms on value creation, accounting, taxes, etc. Mr. Morowitz received his Masters in Business Administration from the Wharton School of the University of Pennsylvania. He has lectured on business management and strategy at various forums including the Wharton School, UNLV, and the Rutgers Family Business Forum. His articles have appeared in various publications and he published the Morowitz Quarterly, a strategy and finance newsletter.
In addition to Mr. Morowitz, guest instructors will include insurance experts (some from our program sponsor Glenn Insurance), and attorneys who specialize in estate planning and family businesses.
When and where are the program sessions?
All programs are tentatively scheduled for our offices at 248 South New York Rd in Galloway, New Jersey (1 mile north of Seaview Country Club). All programs are scheduled for 6:00 PM to 9:00 PM and dinner will be served.
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Tentative Program dates are as follows:
Session 1- Introduction
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October 27, 2009 |
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Session 2-Managing and creating wealth from your most important asset – the family business |
November 12, 2009 |
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Session 3 -Creating a business plan for the family business |
January 14, 2010 |
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Session 4 -Financing your business and cash flow management |
February 11, 2010 |
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Session 5 - Ten simple steps to growing revenues and cutting costs |
March 18, 2010 |
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Session 6 - Tax minimizing strategies and entity structure for the family business |
April 28, 2010 |
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Session 7 - Understanding financial statements, information management and using data to drive operations improvement (including QuickBooks primer) |
May 20, 2010 |
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Session 8 - Retirement planning and asset management - strategies for growing wealth outside of the family business |
June 17, 2010 |
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Session 9 - Management and family succession planning - transferring control, picking the successor, strategies for bringing along the next generation |
September 16, 2010 |
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Session 10- Estate and Wealth transfer planning - strategies and vehicles for transferring and preserving wealth between generations |
October 21, 2010 |
While program space is limited, additional program dates will be added if demand warrants.
