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BUSINESS NEWS STEVEN ELIAS, PE, NAMED ENGINEER OF THE YEAR Steven Elias, PE, division manager of Pennoni ’s Winter Haven, Florida, office has been named Engineer of the Year by the Florida Engineering Society. Founded in 1916, FES promotes and defends the professional interests of all engineers in the state of Florida. Elias is recognized as Engineer of the Year in the FES Ridge Chapter, which includes Florida’s Hardee and Polk counties. This award is given to the one member of FES each year who best exemplifies the ideal image of the professional engineer. Engineer of the Year awards recognize the nominated engineer who has made the most outstanding

contribution to the advancement of engineers in either industry or government. Elias consistently demonstrates the qualities of an Engineer of the Year with his professional and community-driven accomplishments. He is extremely active with community and service organizations, both local and international, including Rotary International, Candy Canes for Kids, Florida Engineering Society, and numerous economic development and civic groups. Candy Canes for Kids has reached seven different cities including Winter Haven, Dundee, Lake Hamilton, Polk City, Lake Wales, Mulberry, and Eagle Lake over the past nine years. This past year, there were a total

of 14 families who received several hundred gifts and approximately 20 Publix meal bags because of Elias and his office’s efforts. Elias directs Pennoni’s municipal and environmental engineering projects in central Florida, including marketing, planning, design, and construction administration of strategic projects. His efforts have resulted in over $238 million in grant and loan funding assistance to central Florida municipalities since the year 2000. He was honored with the Changemaker Award twice, in 2011-2012 by Rotary Zone 34 and Rotary District 6890. Elias received the award at a celebratory luncheon on February 21, 2017.

J. MARK LUNDY, from page 9

information, identify stakeholders (which typically doesn’t just mean shareholders!), and clarify objectives. In the second phase – integrated planning – the advisor will work with you to compare your current state to your desired state and identify gaps, opportunities and risks, prioritize needs and develop a road map to meet business, ownership and family objectives. A critical component of succession planning is clarifying stakeholder objectives and reconciling differences when possible. The final phase of the process is implementing the plan you’ve developed. It’s critical for your lead advisor to be involved in this process. Remember that succession planning doesn’t always revolve around planning for an ultimate sale to a third party. Through the succession planning process, it is common for the stakeholders to decide they want to remain “independent.” In that case, succession planning is still extremely important. Developing a plan to transfer ownership and remain independent requires a thorough evaluation of the facts, goals, and objectives. Also, remaining independent highlights the need to develop, retain, and/or attract the necessary leadership to perpetuate the business. “Succession planning doesn’t always revolve around planning for an ultimate sale to a third party. Through the succession planning process, it is common for the stakeholders to decide they want to remain ‘independent.’ In that case, succession planning is still extremely important.” The brevity of this article means we’ve only scratched the surface on the issues and topics related to the development of an effective succession plan. However, one final thought – effective succession planning is a never-ending process that requires re-evaluation as circumstances change. Succession planning will likely always be a concern (as it should be), but having a plan in place will hopefully give you the peace of mind to get a good night’s rest. J. MARK LUNDY is a partner at BKD, a national CPA and advisory firm. He can be reached at mlundy@bkd.com.

Second, more often than not, leadership has not been through a succession event, and the lack of knowledge and experience related to developing a plan can easily lead to procrastination. “Wisely managing this event will help you capitalize on the fruits of your labor. Failing to plan for this event could throw your future into a tailspin.” It’s also important to remember that not all succession plans are equal. While a well-developed plan can perpetuate success, a poorly designed plan can lead to failure. While there are many, some common reasons why succession plans collapse include: ❚ ❚ A failure to consider the perspective of all stakeholders, in- cluding shareholders, leadership, and family ❚ ❚ Developing a plan by starting with a review of liquidity op- tions, instead of first developing goals and objectives ❚ ❚ A singular focus on tax driven planning versus goal driven planning ❚ ❚ Failure to resolve conflict within the business or among stake- holders ❚ ❚ Failure to pick and or train a qualified and capable leader(s) to succeed current leadership An effective succession plan should include a thoughtful approach that accounts for the interplay between business, ownership, and family. If done correctly, a succession plan will align with your goals while addressing contingencies, gaps, and opportunities. As previously mentioned, many business owners fail to address succession due to lack of time and experience. Therefore, it is important to begin the process by identifying a lead advisor who can manage planning and implementation. This will help you efficiently use your time to develop a thoughtful and comprehensive plan. The right lead advisor will begin the process with discovery. During this phase, the advisor works with you to gather

THE ZWEIG LETTER March 27, 2017, ISSUE 1193

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