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Salt Lake City – Recognizing the expertise family-owned businesses need to survive and thrive, Zions Bank and parent company Zions Bancorporation have launched Family Business Services. The effort will provide clients with specialized education in business succession, estate and financial planning. It also offers support for transitioning family business ownership to employees or outside buyers.
From the schemes of the Carrington family on the 1980s TV series Dynasty to the contemporary squabbles of the Italian family of bakers on Cake Boss, television isn’t too far from reality. Family businesses face unique challenges. In fact, research published in Family Business Review has shown between 80 and 90 percent of U.S. businesses are family-owned or controlled, yet less than half are passed on to a second generation.
The Family Business Services concept was created after several longtime family-owned business clients contacted Zions Bancorporation CEO Harris Simmons for advice on topics such as succession planning and providing liquidity for family members who are owners but not otherwise involved with the family business.
Simmons, son of Zions Bancorporation founder Roy W. Simmons, recognized these as the kinds of issues his own family had wrestled with in ventures involving both banking and radio broadcasting. He saw a need to provide family businesses with resources that would help them deal with such challenges. So did Zions Bank President and CEO Scott Anderson.
“So many family-owned businesses in the coming years will be facing transitions that have the potential for both great opportunity and great conflict,” said Anderson. “We will be here, offering help with that process and solid financial advice and services.”
Chaitali Patel, Zions Bank family business services manager, said the holistic approach offered by Zions Bank is unique in a landscape focused on banking and wealth management strategies.
“At Zions Bank, we are equipping our clients with expertise to define and plan the future of their businesses,” said Patel. “This helps them retain and build wealth, family harmony and priceless legacies.”
Information and online tools are available at www.zionsbank.com/familybusiness.