“Earth’s Mightiest Heroes” are those who serve on a team with one common goal. They provide immense value with a unique set of skills. They use their intellect, experience, and cunning to sense and solve problems. And most of all, they ensure the best possible outcome for those they help.
That’s right. These superheroes are the advisors who make up an owner’s exit planning team.
If you are a comic book fan, you probably had a different group of heroes in mind. Especially because “Earth’s Mightiest Heroes” is often the moniker of Marvel Comics’ The Avengers. However, we think an owner’s exit planning team and the superheroes in your favorite comic books have some similarities.
We have assembled our superhero team of advisors from Marvel Comics and DC Comics to create the perfect exit planning team.
Iron Man is your Growth or Value Advisor
Tony Stark, better known as Iron Man, first appeared in the 1963 Tales of Suspense no. 39. Iron Man’s origin story finds Tony fighting for his life in a cave after he is captured by the enemy. He creates a metal suit that not only prevents his death in the cave but allows him to escape to freedom.
His first Iron Man suit was nothing special, but it served its purpose. However, Tony Stark did not settle for something that technically worked, he was constantly improving and enhancing his Iron Man suits to best serve his needs. He assesses what worked in previous iterations and makes marked improvements that provide greater value for not only himself but the other Avengers as well.
Iron Man serves as the Value Advisor on the exit planning team. He strives toward building value in the Avengers as well as constantly improving his resources, thus making him uniquely suited as a Value Advisor. A Value Advisor is an important part of a business owner’s interdisciplinary exit planning team. They work with financial advisors, wealth managers, CPAs, and the owner’s leadership team to reach the owner’s business, personal, and financial goals.
Also known as growth consultants, they manage an owner’s business value and help to unlock the wealth trapped in the business. They assess the personal, financial, and business goals of the owner before, during, and after their transition from the business.
Hawkeye is your CPA
Clint Barton, known as Hawkeye, is the best marksman in the Marvel Universe. The character Hawkeye first appeared in the 1964 Tales of Suspense no. 57. While most of the superheroes in Marvel Comics have superpowers, mutations that grant them super strength, flight, or some other enhanced characteristic, Hawkeye is more of an everyman superhero. His strength is his ability to hit any target with his bow and arrow.
Clint is a member of the Avengers and uses every arrow in his quiver to protect the Earth from threats. Hawkeye uses his precision and accuracy to defend people from harm with his bow and arrow. The use of trick arrows that best suit the situation combined with his exceptional aim make him indispensable to the Avengers.
Hawkeye serves as the CPA on the exit planning team. Clint Barton’s precision and dedication to his craft make him best suited to be the CPA on the exit planning team. CPAs are integrated with the business owner and their company and offer precision in several service areas including tax preparation, financial statements, forensic accounting, auditing, and accounting.
CPAs are put in an advantageous position to provide owners with the guidance and support needed to successfully transition their companies. It is likely that the business owner will turn to the CPA for guidance, allowing the overall accounting firm to open a new service line in exit planning. A potential significant return for the firm, leading them to deepen their relationship with clients and their companies.
Daredevil is your Attorney
Matthew Murdock, Attorney at Law by Day and masked hero of Hell’s Kitchen known as Daredevil by Night, first appeared in 1964 in Daredevil no. 1. Matthew Murdock was in an accident as a child that blinded him but left his other senses enhanced to a supernatural level. Matthew became a lawyer to get justice as a result of a criminal walking free after his father’s death. As an attorney, Matthew fought relentlessly for those wrongfully convicted in the Hell’s Kitchen neighborhood of New York City.
Under the mantle of Daredevil, Matthew fought those who the legal system failed to convict. His superhuman senses enable Daredevil to detect threats from a distance that others would not otherwise notice. Daredevil works with The Defenders, a group of enhanced people in New York fighting to rid the city of threatening organizations.
Daredevil serves as the Attorney on the exit planning team. As an actual attorney, Daredevil has the experience to manage the legal aspects of an exit strategy and navigate the transition of the business to the next owner. The Attorney is among the business owner’s most trusted advisors. Of business owners who stated they had a formal transition team in place, 61% included a business attorney according to the State of Owner Readiness Survey.
The attorney provides legal advice on issues that impact the company across all four intangible capitals (Customer, Social, Human, and Structural.) They also play a critical role as a connector, as they may connect the owner to different types of attorneys along the way who help with more personal or personal financial capacities such as Estate Planning.
Black Widow is your Financial Advisor
Natasha Romanoff, or Black Widow, was first introduced in 1964 in Tales of Suspense no. 52. A gifted spy and exceptional fighter, Black Widow has worked with and against several superhero teams throughout her tenure in Marvel Comics.
Trained as a sleeper agent in Russia, Natasha Romanoff knows how to dig into the details of a situation to facilitate the desired outcome for her affiliated team. Her skills in combat and espionage, and her arsenal of resources make her a formidable member of The Avengers and S.H.I.E.L.D.
Black Widow serves as the Financial Advisor on the exit planning team. Black Widow’s extensive knowledge of the internal workings of several international organizations makes her best suited to lead the financial advisory aspect of the exit planning team.
The Financial Advisor will ask all the pertinent personal and financial questions to the owner. They remain on the owner’s team long after the exit has occurred. According to recent research conducted by the Exit Planning Institute, the Financial Advisor is seen as the owner’s most trusted advisor and as such, sits close to the owner on their transition team.
Thor is your Family Business Advisor
Thor was first introduced in Marvel Comics 1962’s Journey into Mystery no. 83. Thor, also known as the God of Thunder and Thor Odinson is an Asgardian God with superhuman strength, speed, reflexes, and fighting ability. After being banished to Earth to prove he is worthy to retain the mantle of God of Thunder, Thor meets allies with whom he joins forces to combat villainous threats in the future, sometimes threats from his own family.
Thor is part of an extended family of Asgardian gods and goddesses, each with their own conflict and superhuman powers. Thor’s adopted brother, Loki, is the God of Mischief and is a constant source of friction in his life. Thor also battles with his niece, Hela, the Goddess of Death on several occasions.
Thor serves as the Family Business Advisor on the exit planning team. Well-versed in family conflict, Thor is best suited to manage family disagreements, the succession of a family business, and facilitating family meetings. An owner’s family directly impacts their business decision-making. Everything the business owner does impacts the family directly and the families of their employees, partners, and vendors. 84% of owners stated they meet with their family annually to discuss the business. Additionally, 12% of owners consider their spouse to be their most trusted advisor.
Some owners will set up a family council which acts similar to a business board of advisors. They assist in managing disputes between the family and the business. When an owner sells their largest asset, it greatly impacts the family. Some businesses have family operating in the business, but even if it is not a “family business” the sale impacts all family members.
Rogue is the M&A Advisor
Anna Marie, known as the Mutant Rogue, was first introduced in Marvel Comics in 1981 in Avengers Annual no. 10, she later joined the X-Men in comics published in 1983. Rogue’s mutant powers enable her to absorb the energy, life force, memories, and mutant powers of anyone she touches. These powers, which she learns to control with the help of Professor Charles Xavier, give Rogue the unique ability to merge the strengths of others and enhance her own capabilities.
Rogue serves as the M&A Advisor on the exit planning team. She has worked on several super teams, including The Avengers and X-Men, utilizing her capability to acquire others' powers for good. She is best suited to be an M&A Advisor as a result of her mutant power of seamlessly merging other people’s memories, strengths, and personalities with her own. These advisors are typically used if the business owner is going to sell to a third party, considered sell-side work. That third party could be a strategic corporate, financial buyer, private equity group, or public offering.
They can also help their client raise money or work on the buy side. They position the company for sale, managing the entire M&A Process including deal preparation, negotiating terms and price of the acquisition or merger, and arranging the sale of the company itself. These advisors can also be brought into the process early, before a sale, to give additional advice to the owner who may be thinking about a third-party sale in the longer term.
Batman is your Estate Planner
Bruce Wayne, known as Batman first appeared in Detective Comics no. 27 in 1939. After the death of his parents, Bruce devotes his life to vengeance on the criminals and threats in Gotham City. Bruce is the CEO of Wayne Enterprises as well as the Caped Crusader or Dark Knight.
Bruce is a billionaire with a massive estate to manage. His estate includes Wayne Manor, Wayne Enterprises, a vast network of caves under Wayne Manor coined the “Bat Cave,” and an arsenal of technology and equipment he uses as Batman. He has fought on many popular DC superhero teams, most famously on the Justice League.
Batman serves as the Estate Planner on the exit planning team. With an extensive estate of his own to manage, Bruce Wayne understands the importance of securing your personal and business assets and therefore is the perfect Estate Planner to add to an exit planning team. An Estate Planner helps you maximize a business owner’s wealth effectively while minimizing estate taxes. Their Estate Planner is instrumental in the creation of their Will, any Trusts for their children, and in organizing their charitable contributions.
Of those owners who had a formal transition team, 33% indicated an estate planning attorney was engaged, according to the latest Exit Planning Institute report. This attorney is likely different from the general business attorney described above and is more specialized.
Captain Marvel is Your Risk Advisor
Carol Danvers is the latest and one of many who take up the mantle of Captain Marvel in the Marvel Comics. She was first introduced in 1968 in Marvel Super-Heroes no. 13. Carol has a tumultuous origin story in the comics that finds her accidentally transformed into a superpowerful being capable of flight, superhuman strength, and energy manipulation.
In some iterations, Captain Marvel also has a “cosmic awareness” which allows her to sense impending danger and react quickly and efficiently to any threats. She utilizes this capability as she serves on many superhero teams, including the Avengers, A-Force, and Kree.
Captain Marvel serves as the Risk Advisor on the exit planning team. Given her ability to sense risks and threats, Carol as Captain Marvel is an extremely effective Risk Advisor. A Risk Advisor works with a business owner to mitigate and manage risks associated with the business and their personal needs. They must understand what risks are lurking in the owner’s business and any personal risks associated with it.
Identifying business risks is the first step toward building significant value. Even before an owner transitions the business to the next owner or liquidates the assets. These advisors provide general business liability insurance, cyber security insurance, key man insurance, life insurance, and sometimes manage company healthcare benefits.
Team Building: Defining, Building, and Leading Well-Functioning Teams
It’s been estimated that ineffective teamwork results in $1 trillion of economic waste per year. Combined with virtual work environments becoming more and more commonplace, shifting the dynamic of how teams build trust, it becomes apparent just how important effective team building really is.
This interactive EPI Academy course will take you through the foundational elements of putting a team in place, and how to master behaviors critical to a team’s success. This gives attendees a better understanding of why, when, and where to utilize teams, as well as impactful tools and strategies to put your knowledge into practice.
This course was created as an expansion of the team building module taught within the Certified Exit Planning Advisor (CEPA) program. Current CEPAs will be able to expand on their team-building foundation, but even those without the CEPA credential will benefit from the content and strategies taught in this course.
Register for this EPI Academy course and strengthen your team today!
