CAM Releases the Building Michigan Podcast, Episode 6

Bloomfield Hills, MI (November 29, 2021) – Episode #6 of the Construction Association of Michigan’s “Building Michigan” podcast series, CAM’s President and podcast host Kevin Koehler interviews three experts from the Q5 Experience, a collaboration of business partners who specialize in building transferable value and succession planning for construction businesses.

Joining the conversation from the Q5 Experience is John Carter, exit planning and succession specialist and CEO of Absolute Succession in Bloomfield Hills; Chris Cousins, president and co­-owner of Financial Architects Inc. of Farmington Hills; and Chris Meso, owner of T Rex Advisory in Oak Park.

Members of the Q5 Experience began to connect just before the pandemic hit and really formed during the COVID shutdown. Carter explained that, during this time, “Chris Cousins, myself, and Chris Meso, along with Sarah Greifenberger [a Certified Valuation Analyst with Arbor Valuation] and all the other Q5 members, we kind of worked from our household ‘bunkers’ to build what is now the Q5 consortium. And the concept, candidly, is very simple – each of us provides our own expertise through this process that really helps business owners accomplish their goals.”

The Q5 Experience aims to help business owners build their alternate transferable value by optimizing the business, the people, and the company’s financial strategy, the three key elements that make any transition successful, according to Q5. The group calls this the three “Universal Goals and Objectives.” Carter explains that “once that's determined, we can look at a series of value-building and succession strategies that we can implement in the organization to ensure that they have the value in place.”

From a financial standpoint, Cousins advises businesses to stay “very focused on the big picture:  Where do you wanna go? What outcomes are you looking to have? We only get one shot at this life, and so thinking about it holistically is really critical.” Carter agreed, adding that “it’s important to have the business infrastructure in place and have all of their personal goals and objectives identified as well. We really want them to accomplish their Universal Goals and Objectives – that’s what we are trying to do.”

 “The owner needs to have a vision,” added Koehler. “He needs to know who is going to be his successor, or at least think about that, and think about where he wants to be financially, and make sure that his employees are taken care of, whether it be through an ESOP or whatever kind of arrangement he comes up with, but it’s ultimately about continuity.”

Carter strongly suggests starting the business succession process early. “Don’t wait until you have to do it, right? You want to give yourself as much time as possible to really identify your goals and build value so you can really command your own exit,” he explained.

Listen to this hot topic conversation and all of CAM’s “Building Michigan” podcast episodes at buildwithcam.com/podcast or on your favorite podcast platform.

Contact cam@buildwithcam.com for podcast sponsorship opportunities or with suggestions for future podcast topics. Each episode of the “Building Michigan” podcast, produced for Michigan’s construction industry by the Construction Association of Michigan, and sponsored by Priority Health, features current news and information regarding the latest construction techniques, methods and equipment, as well as economic updates and interviews with key people in Michigan's commercial construction industry.

Podcast Guests

Q5 is a collaboration between a group of business consultants that, when working together, helps create and build seamless value that allows a business to grow and transform beyond the foreseeable future. “While we typically plan based on weeks, months, quarters and years, Q5 challenges you to look further than what can easily be envisioned. It’s a fifth quarter, so to speak. How does Q5 look to you?” For more information about Q5, visit www.q5experience.com.