Mallozzi takes us through the steps of his exit experience. His first step was announcing his final decision to retire from the agency. His shares were divided and Mallozzi was issued a long-term note payable over the next 5-6 years. As long as the company performs well, Mallozzi’s payout is secure. He remains involved with the agency as an advisor simply to support progress and the health of the firm.

Gibbs & Soell enjoyed a remarkably fluid succession to its third generation, supported by a carefully crafted and respected shareholders’ agreement. Because of the nature of the agreement as a “buy-in, sell-out” succession plan, Mallozzi talks about how company shares were flowing in and out throughout the transition. Although everything worked out well, Mallozzi has one regret. He openly identified his successor a year in advance, which caused his final year to be a bit of a “lame duck” experience.

Cos Mallozzi, a recently retired CEO at Gibbs & Soell, started out as a junior accounting executive over 35 years ago. Mallozzi explains how he saw his path to becoming the CEO of Gibbs & Soell after he exercised his right to buy shares of the company. Succession planning is part of the Gibbs & Soell corporate DNA, and passion part of their corporate culture. Dick Gibbs, Mallozzi’s predecessor and mentor, demonstrated a high degree of confidence in Mallozzi by handing the company over to Mallozzi with no strings attached. Mallozzi credits Gibbs’ handoff as a key component of the successful transition, which Mallozzi is now modeling by his recent transfer to his own successor.

A 10-year succession plan was put in place with perfect timing. Within 5 years of completing an agreement to purchase the business, their father passed away from cancer. The Noonan's are grateful for their father’s sense of planning and a commitment to an orderly succession. Bill, Philip and their father composed a well thought out succession plan, which remains on track to this day. 

The transition from a research firm to an investment management firm worked out very well for Contravisory. The business transitioned smoothly and grew. Shortly after shifting the strategic focus to investment management, Bill and Philip Noonan began discussing the succession of the company in depth. The brothers concentrated on customer relationships to develop a loyal clientele. Bill touches on how he became CEO, which included the Board of Advisors making the ultimate decision.

Bill and Philip Noonan of Contavisory Investment Management talk about the influence their father had on the family business. As Philip and Bill became involved in the company around 1998 while it was still a research firm, they immediately took a close look at the strategic plan, which ultimately lead to a shift in the focus to asset management. Family is a core value guiding Bill and Philip’s leadership.