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March 2, 2001/Adar 7, 5761, Vol. 53, No.22
Local author examines business ownership issues
BETH OLSON
Editorial Assistant
Local author and businessman Mike Cohn of Phoenix has published a new book, "Keep or Sell Your Business ... How To Make the Decision Every Private Company Faces" (Dearborn Trade, paperback $22.95).
Cohn, managing director for the succession planning division of CFG Business Solutions, says he wrote the book to assist business owners in deciding whether to keep or sell a family business.
Cohn has been advising family businesses in transition and succession planning for 15 years. He says recently he has seen a new trend in family business succession.
"Up until a couple of years ago, most of the decisions a family business owner faced was about how to pass the business to the kids, which kids are the competent ones, and (for) kids who were not involved in the business, how (to be) fair and equalize the estate.
"I noticed a few years ago that the questions were different and it wasn't about which son or daughter should run the business, but more (whether the family) should keep the business," he explains.
Further, while at one time the decision was only to keep or sell the business, a third option now has come into play: to retain ownership and bring in someone from outside the family to manage the business.
"Companies have come to look at an owner/investor model," says Cohn. "Is the company good to invest in even if none of the family work there, and if so, can we hire the right management to run it for us?"
He says his book differs from other books about keeping or selling a business in its approach, as it takes the reader through the decision-making process. He credits his bachelor's and master's degrees in psychology with helping him to work with family members on difficult issues.
Cohn has been a Phoenix resident for nearly 20 years. He is married to his business partner, Lee Cohn, a certified public accountant and immediate past president of the Desert Botanical Garden board. Mike Cohn is an active volunteer as well, now serving on the board of the Arizona Community Foundation.
He has two children from a previous marriage: Jenoa, a sophomore at Scripps College in Claremont, Calif., and Michael, a junior at St. Mary's High School in Phoenix.
Cohn's book is available at a discount of $5 off the cover price when the book is ordered directly from him. To order, call 602-468-9667.
The book is also available at amazon.com and Borders Bookstores.
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