Taking on the Family Business - Presley & Partners - Presley & Partners

Taking on the Family Business

CHALLENGE

Established by Ron Germain in 1974, Island Beltone is a family-owned hearing care provider that is dedicated to helping customers with their auditory needs. When the business’ next generation, Jeff Germain, was beginning to move into an owner and leadership role, he and his wife Sharon were unsure about some aspects of transitioning into these new positions. Says Sharon, “At the time there were 12 locations, and we were taking on three of those. Jeff had been working in the business for years, but not running things directly, so we had many questions.” Wanting to make the transition a smooth one, and set themselves up to be as successful in their endeavors as Ron, the couple sought professional guidance.

SOLUTION

After speaking with a few firms they identified through the Yellow Pages, Sharon and Jeff decided to work with Presley & Partners. “We spoke with them for a long time and were incredibly impressed with how knowledgeable they were about our type of situation,” recalls Sharon. “Even though our needs were somewhat complex, they understood exactly the sort of assistance we needed, what to anticipate, everything. Deciding to work with them was the easiest part of the whole thing!” Presley & Partners not only helped the new business owners through the initial business purchases, they also set up their back-office bookkeeping, helped with financial statements and provided advice on many other business purchase-related needs.

RESULT

Buying into a family-owned business, even when it’s your own family (and sometimes especially because it’s your own family), can be problematic. Now, over a decade down the road, Island Beltone is doing quite well with Jeff and Sharon at the helm. “We now own and run all of the Island Beltone locations. Even when we expanded outside of the immediate area, we kept Presley & Partners with us because they know what they’re talking about and are amazing at anticipating how both internal and external factors can impact us,” says Sharon. “We’re in a business that evolves so rapidly due to technology and new competition. Along the way there have been challenges, and without their guidance, I’m not certain we would still be here. Having Presley & Partners as our go-to accounting and business advisors has made all the difference.”

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