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Addressing Tax and Business Challenges for a 100-year old Family Business
Willow Tree Poultry Farm is a multi-generational, family-owned business known for their famous chicken salad and chicken pies. With roots back to the 1900s, Willow Tree has been filling New England grocery store shelves for over 100 years. Under the leadership of President Wally Cekala and his sons Chris and Alex, the business has grown and evolved, and so too have their accounting and business needs. The family’s strategic partnership with KLR’s Accounting and Business Consulting Group and Anthony Mangiarelli and his team has helped them address these changing needs.
Addressing Three Critical Areas
Willow Tree needed assistance in navigating several critical areas:
- Uncertainty around ownership transitions: As a family-owned business, the Willow Tree family needed a clear roadmap for ownership transitions while ensuring long-term sustainability.
- Unclear Tax Strategies: Wanting to retain the business for future generations, the family needed help minimizing and deferring taxation.
- Time consuming internal operations: Reduce the time spent on day-to-day operations like preparing financial statements, leaving little time for more high-value, strategic tasks like market expansion.
How KLR Responded
Working closely with Willow Tree, KLR provided a comprehensive and tailored approach empowering the business to achieve greater efficiency and long-term success including:
- Succession Planning: The KLR team guided the family through their ownership transition options, enabling them to make informed decisions about keeping the business within the family or exploring alternative options, such as selling to private equity or strategic buyers. As part of their long-term planning, KLR also advises the family in regard to the Julia Cekala Foundation, further strengthening their legacy and commitment to the community.
- Tax Optimization: The KLR team implemented proactive tax strategies to legally minimize and defer taxes, ensuring full compliance while maximizing financial benefits for the Cekala Family.
- Strategic Hiring: Understanding the unique dynamics of a family-owned business, Anthony recommended hiring a non-family member as controller (with help from KLR Executive Search Group). This approach provided a fresh perspective and allowed the family to focus more on strategic priorities, including expanding the business into the Florida market.
Strengthening Legacy and Growth Now and for Many Years to Come
Tax savings
Improved strategic focus
Success in new markets & business growth
Succession preparedness
Key new hire
Private foundation advising
Facing Similar Challenges in Your Family Business?
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