Issue link: http://palletcentral.uberflip.com/i/1511664
22 PalletCentral • November-December 2023 palletcentral.com Bradley Tuminello Owner Southern Packaging, Inc. I started my business 31 years ago with a brother, where we each had 50% ownership. He sold his interest to me in 2015 and I am currently the sole owner. Now, I am working on transitioning the business to my son. is has been very challenging and takes many of years of planning and making happen. I don't know if I have much to contribute, but am looking forward to learning more about the process. I am very interested in moving the ownership to my son and current management. However, not everyone wants the pains that go with ownership. I am still wading through the correct process. My company has great management, staff, and workers and I want to keep that going for the next ownership. In reviewing my plans on how to pass on the ownership, I am currently consulting with my CPAs, an estate planner, and some personal financial advisors. e tax ramifications contribute to one of the proper ways to structure a sale. You cannot expect the business to carry too large of a debt burden in the case of an internal sale – i.e., current management and family. In the case of an outside sale to an equity firm or competitor, then there are synergies that they may achieve in acquiring companies. Additionally, outside buyers will typically have access to a larger pool of acquisition dollars as compared to an internal sale. Internal sales may have the seller financing parts of the acquisition whereas an outside sale will typically get 100% of purchase price paid in full. Carrying on the small business family culture mentality to a new outsider ownership way of management could be a very big challenge if not handled properly. Bean counters can count the money as well as strip short-term profits for long- term losses. However, it takes a well-run organization with great truck drivers, operators, maintenance team, office staff, quality products, excellent service, sales staff, and a team buying into the entire process for long-term success. Fortunately, Southern Packaging has been blessed and have put together an excellent team over the past 31 years. Now the challenge is to help the new leadership continue the quality product and excellent service that has made Southern Packaging what it is today for many years in the future. As the fourth generation in a family-owned business, I cherish my childhood memories of contributing to the company during vacations and free time. Involving future leaders from a young age is crucial for our continuity. Tarimera El Rayo's history stands as a testament to our family's entrepreneurial spirit and resilience. e journey from a humble carpentry workshop to a significant industry player underscores our adaptability to economic challenges. is legacy, coupled with effective governance and adaptability, has propelled the company's success. e next generation, my children, will build upon this legacy and continue guiding the company toward even greater success in the future. Left: Jacobo and Samuel Podlipsky attend Interpal 2023. Right: Samuel Podlipsky with his grandchildren.