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Journey from Startup to IPO

November 2, 2024 by Richard Bloom, CFP®

The lifecycle of a private company is evolving.

Over the last two decades, the timeline for companies to seek an entry to the public market has increased. This public market parade has only confirmed the story that data is telling us – companies are choosing to stay private longer.

With venture capital money flooding into the private sector and generally fewer regulations to comply with, remaining a private company offers the flexibility to grow and innovate at high-speed. But, what happens to shareholders along the way?

Private companies often grant equity-based compensation to retain talent and drive performance. Shareholders in the private market are holding onto equity waiting for the moment they can transform their stock options into monetary wealth.

Where did all this begin? Well, quite fittingly, it began with startup companies. When your company is just starting out, cash can be limited. Granting equity compensation may supplement cash to attract and incentivize the talent you need to grow your business.

Startup Equity Basics

As a startup company leader, here are a few things that may be helpful to know as you administer your equity program:

  1. An organized cap table to show equity transactions from investors, founders and employee-shareholders.
  2. An up-to-date 409A valuation, which ensures you’re compliant with IRS regulations when offering equity compensation.

Startup founders may view equity management as a necessary administrative task, rather than a mechanism for growth. They may be looking to grant equity compensation, show investors they are organized and know the company ownership stakes, maintain compliance and model some financial choices like comparing term sheets.

Equity Management While You Grow

After the startup grind, your equity needs and perspective can begin to change. New needs will arise, including added complexity to your equity administration and compensation strategy.

In the growth stage, a company has likely:

  • added a more substantial employee base
  • faced more compliance requirements like financial reporting
  • gone through multiple funding rounds
  • considered expansion

In terms of equity management at this stage, you might have a dedicated resource handling your cap table and compliance, whether that is a CFO or Stock Plan Administrator. You may also have a solid number of shareholders with vested stock options.

Those shareholders may be looking to see the value of their equity. It may be beneficial for them to have visibility not only for transparency, but also to help create a culture of ownership.

Another part of company growth is adjusting your compensation strategy. As you’ve moved through funding rounds, your cap table has potentially grown from a few founders, key team members and early-stage investors to a wider range of employee grants and investor holdings, which may have required heavy-duty cap table organization.

With these changes, you may not be granting equity to every new hire and with more cash at hand from those funding rounds, your compensation plans may have shifted to a custom mix of equity and cash.

Late-Stage Equity Management

Assuming your company doesn’t go through an exit, you will soon evolve from a growing company to a mature company. And once again, your needs will change.

Compliance might be an even bigger concern for you now, as is advising on liquidity events and a path to the public market.

As a mature company, your cap table is a complex and living organism, tracking transactions from grants to funding rounds, vesting schedules and terminations. You may seek a tender offer to present a liquidity opportunity to long-term shareholders, or you may seek an IPO.

If you’ve expanded globally, your team is likely looking to understand additional regulatory requirements as well as navigate local tax rates and rules for dozens or hundreds of jurisdictions. Our Global Intelligence tool may be able to help as you navigate global growth in your equity program.

Whether you’re an emerging tech company with a handful of names on your cap table or a late-stage life sciences organization, your equity and compensation needs are sure to change over time. Morgan Stanley at Work can provide equity solutions for any stage of your company’s journey.


DISCLOSURES

Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.

Richard bloom is a Financial Advisor in 1290 Avenue of the Americas at Morgan Stanley Smith Barney LLC (“Morgan Stanley”). He can be reached by email at Richard.Bloom@MorganStanley.com or by telephone at 212-893-7597. His website is https://advisor.morganstanley.com/the-mayergelwarg-group

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates. Not all products and services discussed are available at Morgan Stanley.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be appropriate for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Richard Bloom may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where he is registered or excluded or exempted from registration, https://advisor.morganstanley.com/the-mayergelwarg-group.

© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. # CRC#5984535 10/2023

Filed Under: Sponsor News! Tagged With: financial advisor, Richard Bloom Morgan Stanley, Start-up to IPO

The Brush Strokes of Success: Korth & Shannahan Painting Celebrates 45 Years

April 17, 2024 by The Inside Press

When Will Korth first picked up a paintbrush 45 years ago, he had no idea that this paintbrush would one day lead him to owning one of the most successful painting businesses in Westchester: Korth & Shannahan Painting and Carpentry. What started as a summer job painting houses for the Shannahan brothers in Will’s hometown of Chappaqua turned into a more serious opportunity for Will as he quickly moved up in the company. Will honed his painting techniques and quality of work while up on the ladders in these early days. These foundational years of painting taught Will the mantra that he instills within himself and his team to this very day: Hard work pays off.

Today, you won’t find Will at the top of a 3-story ladder. He now spends his days estimating new projects and building culture among his all-star team of house painters. Will and his black Labrador, Luna, are known to stop by job sites for safety checks or to make color testing samples for his loyal customers. From its humble beginnings, Korth & Shannahan Painting has made a name for itself as the go-to company for interior and exterior painting, custom carpentry, lead work, and historical restoration here in Westchester County.

Will Korth

After 45 years of leading the residential painting industry in Westchester, Korth & Shannahan knows the key to making a happy customer. “The best painter really listens to what their customer wants. We pay attention to the ‘pain points’ our customers have, like being careful with their pets, protecting the vintage mirror from their great-grandfather, or making sure to cover the new bed of roses in the garden. “What matters to the customer must matter to you” says Korth. For a few lucky customers, Will has been personally taking care of their homes since he was a teenager. 45 years down the line, these customers still call him for their painting and carpentry work. When asked about these long-standing accounts, Korth “believes that its customer service that really drives the bus. There’s no replacement for a happy customer to build your business”.

Will sets the bar extremely high for himself and his team of professional painters and carpenters when it comes to the quality of their work. Each job the Korth team completes is executed to the highest level of workmanship, building trust among their clientele with each coat of paint applied. Unlike the competition, Korth is so confident in his finished product that he provides a 4-year warrantee on every job.

Will Korth (left) and crew, Summer 1980

What’s next for Korth? Will and his crew are gearing up for a huge summer of exterior painting. Will’s daughter Olivia, who handles the company’s marketing and recruitment efforts, is hiring new painters to join the team at a steady clip. At the height of the painting season in Spring and Summer, the crew is comprised of over 35 full-time foremen, painters and carpenters who are the core of the company. Olivia is already planning a huge barbeque for the crew, friends, and family in celebration of the company’s official anniversary date in mid-July.

The Korth & Shannahan team expects their 45th year of business to be the best yet. Decades of hard work have certainly paid off for this local, family-owned business. As Will says, “we’ve come a long way…I can’t wait to see where the business takes us next”.

To start your painting or carpentry project, call the Korth Painting office at 914-238-3588, visit our website korthpainting.com, or email olivia@korthpainting.com.

Filed Under: Sponsor News! Tagged With: Anniversary Celebration, House Painting, Korth & Shannahan, Westchester Painters, Will Korth

Planning for the Unexpected: Protecting Yourself & Your Family with Estate Planning

April 17, 2024 by Richard Bloom, CFP®

For many of us, estate planning is something we know we should do but often manage to postpone until some indefinite time in the future. But, putting off this part of your financial life could mean passing over an opportunity to preserve the lifestyle you’ve worked so hard to create and to dictate your legacy on your terms.

Why You Need an Estate Plan

The primary purpose of estate planning is to ensure that you control how your assets are distributed. Estate planning is also about planning for unexpected events, such as physical and mental impairment, which may place financial strain on your family.
A well-crafted estate plan is likely to have multiple goals:

  • To protect your lifestyle
  • To provide for your family and others, including charitable organizations meaningful to you
  • To control distribution of your assets
  • To minimize estate taxes

Your Estate Planning Checklist

Depending on your goals, you may need to consider different tools, resources and strategies to help you develop an estate plan that reflects your priorities. Here are some important documents and services you may need to help protect you and your family in the event of disability:

  • A living will is a legal document containing your wishes regarding medical measures that might be taken to prolong your life in case of serious illness or injury.
  • A durable power of attorney for health care, also known as a health care proxy, appoints someone you trust to make health care decisions on your behalf if you are unable to do so.
  • A durable power of attorney for financial matters gives someone legal authority to make financial decisions if you are unable to do so.
  • An inventory of important information includes information about your property, bank accounts, insurance policies, employee benefit plans, mortgages and debts. It also includes your estate planning documents and beneficiary designation forms.
  • Disability insurance can help replace a portion of lost income if illness or injury prevents you from working.
  • Long-term care insurance can help to pay for the costs associated with disabilities caused by age and infirmity, such as nursing home care.
  • Other important documents and services help to protect your family and your legacy in the event of your death:
  • Life insurance can provide financial benefits for your named beneficiaries if you pass away. Used strategically, life insurance can also help address other estate planning objectives, such as reducing the impact of estate taxes or charitable giving.
  • A will is a state-specific legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.
  • Trusts may be beneficial for a variety of life events and situations, including tax law changes, marriage, college saving, a child with special needs, serious illness, inheritance, and retirement planning.

The most difficult part of estate planning is getting started. Once you begin, you will find estate planning is a positive and constructive way to put yourself in control of your legacy.

Need help taking the first step? Working with a Financial Advisor can help you bring all the elements of your estate plan together to help ensure that you have an integrated strategy in place to protect yourself and your family.


Disclosures

Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.

Richard bloom is a Financial Advisor in 1290 Avenue of the Americas at Morgan Stanley Smith Barney LLC (“Morgan Stanley”). He can be reached by email at Richard.Bloom@MorganStanley.com or by telephone at 212-893-7597. His website is http://www.morganstanleyfa.com/mayergelwarggroup

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates. Not all products and services discussed are available at Morgan Stanley.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be appropriate for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Richard Bloom may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where he is registered or excluded or exempted from registration, http://www.morganstanleyfa.com/mayergelwarggroup.

© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 6476982 03/24

Filed Under: Sponsor News! Tagged With: Assets, Estate Planning, financial planning, Living Will, richard bloom

Friends of White Plains Hospital’s Annual Luncheon to Feature Best-Selling Author Laura Schroff

March 7, 2024 by Inside Press

Laura Schroff, best-selling author of An Invisible Thread, will be the featured speaker at The Friends of White Plains Hospital’s annual luncheon, to be held on April 3 from 11 a.m. to 1:30 p.m. at Fenway Golf Club, located at 384 Old Mamaroneck Road in Scarsdale.A former advertising sales executive who worked at several major media companies and publications, including Time Inc. and People, Ms. Schroff’s book, An Invisible Thread: The True Story of an 11-Year-Old Panhandler, a Busy Sales Executive, and an Unlikely Meeting with Destiny, became a #1 New York Times and international bestseller. The theme of her address at the Friends’ luncheon is “How the Power of Friendship Can Make a Difference.”

Throughout the year, the Friends of White Plains Hospital are instrumental in reinforcing the Hospital’s mission through volunteer work, fundraising and outreach around the Hospital’s life-saving programs and initiatives. Annual events of the Friends of White Plains Hospital include the spring luncheon, G3 – Girls Got Game, and the Hospital’s Fall Gala.

Individual tickets for the event are $150. For more information on ticket pricing and sponsorships, click here, call 914-681-2264 or email plaine@wphospital.org.

About White Plains Hospital  

White Plains Hospital is a proud member of the Montefiore Health System, serving as its tertiary hub of advanced care in the Hudson Valley. The Hospital is a 292-bed not-for-profit health care organization with the primary mission of providing exceptional acute and preventive medical care to all people who live in, work in or visit Westchester County and its surrounding areas. White Plains Hospital has outpatient medical facilities across Westchester, including multispecialty practices in Armonk, Hawthorne, Larchmont, New Rochelle, Rye Brook, Somers, Yonkers and Yorktown Heights; and Scarsdale Medical Group locations in Harrison and Scarsdale.

The Hospital is fully accredited by the Joint Commission and in 2023, White Plains Hospital received another 5-star rating from the Centers for Medicare and Medicaid Services (CMS) – the highest distinction offered by that federal agency for the second consecutive year. In addition, the Hospital received its third Magnet® designation from the American Nurses Credentialing Center (ANCC), a distinction held by only two percent of hospitals in the country. White Plains Hospital has consistently received the Outstanding Patient Experience Award from Healthgrades®, and in 2023 was awarded an “A” Safety Grade from the Leapfrog Group for the 10th consecutive time.

News Courtesy of White Plains Hospital sources.

https://www.wphospital.org/

 

Filed Under: Sponsor News! Tagged With: Friends of White Plains Hospital

White Plains Hospital Launches Structural Heart Program with First Minimally Invasive Heart Valve Replacement Procedures

December 7, 2023 by Inside Press

Transcatheter Aortic Valve Replacement (TAVR) is the Newest Addition to the Hospital’s Comprehensive Cardiac Services

White Plains Hospital has announced the launch of the Montefiore Structural Heart Program at White Plains Hospital with the successful completion of its first three minimally invasive heart valve replacement procedures, known as Transcatheter Aortic Valve Replacements (TAVR). The procedures were performed by Dr. Azeem Latib, a leading expert in interventional cardiology and Director of the Montefiore Structural Heart Program at White Plains Hospital, in one of the Hospital’s state-of-the-art cardiac catheterization laboratories, marking a key milestone in the growth of the Hospital’s advanced cardiac services.

More than five million Americans are diagnosed with heart valve disease each year, including 1.5 million with aortic stenosis – or the narrowing of the aortic valve. This condition often appears in those 65 and older and deteriorates with age. Older patients with aortic stenosis and other congenital heart diseases can often benefit from a TAVR.

The procedure, which typically takes less than an hour, involves specially trained cardiac interventionalists, in collaboration with world-class cardiac surgeons, using advanced imaging techniques to guide a flexible tube called a catheter through a small needle hole in the groin, up through the blood vessels, to the diseased aortic valve. The team then uses the catheter to deploy a new valve, immediately restoring function and blood flow. Patients are cared for by highly trained cardiac intensivists in the Hospital’s Cardiac ICU, and many of our patients go home the next day.

White Plains Hospital is one of just two healthcare facilities in Westchester offering this life-saving procedure to patients in Westchester County. Every patient is fully evaluated by a cardiac surgeon, interventional cardiologist, cardiologist and radiologist to determine the ideal course of treatment, whether that is a TAVR procedure or open-heart surgery. Also, with advanced imaging technology on-site, including high-resolution CT scanning, fusion imaging and cardiac MRI, patients can undergo convenient, same-day pre-operative testing at the Center for Advanced Medicine & Surgery (CAMS) in White Plains prior to the procedure.

The addition of the Montefiore Structural Heart Program at White Plains Hospital builds on the success of the Montefiore Cardiac Surgery Program at White Plains Hospital, which has exceeded national benchmarks for quality with exceptional patient outcomes in the two years since its launch. The program was recently recognized with a distinguished 3-star rating, the highest available, from The Society of Thoracic Surgeons, a designation that places it among the top 10% of programs for heart bypass surgery in the United States and Canada. White Plains Hospital’s cardiac care capabilities are further strengthened by its world-class Interventional Cardiology program and Cardiac Electrophysiology department, which is focused on the diagnosis, treatment and prevention of arrythmias and other emergent cardiac issues. White Plains Hospital’s experts work closely with a network of cardiologists and specialists throughout the Hudson Valley to ensure each patient receives the specialized care they need, close to home.

“This program underscores White Plains Hospital’s commitment to growing its advanced cardiac services for patients across the Hudson Valley,” said Dr. Latib. “These expanded capabilities allow us to provide the most appropriate treatment based on our patients’ needs, whether they require open-heart surgery or a minimally invasive procedure like a TAVR. We are excited to begin performing these procedures and look forward to continuing to advance the Structural Heart Program at White Plains Hospital.”

To learn more about the Montefiore Structural Heart Program at White Plains Hospital, call (914) 849-4200.

News and Photos Courtesy of White Plains Hospital

 

About White Plains Hospital
 

White Plains Hospital is a proud member of the Montefiore Health System, serving as its tertiary hub of advanced care in the Hudson Valley. The Hospital is a 292-bed not-for-profit health care organization with the primary mission of providing exceptional acute and preventive medical care to all people who live in, work in or visit Westchester County and its surrounding areas. White Plains Hospital has outpatient medical facilities across Westchester, including multispecialty practices in Armonk, Larchmont, New Rochelle, Rye Brook, Somers and Yorktown Heights; and Scarsdale Medical Group locations in Harrison and Scarsdale.

The Hospital is fully accredited by the Joint Commission and in 2023, White Plains Hospital received another 5-star rating from the Centers for Medicare and Medicaid Services (CMS) – the highest distinction offered by that federal agency for the second consecutive year. In addition, the Hospital received its third Magnet® designation from the American Nurses Credentialing Center (ANCC), a distinction held by only two percent of hospitals in the country. White Plains Hospital has consistently received the Outstanding Patient Experience Award from Healthgrades®, and in 2022 became the only Hospital in Westchester to be awarded with an A Safety Grade from the Leapfrog Group for the 9th time.

https://www.wphospital.org/</a

Filed Under: Health Spotlights, Sponsor News! Tagged With: Aortic Stenosis, Aortic Valve Replacement, Cardiac Catheterization, cardiac specialists, Heart Program, Minimally Invasive, White Plains Hospital

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