A succession plan for your business is one of the most important safeguards you can use to ensure the company’s future success. Approximately one third of family businesses that transfer to the next generation are successful, and only 15 percent make it to the third generation. Choosing tomorrow’s leaders and formulating a plan for your retirement, death, divorce or disability are tasks that should be done early and tweaked often. The transfer of power and wealth can provide a smooth transition or can be the demise of a company, depending on how future leaders are chosen and groomed, and how tax and estate planning implications are handled.
There are various business succession options available to the owners of privately held businesses. These include:
- Transfer of ownership to the next generation
- Employee stock ownership plan (ESOP)
- Public offering
- Recapitalization of the business
- Sale of the business to a third party
- Liquidation of the business
Transfer Ownership to Next Generation
When choosing and grooming successors for your business, you must consider their business strength and savvy, and the psychological and emotional impacts of any decision on employees and family members. (more…)
Mr. Rubin joins Hardesty Capital as Vice President, Senior Portfolio Manager, and member of the Investment Committee. His role is to manage existing high net worth client portfolios while also increasing Hardesty Capital’s client base. Mr. Rubin also uses his experience as Co-Head of Equity Research at Mercantile Trust (now PNC) to actively manage the investment research process with the Investment Committee.
He has worked in many leadership roles throughout his 22 years in the investment management industry. Most recently, he was Senior Investment Advisor at PNC Wealth Management, where he spent twelve years working with high net worth clients. He also served as Senior Equity Research Analyst, where he was responsible for research coverage and securities recommendations to portfolio managers. Prior to that, he spent five years at Legg Mason Wood Walker (now Stifel Nicolaus) as an Equity Research Analyst.
Mr. Rubin successfully completed the Chartered Financial Analyst program in 2000. He received his Certified Public Accountant (CPA) certificate in 1994 and his Masters of Business Administration (MBA) from Loyola University Maryland in 1998. Mr. Rubin is a member of the Baltimore CFA Society and the CFA Institute.
Mr. Peck joins Hardesty Capital as Marketing Associate and is responsible for identifying prospects as well as other marketing efforts. Prior to joining Hardesty Capital, Mr. Peck was a Client Service Associate at Morgan Stanley Wealth Management. He graduated from Denison University in 2014 and served as an intern for Hardesty Capital during the summer of 2013.
We are excited for Rick and Neill to join the team at Hardesty Capital. We have so much opportunity and will continue our growth strategy with the addition of new staff while maintaining our integrity as a value-oriented investment firm.
Hunt Valley, MD – Hardesty Capital Management announced the retirement of company cofounder James D. Hardesty, CFA, effective April 15, 2015. Hardesty’s decision to retire will end an extraordinary 45-year career in the investment management industry.
Mr. Hardesty served as Chairman of the Board, Market Strategist and Chief Economist. He cofounded Hardesty Capital in 1995 with V. Randolph McMenamin, CFA, Managing Director and Vice President of Hardesty Capital Management. After retiring, Mr. Hardesty now serves as Chairman Emeritus of Hardesty Capital, and he continues to serve in a consulting role mentoring young staff members.
Mr. Hardesty held numerous leadership positions in the industry prior to Hardesty Capital, including Chief Investment Officer and Executive Vice President at Mercantile Safe Deposit and Trust Company. Under his leadership at Hardesty Capital, assets under management have grown to just under one billion dollars.
In addition to his business activities, Jim sits on a number of industry and non-profit boards. He currently serves as Vice Chairman of the Board for the Harford Mutual Insurance Company. Previously, he was Trustee of LINC (Learning Independence Through Computers) as well as the Board of Family & Children’s Services of (more…)
As we look back on the past twelve months, we’re pleased to report another strong year of performance for our firm’s clients. A strengthening economy has helped the bull market continue, with the S&P 500 Index posting its fifth double-digit gain in six years. Hardesty Capital Management also experienced a very positive year, as our AUM (assets under management) reached a level just shy of $1 billion, a company record. We are so appreciative of our wonderful clients and their support of our firm’s continued growth. (more…)
A local investment-management firm quite literally followed the money and moved from Baltimore City to Hunt Valley.
By Rick Seltzer, The Baltimore Business Journal Sep 16, 2014, 7:27am EDT
Investment firm’s offices had been in Mount Vernon since its founding in 1995
By Natalie Sherman, The Baltimore Sun 6:59 p.m. EDT, September 15, 2014
Stay the course. That’s what Baltimore-area money managers are telling their clients in the wake of the stock market’s 5 percent slide this year.
By Gary Haber, The Baltimore Business Journal Feb 6, 2014, 2:47pm EST
Money management companies report growth in 2013
By Natalie Sherman, The Baltimore Sun 10:16 a.m. EST, January 4, 2014
If you want to know something about the history of the Baltimore investment community, you might want to call James Hardesty.
The 67-year-old history buff and chairman of Hardesty Capital Management has spent his career in Baltimore, starting with a job in the mail room of Alex. Brown & Sons and later as an executive at the old Mercantile Safe Deposit & Trust Co. Both Baltimore companies eventually were acquired.
He founded his own investment firm in Baltimore in 1995. Today, it manages $800 million in assets, with a goal of reaching $1 billion within two years. To help achieve that, the firm recently hired a new president.
Hardesty recently discussed the stock market, challenges for his firm and an old classmate who is a former U.S. president.
After buying a Timonium court reporting company and a Towson spice maker, Chad Meyer is returning to his business roots — the world of high finance.
By Gary Haber, The Baltimore Business Journal Dec 3, 2013, 2:19pm EST
‘Uncertainty fatigue’ has set in among investors
By Eileen Ambrose, The Baltimore Sun October 13, 2013
Ignoring political drama in Washington could be the new norm
By Eileen Ambrose, The Baltimore Sun 7:30 p.m. EST, March 8, 2013
Baltimore-area money managers like what they see ahead for the U.S. economy.
By Gary Haber, The Baltimore Business Journal Jan 25, 2013, 6:00am EST
If you own stock, the fiscal cliff could be your chance to cash in.
By Gary Haber, The Baltimore Business Journal Dec 14, 2012, 6:00am EST
After a brutal third quarter in which the United States saw an unprecedented downgrade of its credit, many weary investors are staying on the sidelines.
By Hanah Cho, The Baltimore Sun November 20, 2011
