Ohio-based Fifth Third Private Bank on Thursday (Aug. 19) announced the creation of the Business Transition Advisory team, a group aimed at readying business owners for the financial and personal responsibilities associated with a business transition, merger, acquisition or initial public offering.
Frieda Rakhman, who joined the bank in January, will lead the team. Rakhman brings more than 20 years of financial expertise to the position.
Underlining the demand for the new Business Transition Advisory Team, a January 2020 National Center for the Middle Market research report determined that 77 percent of privately owned businesses have seen changeover in the last five years or are expected to within the next five years. Of those enterprises, one-third have not taken any measures to ready for a transition.
“It is in the fabric of our DNA to approach conversations with clients as a strategic partner,” Kris Garrett, Fifth Third head of wealth and asset management, said in the announcement. “With the new capabilities brought by Frieda and her team, we are leaning further into our strategic partner role and the advice we can offer our clients.”
The Business Transition Advisory team strives to assist business owners during this process as a no-cost and consultative offering. Whether owners are selling a business or passing it to the next generation of family, the advisory team will work hand-in-hand with them and their outside advisors to arrive at the best business outcomes.
Fifth Third’s latest business-focused offering comes on the heels of its Momentum Checking Early Pay effort. According to a PYMNTS report, Early Pay had the effect of helping customers fend off overdraft fees and helped eliminate the need for some customers to turn to payday lenders by giving customers access to their paycheck closer to when they earn it.
The need to speed up payment reconciliation, particularly for B2B entities, has become even more important amid the pandemic, Fifth Bank told PYMNTS last fall.