They came up with an innovative tax solution to help move control of the company from the third to the fourth to the fifth generation — and all without significant gift and estate taxes. We never could have done that on our own.
Channellock
Meadville, Pennsylvania
Channellock
Meadville, PA
Manufacturer of more than 75 different sizes and types of pliers since 1886
4,000 Wholesale and Retail Customers
Sold in 45 Countries
350 Employees
Cornerstone Client Since 1982
We started working with Cornerstone decades ago on financial consulting and estate needs. Over time, our relationship evolved, and they provided invaluable help when it came to putting our ESOP on sound footing. They’ve revamped our life insurance portfolio.
And, when it comes to Human Capital Development, Cornerstone's greatest gift has been in getting my family members on the same page, which continues to keep our family business moving in the right direction.
Bill DeArment – Channellock, Inc.
Services Performed:
- Improved operational execution
- Innovative tax solutions
- Management of succession from 3rd to 4th to 5th generation
- Revamped life insurance portfolios
- Key talent acquisition and development
- Estate planning
- Formation of family limited partnerships
- Restructuring of ESOP
- Consultation on strategic development of the business
- Survey of manufacturing reps and associated recommendations
- Human capital consultation