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Fifth Third Private Bank Creates Business Transition Advisory Team, Rakhman to Lead

August 20, 2021, 08:03 AM
Filed Under: Banking News

Fifth Third Private Bank, a division of Fifth Third Bank, announced the creation of the Business Transition Advisory team, dedicated to preparing business owners financially and personally for a business transition or liquidity event. Leading the team is Frieda Rakhman, who joined the Bank in January bringing more than two decades of financial experience to the role.

According to a January 2020 National Center for the Middle Market research report, 77% of privately owned businesses have transitioned in the past five years or will transition in the next five years. Of those businesses, a third haven’t taken any steps to prepare for a transition, such as a sale to an outside buyer or passing the business to the next generation of family.

“It is in the fabric of our DNA to approach conversations with clients as a strategic partner,” said Kris Garrett, head of Wealth & Asset Management for Fifth Third. “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.”

Navigating a business transition or liquidity event is complex, both financially and emotionally. The Business Transition Advisory team seeks to help business owners during this process as a complimentary and consultative offering from the Bank. Whether they are selling the business or passing it down to family, the team works alongside business owners and their outside advisors to optimize their financial and business outcomes.

“The most common regret we hear from business owners who have gone through a transition or liquidity event is that they didn’t spend enough time on the personal aspects of the process,” said Rakhman. “We believe the optimal time for a business owner to begin thinking about and preparing for a transition is 24-36 months. We can serve as a trusted advisor to help the business owner navigate the personal planning process, the business transition and how the two overlap, and what life looks like post-transition.”

Rakhman, based in Atlanta, began her career in strategy consulting and has deep expertise across wealth management, including in practice management consulting, portfolio management, client service and business development. She earned a bachelor’s degree in economics from the Wharton School of Business at the University of Pennsylvania.

Fifth Third Private Bank provides access to investment and planning solutions to preserve clients’ wealth, increase assets, protect businesses and leave a lasting legacy for high net-worth individuals and families.

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