AMPSoCal engaged with TALSCO Manufacturing, a family-owned machine shop with fabrication specialists that operates in Garden Grove, CA. As a full-service machining company, TALSCO offers rapid prototype, pilot and production runs, assembly, welding, spot-welding, painting, and heat treating and plating. Although their family-owned business had grown considerably over the last decade and the owners wanted to keep the company in the family, TALSCO did not have a transition in leadership or succession plan in place. AMPSoCal assisted TALSCO with a succession plan, which included the following plan recommendations:

·         Prepare a full valuation and negotiate buy/sell agreement

·         Identify the family successor

·         Make strategic investments in new equipment

·         Reduce business administration expenses

·         Increase business income and utilize opportunities for growth

·         Buy out owners

Of the succession plan, TALSCO owner Jose Castaneda Sr. said that the plan will help him transfer the company and make sure that it is “as healthy as possible.”

The selected successor, Jose Castaneda, Jr., said: “The succession plan aligns the family and the business’ ideas and plans moving forward… our goal was to align ourselves to really get a plan in place… and continue our legacy.”