Though Bryan Morris has been managing the duties of president for American Detection Specialists since his father's death in November, he officially gained the title last week after details of Jim L. Morris' succession plan were revealed.
Under a buy-sell agreement in the plan, Bryan Morris moves to majority owner of the company. Morris said the plan also makes sure that Jim Morris' wife, Rendy, Bryan Morris' step-mother and a company officer, is "cared for as a significant contributor to the development and survival of the company."
"We were instructed many years ago about a few ways that a buy-sell agreement could be put in place for succession planning of a business and how part of that plan could be funded by a life insurance policy," Bryan Morris said. "Because we have excellent advisers and a high-quality team of business professionals who are also friends and clients, we were able to put a plan in place to make sure that whatever challenges we faced, cash flow would not be one of them, at least not immediately."
Jim Morris, who
on Nov. 21 died of a heart attack two days before his 67th birthday, had been working toward retirement for the last three years and was grooming his son for the company's top post, said Bryan Morris, who previously served as finance manager.
"The real change of administration was very well under way. In fact, you might even say it was almost complete," Morris said. "I just was rather shocked and surprised when the whole thing had to be put into effect rather unexpectedly on his untimely passing."
Moving forward, Morris said he isn't planning any changes for the company, which was founded by his father in 1989.
"It is an enormous responsibility, and without question my highest priority is to make sure that our clients are properly cared for, and as a very close second to that, to make sure that our associates are properly cared for," Morris said.[[In-content Ad]]