Whittier Trust Celebrates Third Consecutive Year on the Los Angeles Business Journal’s Top 100 Workplaces List.
For the third year in a row, Whittier Trust has been named one of L.A.’s 100 Best Workplaces by the Los Angeles Business Journal.
Whittier Trust was proud to be recognized at the 18th Annual Best Places to Work Awards as the 12th best workplace among midsize companies in the Los Angeles area. Moving up 13 spots from #25 in 2023, this achievement reflects the company's commitment to creating an outstanding work environment. As the oldest multifamily office headquartered on the West Coast, Whittier Trust is thrilled to see its continued rise in the Top 100 rankings for the third consecutive year.
This award highlights the company's remarkable growth, marked by the opening of new offices and other Best Workplaces Awards, including recognition in the Puget Sound and Orange County Business Journals.
"It's a privilege to work with such a talented team," said David Dahl, CEO & President of Whittier Trust. "Being named a top 100 workplace for three consecutive years, and now reaching the top twelve in this exceptional list and within this great city, shows we're living our promise to our clients and colleagues. Whittier Trust is a place where legacy grows not just for our clients, but for our team members as well. We prioritize our people, fostering a culture of passion, collaboration, and dedication to our clients. Their collective efforts and belief in our core values and vision drive our success and positive impact on the families and communities we serve."
The Los Angeles Business Journal created the Best Places to Work program to identify, recognize, and honor the best employers in Los Angeles County. Companies considered for this prestigious list must meet a range of criteria, including having a physical operation in Los Angeles County and employing at least 15 full- or part-time permanent staff members.
The Workforce Research Group conducted a thorough two-part assessment process to judge each company under consideration. The first part evaluated each company’s benefits, policies, practices, and demographics, accounting for 20% of the total score. The second part, an anonymous employee survey measuring the employee experience, contributed the remaining 80% of the score. The combined results determined the final rankings, with the top companies celebrated at a special event on August 7, 2024, at the Biltmore Hotel.
The recognition by the Los Angeles Business Journal reaffirms Whittier Trust’s mission to create an environment where employees feel valued, empowered, and inspired. It highlights the company's commitment to prioritizing people, which fuels exceptional client service through the recruitment of passionate teammates and the cultivation of this outstanding work environment.
The complete rankings were published in the August 12, 2024, issue of the Los Angeles Business Journal. To see the rankings, visit labusinessjournal.com/events/bptw2024.
If you're interested in a career at one of the top workplaces in Los Angeles, visit our Career Page to learn more and find a position that may fit you.
For more information about Whittier Trust's wealth management and family office services, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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Five key questions to ask your advisor if you're mulling an exit.
In my role at Whittier Trust, I've seen firsthand how critical it is for ultra-high-net-worth individuals (UHNWIs) to have a well-thought-out exit strategy for their family businesses. Despite the intensive planning that typically goes into wealth management, recent research from the Exit Planning Institute suggests that a staggering 80% of business owners lack solid exit strategies, leaving their wealth in limbo and risking economic continuity for future generations.
The planning process of an exit strategy can often be fraught with uncertainty and potential pitfalls, making it a critical issue for business owners nearing retirement or a transfer of ownership or leadership. Here are the five key questions UHNWIs should ask their advisors to ensure a smooth and successful transition.
1.How many different exit strategies are available to me?
Understanding the various ways you can exit is fundamental to choosing the right path for your business. Each exit strategy has unique implications and suitability depending on your business's circumstances and your personal objectives. Here's a breakdown:
Generational Family Transfer
When multiple generations of a family are actively involved in the business, an owner might prioritize business legacy and family engagement over the sale price. If the objective is to keep the business in the family, the exit plan might involve transferring company stock, often at a discount, to direct heirs over many years. While keeping a majority stake in the company and control over operations, the owner can transfer assets to the next generation while still mentoring and training the next leader.
A generational family transfer can play out in a variety of ways: The owner may ultimately sell stock in the company to family, retire holding minority ownership or gift all stock to heirs. A successful transfer will take at least three to five years to accomplish and will position the business for success, meet the owner's liquidity and financial needs after the transfer, and leave the new owner(s) financially stable after the transaction.
Management Buyout
An owner who wants to sell all or part of the company to existing management might favor a management buyout. This type of ownership transition involves structuring a deal in which management uses the assets of the business to finance a significant portion of the purchase price. This can work for an owner who believes in the management team and thinks it will be able to keep the business thriving when he/she exits. However, if the management team lacks adequate liquidity, the seller may have to accept a lower price or unattractive deal terms, including heavy seller financing.
Sell to Partners
When the owner has partners and a quality buy-sell agreement, a sale to partners may be the only selling option. A buy-sell agreement generally articulates a controlled process for transferring ownership. Since the buyers fully understand the business and it's a planned process, selling to partners generally isn't too expensive. Common challenges in selling a business to partners include a lower sale price, slow transfer of proceeds and potential disagreements among partners.
Sell to Employees (ESOP)
When an owner wants to sell the company to its employees, an employee stock ownership plan (ESOP) might be the answer. In this type of sale, the company uses borrowed funds to acquire shares from the owner and contributes the shares to a trust on behalf of the employees. ESOPs require a securities registration exemption and are classified as an employee benefit, so it's an involved process. An ESOP sale takes many years to complete and is generally more expensive and complicated than other options. However, it can be a way to reward valued employees with company ownership. The tax savings to the seller can be substantial as well.
Sell to a Third Party
When the business is healthy and the owner wants to cash out, selling to a third party could be a good option. Whether the interested party is a strategic buyer, a financial buyer or a private equity group, the owner should expect to pay some big up-front costs to engage experienced professionals to guide the owner and company through the selling process. Having the right partners attending to the owner's interests, negotiating with the buyer and structuring deal terms are crucial to achieving the best outcomes.
Although the payoff can be attractive, third-party sales are not for the faint of heart. The process takes at least nine to 12 months and can be intense and emotional for the seller. Often, the seller retains some obligation to the business beyond the sale but has to be ready to give up control entirely. A third-party sale is ideal for an owner who is open to having the buyer bring new energy, ideas and change to the business.
Recapitalization
An owner who is open to having outside investors fund the company's balance sheet might consider bringing in a lender or equity investor to act as a partner in the business. By selling a minority or majority position, the owner can partially exit, monetize a portion of the business and reduce ownership risk in the company. New growth capital can bring more earnings to the original owner. When ready to exit the company completely, the original owner might sell the remaining shares through further recapitalization or another exit option.
Selling any portion of the company to an outsider can precipitate a loss of control and a cultural shift within the company. An owner who is not ready to be accountable to partners should consider this before opting to recapitalize.
2. How long before retirement should I begin thinking about my exit?
Ideally, business owners should start thinking about their exit strategy at least five to 10 years before their intended retirement. This period allows for comprehensive planning that can influence key outcomes of the eventual sale. Value-building initiatives need time to succeed and show results before they can impact sale proceeds (valuation optimization). Identifying and grooming a successor — whether a family member, a key employee or an external buyer — is generally most effective over an extended period (succession planning). Structuring the business and the sale to maximize tax efficiency and comply with legal requirements is an involved process (legal and tax planning). Finally, strengthening the business's operations and financial health can make it more attractive to potential buyers (operational improvements).
3. Whatsteps should I take to optimize valuation and transition?
Optimizing your business's valuation and ensuring a smooth transition involves several strategic steps. First, conduct regular financial audits to present clear and accurate financial statements; transparency is key to attracting serious buyers and securing a favorable sale price. Next, take a look at opportunities to enhance operational efficiency to demonstrate the business's profitability and growth potential. This might involve adopting new technologies, improving processes or cutting unnecessary costs. Another crucial step is to develop a strong management team that can operate independently, as a business that doesn't rely solely on the owner is more attractive to buyers. Solidifying relationships with key customers and suppliers is also important, since long-term contracts and stable relationships add value and stability to the business. Finally, ensure the business complies with all legal and regulatory requirements. Any outstanding legal issues can deter buyers or lower the sale price.
4. What if a big part of my exit is going to be a sale or a partial sale?
If you are leaning toward a sale, either partial or complete, several considerations come into play. Engaging professionals is one of the first and most crucial steps. Working with experienced legal, financial and business advisors helps owners navigate the complexities of the sale process. Those professionals can also help with due diligence. Buyers will conduct thorough examinations of every facet of your business, including financial records, legal documents and operational data. Being prepared with detailed and organized documentation can facilitate a smoother due diligence process and instill confidence in potential buyers. This preparation not only expedites the sale process but also helps in presenting your business as a well-managed and transparent entity, which can lead to a more favorable sale price.
Identifying potential buyers is also a strategic consideration that can greatly influence the sale’s success. Depending on your business's nature and industry, potential buyers could be competitors, private equity firms or even international investors. Identifying and approaching the right buyers ensures that you attract parties who see the most value in your business.
5. How should I structure sale deals?
Structuring a sale deal requires careful planning and negotiation to balance your needs with the buyer's. This involves key elements like payment terms, which can be a one-time lump sum or installments. You might even consider seller financing, which can make the deal more attractive but comes with the risk of the buyer defaulting. Another option is to structure earn-out payments tied to the business’s future performance, which can bridge valuation gaps but require clear metrics and timelines. Noncompete agreements are often requested by buyers to prevent owners from starting a competing business post-sale, so ensure the terms are reasonable and don’t unduly restrict future options.
The structure of the deal can also significantly impact your tax liabilities. Understanding the tax implications of different payment structures is crucial, as installment payments may help spread the tax liability over several years. Work with wealth management advisors to explore strategies that could mitigate your tax burden. Experienced legal counsel can help you draft and review all agreements, focusing on representations and warranties to minimize future liabilities and ensuring provisions for indemnification to protect against potential future claims or disputes.
You will also have to decide whether you'll stay involved in the business after the sale, in either a consulting capacity or a more formal role. This can ease the transition and provide additional income, but it might also limit your ability to fully step away. Don't forget to consider how the sale aligns with your personal and family goals. Reflect on how the sale proceeds will be integrated into your overall estate plan, ensuring the structure supports your legacy and philanthropic goals. Also assess how the sale structure impacts your lifestyle and plans, whether it involves retirement, new business ventures or other personal endeavors.
The transition of a family business is a complex process that requires careful planning and execution. By asking your advisors the right questions, you can ensure a smooth and successful exit that secures your legacy and financial future.
Written by Elizabeth M Anderson, Vice President, Business Development at Whittier Trust. Featured in Family Business Magazine. For more information, start a conversation with a Whittier Trust advisor today by visiting our contact page.
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In an era where digital threats are a constant worry, cybersecurity has emerged as a critical concern for family offices entrusted with managing substantial wealth on behalf of affluent clients. Despite the financial stakes and heightened awareness of cyber threats, a concerning gap persists between the recognition of risks and the implementation of robust defense mechanisms. As family offices like Whittier Trust navigate this complex landscape, their commitment to security and strategic focus on overcoming evolving challenges remain paramount.
The Escalating Threat Landscape
Family offices, by managing significant assets and sensitive personal information, are lucrative targets for cybercriminals. The nature of these entities—often small, privately managed, and lacking the extensive security infrastructure of large financial institutions—makes them particularly vulnerable. Cyber-attacks have been steadily climbing for four consecutive years, with a notable surge in targeting smaller businesses, reaching as high as 36%.Cybersecurity threats range from phishing attacks and ransomware to more sophisticated tactics such as insider threats and spear-phishing (a malicious email that specifically targets an individual or organization). The risk is compounded by the interconnected nature of digital systems, where a single breach can cascade into widespread damage.
Despite growing awareness of these risks, many offices struggle with the actual readiness to confront them. Limited internal resources, both in terms of technology and specialized personnel, hinder the ability to implement comprehensive cybersecurity measures. This gap between perceived risk and actual preparedness is a significant vulnerability that needs urgent attention.
Proactive Cybersecurity Measures
To safeguard sensitive financial data and uphold fiduciary responsibilities, family offices must adopt proactive cybersecurity measures. Here are several best practices that can bolster their defenses:
Develop Comprehensive Information Security Policies: Establishing and enforcing robust information security policies is foundational. These policies should cover data encryption, secure communication protocols, regular audits, and employee training programs. A well-defined policy framework helps ensure that everyone in the organization understands their role in maintaining security.
Invest in Advanced Cybersecurity Technology: Leveraging cutting-edge technology can significantly enhance a family office's security posture. This includes deploying firewalls, intrusion detection systems, and advanced endpoint protection. Regular updates and patches are essential to keep these systems effective against emerging threats.
Conduct Regular Security Audits and Penetration Testing: Periodic security audits and penetration testing can identify vulnerabilities before cybercriminals exploit them. These assessments should be conducted by third-party experts to provide an unbiased evaluation of the family office's security infrastructure.
Enhance Employee Training and Awareness: Employees are often the weakest link in cybersecurity. Regular training sessions on recognizing phishing attempts, handling sensitive information, and following security protocols can significantly reduce the risk of human error. Creating a culture of security awareness is crucial.
Implement Multi-Factor Authentication (MFA): Multi-factor authentication adds an extra layer of security by requiring users to provide two or more verification factors to gain access to systems. This makes it much harder for attackers to compromise accounts, even if they have obtained passwords.
Engage Cybersecurity Experts: Hiring dedicated cybersecurity professionals or engaging reputable cybersecurity firms can provide the expertise needed to stay ahead of threats. These experts can help develop strategies, respond to incidents, and ensure compliance with relevant regulations.
Overcoming Resource Constraints
Implementing cybersecurity measures is crucial for family offices, but these efforts often encounter challenges due to limited resources. Family offices, typically smaller in scale than larger organizations, must navigate these constraints while still ensuring the security of their assets and data. To effectively address these obstacles, family offices can employ several strategies.
One key strategy is prioritizing critical assets and data. Not all data and systems hold the same level of importance, so by identifying and focusing on the most valuable assets, family offices can allocate their resources more efficiently. This targeted approach helps protect what matters most without overextending their capabilities. Additionally, adopting a risk-based approach tailored to the specific threats and vulnerabilities unique to the family office can further streamline resource allocation. This method ensures that efforts are concentrated on areas with the highest potential impact, maximizing the effectiveness of their cybersecurity measures.
Another effective tactic is leveraging cost-effective solutions that do not compromise on protection. Collaboration and knowledge sharing with other family offices can be incredibly beneficial. Engaging in industry forums and collective bargaining can lead to better cybersecurity solutions and services, while also fostering a community of shared best practices and insights.
Commitment to Security
Whittier Trust, recognizing the importance of cybersecurity, has recently hired a new Chief Information Officer to bolster its security efforts. This strategic move underscores a commitment to staying ahead of cyber threats and ensuring that the families they serve can trust in the security of their assets and information.
By addressing cybersecurity concerns head-on, family offices can not only protect against unauthorized access and theft but also uphold the trust and confidence of the families they serve. Proactive strategies, ongoing investment in technology and expertise, and a steadfast commitment to security are essential in navigating the increasingly digitized landscape and fulfilling fiduciary responsibilities effectively.
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Protect your family's legacy with robust cybersecurity measures. Discover more about safeguarding your wealth by exploring our comprehensive resources and start a conversation with a Whittier Trust advisor today by visiting ourcontact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
As the Baby Boomer generation ages, a significant wealth transfer is expected to occur over the next few decades. This phenomenon has prompted discussions among financial planners and investors about the best practices for transferring wealth to the next generation. Understanding the intricacies of generational wealth transfer is crucial for ultra-high-net-worth individuals (UHNWIs) to ensure their assets are preserved and efficiently passed on, minimizing tax liabilities and fulfilling their legacy objectives.
The Importance of Protective Planning
Generational wealth transfer encompasses various strategies and considerations to establish a smooth and efficient passing of assets from one generation to the next. Proactive planning is essential in this process. By taking early and strategic steps, individuals can mitigate estate taxes, avoid probate, and provide financial security for their heirs. One of the primary tools in wealth transfer is the use of trusts, which can help manage and protect assets while confirming their distribution according to the benefactor's wishes, all without the need for probate—a process that can be both time-consuming and costly.
Utilizing Tax Advantages
Another critical aspect of proactive planning is understanding and utilizing the various tax advantages available. For instance, the annual gift tax exclusion allows individuals to give a certain amount each year to as many people as they wish without incurring gift taxes. However, it's important to stay informed about upcoming changes to the gift tax rule, which are set to take effect soon and could impact the amount that can be gifted tax-free. Additionally, establishing and funding education savings accounts or medical trusts can provide significant tax benefits while directly supporting the next generation.
Potential Challenges: Family Disputes and Complexity
However, the process is not without its challenges. One significant hurdle is the potential for family disputes. When large sums of money and valuable assets are at stake, differing opinions and expectations among heirs can lead to conflicts. Clear communication and detailed estate planning documents can help mitigate these risks. It is essential to have open discussions with family members about the benefactor's intentions and expectations, potentially facilitated by a neutral third party such as a family office.
The Intricacies of Estate Planning
The complexity of estate planning is another challenge that cannot be underestimated. Crafting a comprehensive estate plan involves more than just drafting a will. It requires a detailed understanding of various legal and financial instruments, as well as the ability to foresee and plan for potential changes in the benefactors' and beneficiaries' circumstances. This is where the need for continuous adjustments comes into play. Laws governing estate taxes, gift taxes, and trusts are subject to change, and family dynamics can evolve. Regularly reviewing and updating the estate plan is crucial to verify it remains aligned with current laws and the benefactor's wishes.
Securing Financial Stability for Future Generations
Properly managed, generational wealth transfer can secure financial stability for future generations. It can provide heirs with the resources they need to pursue education, start businesses, or support charitable causes, thereby extending the benefactor's legacy beyond their lifetime. However, the success of this process hinges on careful planning, transparent communication, and professional guidance.
The Role of Professional Guidance
Professional guidance is indispensable in navigating these complexities. Estate planning attorneys, financial advisors, and tax professionals bring expertise and experience that can make a significant difference in optimizing wealth transfer strategies. They can provide personalized advice tailored to the individual's financial situation, goals, and family dynamics. Additionally, professionals can help in identifying and addressing potential issues that the benefactor might not foresee, safeguarding a more robust and resilient estate plan.
Advanced Estate Planning Techniques for UHNWIs
For UHNWIs, the stakes are particularly high, and the opportunities for optimization are significant. By leveraging advanced estate planning techniques such as charitable remainder trusts, family-limited partnerships, and generation-skipping trusts, UHNWIs can achieve substantial tax savings while preserving their wealth for future generations. Involving heirs in the planning process and educating them about financial responsibility can help make certain that the wealth is managed wisely and lasts through multiple generations.
The generational wealth transfer expected as Baby Boomers age presents both challenges and opportunities. Proactive planning, clear communication, and professional guidance are key to navigating this complex process. By addressing potential challenges head-on and taking advantage of available strategies and tools, UHNWIs can optimize their wealth transfer, ensuring that their legacy endures and provides financial security for their heirs. The Great Wealth Transfer is not just a financial event; it is an opportunity to shape the future and make a lasting impact on the lives of loved ones and the community at large.
Safeguard your family's legacy with Whittier Trust. Discover our comprehensive resources and expert insights to learn how to protect your wealth.
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For more information, start a conversation with a Whittier Trust advisor today by visiting ourcontact page.
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Whittier Trust, the oldest multi-family office headquartered on the West Coast, has been named a Top 5 Finalist in the 2024 STEP (Society of Trust and Estate Practitioners) Private Client Awards in the category of
Multi-Family Office Team of the Year for the second year in a row. This recognition is a testament to Whittier Trust's commitment to prioritizing clients' needs, goals, and legacies and providing the utmost professional service in wealth advising.
"It's a true honor to be recognized by STEP for a consecutive year," said David Dahl, CEO at Whittier Trust. "Relationships are everything in family office services, and we would not serve our clients as faithfully as we do without the exceptional and tireless work of our energetic, passionate, and dedicated team of professionals. They think like true entrepreneurs, deliver exceptional service and investment results, and take the time to get to know our clients. We take pride in often being our client's second call (after their spouses) in times of both triumph and challenge, and we will continue evolving as a company to meet our clients' changing needs."
The STEP Private Client Awards celebrate firms' and professionals' achievements and outstanding performance worldwide. With a record number of entries, Whittier Trust's nomination as a finalist in the Multi-Family Office Team of the Year category for a second year further solidifies its position as a leader in delivering exceptional service to clients. It highlights the company's expertise in serving multi-generational families with complex wealth management needs.
Whittier Trust is dedicated to providing personalized and tailored wealth management services and is proud to be recognized among the Multi-Family Office Team of the Year category. The nomination serves as a testament to its culture of internal promotion, mentorship, open communication, professional growth, and dedication to clients by meeting their everyday needs.
The recognition from STEP comes on the heels of unprecedented growth from the company, having opened three new offices in the last three years, and relocating the company's headquarters to a larger office in Pasadena, CA, to better serve an expanding client base locally. Several Whittier Trust offices were also recently recognized as top places to work by the Puget Sound, Orange County, and Los Angeles Business Journals.
A panel of judges will decide upon a winner for each category. The honorees will be announced at the black-tie dinner and awards ceremony, hosted by Susie Dent, writer and broadcaster, on Sept. 19 at the London Hilton on Park Lane.
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For more information about Whittier Trust's wealth management and family office services, start a conversation with a Whittier Trust advisor today by visiting ourcontact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
Future generations can gain the full benefit of your business legacy with a seamless transition to a successor trustee.
Investors with significant real estate portfolios often have an enterprising spirit to grow net worth through real estate, and succession planning may be difficult for this type of successful wealth builder. Many are reluctant to relinquish control to a successor, and some never do—until it’s too late.
“You shouldn’t wait to pass down practical knowledge of real estate assets in your trust,” advises Whittier’s Chuck Adams, Executive Vice President, Real Estate. “Whether your successor is going to be a family member, corporate fiduciary, or both, everyone needs to understand your business strategy and history. Even in a business with perfectly maintained files, much of the valuable information regarding ownership and operation of properties can be lost when the family’s wealth creator dies or is incapacitated.”
Partners in Planning
Preparation is imperative to an organized and efficient transfer of family assets, particularly for real estate owners who have been actively involved in property acquisitions, development, and management. Although there’s no blueprint for passing down that kind of hands-on knowledge, working with a corporate trustee can facilitate the transition and ensure that your estate plan will be carried out as intended. This is especially helpful if family members have no interest or aptitude to learn the ins and outs of the business, or if they are overwhelmed at the prospect of inheriting a multi-property portfolio.
“Bringing on a corporate fiduciary who understands the asset class prior to the transfer of holdings can reduce stress and confusion among family members,” says Adams. “We work with the wealth creator to gain valuable knowledge of their portfolio, along with any family dynamics or issues, then create a comprehensive plan documenting their intent for both the assets and the beneficiaries.”
Facilitating the Transfer
Assuming your heirs are likely to keep any or all the property you plan to leave them, even for a short period of time, it is important to share your business history and strategy. Here are five steps Adams recommends:
Provideany successors the opportunity to earn your trust by learning about the real estate, along with your values and goals, to ensure continuity in how the portfolio is managed.
Map out your portfolio's composition—locations, property types, and challenges—so successor trustees are ready to make informed decisions and can begin to assess, for example, the asset’s potential for development or sale or measures they should take to maintain value and avoid costly surprises.
Introduce successors to the property management team, leasing agents, and other important partners.
Minimize misunderstanding and potential disputes among beneficiaries by delivering and modeling clear communication about ownership, expectations, and long-term vision.
Foster confidence in the next generation by involving them in asset management discussions and helping them understand the complexities of the unique assets, which will continue to provide family wealth.
Sharing your knowledge will empower your heirs to become responsible stewards of your legacy, and partnering with an experienced corporate fiduciary with significant real estate expertise will ease your mind through this process. The partnership can provide security for family members as the wealth creator’s role evolves, helping to ensure the family’s personal and financial prosperity in the future.
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For more information about real estate assets within estate planning, start a conversation with a Whittier Trust advisor today by visiting ourcontact page.
From Investments to Family Office to Trustee Services and more, we are your single-source solution.
"It's a privilege to work with such a talented team," said David Dahl, CEO & President of Whittier Trust. "Being named a top 100 workplace for three consecutive years, and now reaching the top twelve in this exceptional list and within this great city, shows we're living our promise to our clients and colleagues. Whittier Trust is a place where legacy grows not just for our clients, but for our team members as well. We prioritize our people, fostering a culture of passion, collaboration, and dedication to our clients. Their collective efforts and belief in our core values and vision drive our success and positive impact on the families and communities we serve."
The Workforce Research Group conducted a thorough two-part assessment process to judge each company under consideration. The first part evaluated each company’s benefits, policies, practices, and demographics, accounting for 20% of the total score. The second part, an anonymous employee survey measuring the employee experience, contributed the remaining 80% of the score. The combined results determined the final rankings, with the top companies celebrated at a special event on August 7, 2024, at the Biltmore Hotel. 
