Partner and Head of Corporate Advisory & Banking Lewis Hart and Managing Director Alex Toskovich cover how active corporate liquidity management can foster business resilience and growth.

In this issue of Owner to Owner, we address what’s front of mind as tariff refunds get underway. We also celebrate the power of private businesses throughout 250 years of U.S. history, explain why EBITDA can sometimes be a misleading metric, and discuss how to prepare the next generation to successfully steward wealth.

Private businesses have been a cornerstone of the U.S. across its 250-year history. Here, we take a closer look at private businesses’ and their owners’ significant contributions to the U.S. economy, historical milestones, and heritage.

EBITDA is a central part of the language of finance, but it doesn’t always tell the full story. Head of Corporate Advisory John Secor and Managing Director Alex Rohr explain why cash conversion is what ultimately drives value.

The largest tariff refund in U.S. history is underway. Corporate Advisory & Banking Analysts Alexa Arana, Sally Anne Houk, and Alex Konovalov explain who qualifies, how refunds work, and what’s at stake.

Preparing the next generation to successfully steward wealth goes beyond having your estate planning documents in order. Ben Persofsky, the head of the BBH Center for Family Business, discusses why teaching your children how to handle wealth starts with talking about it.

John Secor and Kyle Gordon examine attracting and retaining professional executives in a closely held business. They discuss both the “softer” areas of focus that lead to success in hiring and retaining executives, as well as short- and long-term compensation structures.

In this issue of Owner to Owner, we review the business environment entering 2026, revisit the five Cs of credit, and learn about Tom Ripley’s journey from the Marine Corps to CEO of Ames Watson. We also discuss how U.S. history offers valuable lessons for today with author and historian Jon Meacham and explore how to attract and retain senior-level executives in a closely held business.

Jon Meacham, Pulitzer Prize-winning author and historian, explores what 250 years of U.S. history can teach us about progress vs. perfection and leadership in today’s politics, business environment, and society.

Partner Lewis Hart sits down with Tom Ripley, CEO of Ames Watson and former infantry and special operations officer in the Marine Corps, to discuss how his military experience shaped his approach to leadership, mission, and responsibility in the business world.