Services

Walsh FBAS offers family business succession planning services. With a proven process that has been perfected over 20 years by the Chair of Walsh FBAS’s Board of Advisors, Grant Walsh, Walsh FBAS is able to bring family businesses through the management succession and ownership succession processes successfully.

Success with respect to family business succession planning is made up of two components:

  1. Economic growth – Growth in both revenue and profitability for the business
  2. Family Harmony – Unfortunately, far too many achieve the 1st (economic growth) at the expense  of the 2nd (family harmony) such as the McCain family, Bacardi family as well as many others

Family Business Succession Planning Model - Managing The Family Component

Succession Planning

The implementation of  this model is grounded in the family's endorsement of proven family business succession principles, such as:

  • Opportunity vs Entitlement
  • Stewardship vs. Personal wealth maximization
  • Developing and sustaining a "Legacy" family
  • Predetermined exit strategies
  • Compatibility amongst and within generations
  • Informed decision making

The succession process includes establishing formal family business communication forums (Family Business Meetings & Family Council Meetings) to address all of the management succession and ownership succession issues. Walsh FBAS will help you set up these forums and facilitate the meetings until the succession process is complete.

This process will culminate in a set of Family Business Rules (i.e. Family Constitution), which gets framed legally into a comprehensive shareholder’s agreement that will guide the generations to come. Once the succession plan is complete, yearly Family Council Meetings (i.e., family gathering) should be held to keep the broader family informed about the family business and to maintain open lines of communication between the active family members and non-active family members. This will also help manage the expectations of all the generations.