By the numbers: In Canada, family businesses provide*:
%
of existing jobs
%
of all new jobs
%
of the GDP
%
of all charitable giving
* 2006, family business statistics
The challenge is that among family businesses in Canada…
%
make it successfully to the second generation
%
make it to the third generation
The keys to long-term family business success?
Nurturing family and business | Separating family, business and ownership roles |
Proactively addressing succession
Family members in business together face a level of complexity not found in other career choices, families or organizations. The overlapping demand for allegiance to family, business and ownership responsibilities accounts for much of the pressure. Sorting out these issues is often the first step on family business engagements.
At Watermark Partners, we are truly qualified—through strong educational, research, and practical experience—to assist families in business with their challenges and opportunities.
We have helped families in business:
- Plan for business and ownership succession and deal with the unexpected
- Introduce governance structures to guide family, business and owner activities
- Resolve family issues related to succession of the business
- Develop and coach management teams including family and non-family members
- Coordinate with accounting, legal and financial service professionals to enhance consistency of plans and implementation
Over the past 20 years we have assisted numerous family business clients with growth and development through:
We work collaboratively, seeking answers with our clients while reflecting the values and culture of the family and the business.
Family Meetings
Family meetings provide a forum to accomplish a variety of outcomes: unite the family around mission; discover, share and pass on values; develop strategy; communicate plans; build trust and resolve conflict. We believe family is your greatest asset. Well planned and well facilitated family meetings promote individual member confidence and family harmony by providing a voice for everyone, establishing transparent communication and consensus decision-making.
We have facilitated family meetings to clarify individual, family, and business values and goals, enable decision-making on succession issues, resolve conflict, and provide a forum for family communication.
In Margie we found a family advisor who is uniquely sensitive to complex relationships that exist within family-owned businesses. She held several work sessions with our family, and in many instances, made it possible for some very sensitive issues to be raised and discussed for the first time. All perspectives of each issue or topic felt listened to and heard. Margie not only listened, but guided us through the process of succession planning – setting priorities, establishing goals, and incorporating the right expertise when needed.
Family Business Governance
Family Business governance puts structure around the practical to promote growth, satisfaction, harmony and peace of mind. We take an issues-based approached to governance, taking time to understand your unique situation.
We assist multi-branch and multi-generational family firms, first in understanding family business governance mechanisms and structures, and next in designing and implementing best-fit governance practices for now and into the future.
In this process clients establish family policies, set strategic goals, strengthen key relationships, safe guard the well-being of family members while overseeing their growth and development, maintain accountability, and recognize achievement and performance. They have frank and often difficult discussions on hot issues and reach consensus on how to move forward.
Margie provided our family with the information, knowledge and resources that helped us avoid difficult situations, overcome challenges as they arose, and empowered us to have the confidence to make tough decisions going forward. We highly recommend Margie to any organization looking for help navigating the unique and inherent challenges of a family enterprise.
Succession Planning and Implementation
Leadership succession is one of the most challenging tasks for any organization. Managing the process in a family firm is even more difficult because of the extent of change imposed simultaneously on management, ownership and the family itself.
We have a deep expertise in aligning the succession process, understanding the many contextual levels that impact the timing and success of family business leadership and ownership transitions. It is key to bring structure, clarity and resolution to succession related issues, enabling individual members to achieve personal goals while building business longevity.
You have launched us and we are well off the mark today with some working on [our succession process]. Thanks for the great job you did on summary materials. Your summation of next projects and aligning them by responsibility was so very helpful, too. You certainly promised strongly and over delivered! We are very impressed. Thanks again for a very professional piece of work.
Succession Diagnostic:
Research has identified a number of factors that bode well for successful family business successions. To see how your family business situation compares to the success factors click below and enjoy a free diagnostic worksheet. We hope you find it insightful.