Delivering practical solutions that fine balance and satisfy family interests with those of the commercial business.
The special dynamic of family businesses that includes the founder, the family and the business can be both a source of strength and adversity. It can lead to emotional conflict as well as volatility.
Wellers can draw upon 70 years of experience to help family businesses thrive in the face of the unique challenges they face. By listening to, and understanding, the needs and requirements of all the stakeholders involved Wellers are able to work together with our clients to build long lasting family businesses.
While we always apply a bespoke approach, typically, our advice and support covers the following:
Succession planning for a change in management control
- Deciding who is best to take over? Mentoring and skill development for a new management team
- Equity and company structures
- Retirement, estate and tax planning
Governance – implementing family charters and constitutions
- Share ownership and transition
- Entitlement to work in the business
- Handling matters such as divorce, remuneration & dividend policy
Communication and conflict resolution
- Advising on the setting up of family assemblies or councils to provide a formal forum of discussion for all stakeholders
- Mentoring individuals to deal with their own concerns and conflicts with others
Long term planning – the next generation
- Helping each family member define their role for the future (including non-involvement in the family firm)
- Building and developing skill sets and experience
- Tax and estate planning