How family firms can best plan for succession


Mr Walker says the business operates what it calls a “cousins consortium” model.

What this means, he explains, is that all members of the extended Walker family, and especially their children, are encouraged to join the business. And each is allowed to have a say on where they would ideally position themselves in a managerial role.

“Our succession plan essentially says that if you want to come into the business, there’s a role for you here,” says Mr Walker. “And since the company’s expanding, there’s a whole career to be formed and honed here.”

He adds that when “points of contention” do come up, the aim is always to reach a consensus. “We have always reached decisions based on what is best for the company… with the firm understanding that the business always comes first.

“With the understanding that a unity of voice is of paramount importance, an acceptable outcome has always been achieved.”

The company is also not averse to bringing in external experts, such as engaging with professional advisors on the formal, legal accept of succession planning, and the formation of an executive board with directors who are not family members.


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