Wealth Side Stories #2: Family Governance
Julia, Teck&Go founder & CEO, is thinking about the future of her company. Her private banker will help her to elaborate the best strategy...
Last Tuesday was one of the best days of my life! My little Emma, …well, not so little now, graduated. With a First Class Honours Degree! I’m so proud of her. I’d really like her to join me at the head of Teck&Go. She could take over before I retire, bring fresh vision to our business. But I’m not sure if this idea really appeals to her. If this is not what she wants short-term, I will have to appoint an outside CEO, someone who understands and shares our ethics and vision for the future of Teck&Go.
So, our family will keep an active role in the company by staying involved as shareholders in line with the management. We raised this topic with our private banker who strongly recommended that we set up a Family charter. He insists that it is essential to take the time as a family to think about Teck&Go’s future, in particular to avoid governance problems, define the strategy going forward and determine the role of each family member in operational management. Of course, we will receive our dividends and will still be kept aware of the development of the company. And it cannot be ruled out that Emma might one day take a more active role in the company!
And from now on, my private banker will continue to guide me in governance matters, with the help of experts he has recommended!
With this new saga #WealthSideStories, meet Julia, Simon, Emma and Mimma in different life situations. Whether it is about investments, governance or diversification, explore their nteractions with their private bank BNP Paribas Wealth Management.
The future of your loved ones and your business will always be a concern. Working alongside your usual advisors (notary, lawyer, accountant, etc.), we help plan the legacy of your wealth. As well as helping you achieve your immediate financial objectives, we know that wealth management needs to be considered throughout a lifetime. Your Private Banker is committed to providing the comprehensive and made-to-measure management services you need.