How we work with clients

Helping a third generation Canadian business owning family implement formal governance structures

The Tremblay family run a substantial construction business valued at USD5bn, operating in the US and Canada. We were first approached by second-generation family member Paul who is currently President of the Operating Company. Paul has substantially grown the business over the past five years but is concerned about a number of conflicts and disputes occurring between family members and operating executives. For the survival of the business and the family itself he was keen to restore harmony.

Paul's Goals

• Manage and resolve conflict between family members.
• Agree on the future strategy of the business including succession planning and identifying future leaders.
• Diversify assets and invest part of their wealth to meet the current and future needs of all family members.

Our Recommendations

• Our Family Governance & Succession team devised a programme of family workshops to prompt difficult conversations, identify and make plans to mitigate risks and create a set of protocols for decision-making to prepare the family for the future.
• Our Law team in the UK and Expert Fiduciary team in Jersey reviewed the families existing structures and made suggestions around tax and estate planning.
• The Investments team provided family members counsel on asset allocation, manager selection and risk management, helping them to establish a long term, diversified investment strategy.

Outcomes (To Date)

• Established a Family Council and established a set of rules/ family constitution, which addresses key ownership issues and actively involves the next generation in decision making.
• Established three family trusts for which our Family Office teams in Jersey and Switzerland act as fiduciaries and trustees.
• Our Investment Management team developed an investment strategy, implemented a currency risk management strategy framework and selected custodians to negotiate appropriate arrangements.

Disclaimer: Please note, all case studies have been carefully anonymised. Although scenarios are based on real life events they have been fictionalised and are an amalgamation of client experiences. All names, locations and occupations have been replaced with pseudonyms.