It is often difficult for entrepreneurs to separate family from business when planning their legacy. This intertwined transition is often challenging, with no one-size-fits-all solution. With a generation entering retirement in droves and a changing business landscape, these conversations are increasingly top-of-mind for many families and enterprises alike.
On June 4, 2024. The Globe and Mail hosted an event focused on the common questions that arise when building a succession plan, the psychology behind decision-making and the approaches business owners can take when considering these matters.
The day began with a presentation focused on succession strategies. Francesco Barbera, Founding academic director of the Family Business Institute and an associate professor of entrepreneurship and strategy at the Ted Rogers School of Management at Toronto Metropolitan University, shared his insights on what current succession and sale strategies look like for the owners of medium and small sized businesses.
Next, Sandra E. Martin, Standards Editor at The Globe and Mail interviewed a panel of business owners on common succession challenges. The panel consisted of Roger Greenberg, executive chairman of the board of The Minto Group and chairman of the board of trustees of Minto Apartment REIT, Kathy Cheng, president of WS & Co. and Founder of Redwood Classics Apparel, and sisters Shernee Chandaria, president of Conros Corporation and president of LePage’s 2000 and Sheena Chandaria, VP of sales and corporate affairs at Conros Corporation.
Following the panel, Lorna Johnston, founder of The Change Institute, hosted a presentation on the psychology of decision making in legacy planning.
Next, Elaine Gerrie and Heather Gerrie Kwant, co-presidents and co-CEOs of Gerrie Electric and
Peter Jaskiewicz, full professor and university research chair in enduring entrepreneurship at the Telfer School of Management shared their insights on preparing the next generation for taking over the family business. This panel was moderated by Globe and Mail Personal Finance Reporter, Erica Alini.
Clare O’Hara, wealth management and Globe investor reporter, interviewed Greg Moore, partner, at Richter and Naim M. Ali, CEO of SM2 Capital Partners on governance for structuring conversations around the family office and family enterprise.
Steve Beauschene, CEO of Family Enterprise Canada and former CEO of Beau’s All Natural Brewing Company closed the day with a keynote focused on the struggles family enterprises face and the importance of governance.
The Globe and Mail presented the event with sponsor support from Richter. To learn about upcoming Globe and Mail events visit www.globeandmail.com/events.
Event summary produced by The Globe and Mail Events team. The Globe’s editorial department was not involved.