People Mentioned
Counsel, Corporate, Calgary
One of the goals associated with family businesses is to pass them down through the generations, but statistics show that doesn’t happen very often. In fact, only 40% are turned over to the second generation. While keeping the business in the family means appointing members of the family to serve as executives and board members, Heidi Wong, a counsel in Osler’s Corporate group, told The Globe and Mail’s Daina Lawrence that sometimes, it is better for the health of the business to bring in expertise from outside of the family.
“If you think you’re going to look at projects that require a lot of capital output, but you don’t have financing expertise within the family, you may want to look for someone that complements what’s already there and [can] also build out some of those strengths,” said Heidi.
“Having a strong board can also provide external perspectives and help with evaluating different opportunities,” she explained.
The entire article can be read on The Globe and Mail’s website.
People Mentioned
Counsel, Corporate, Calgary
