Passing on the Baton in Family Businesses: Timing it Right

Passing on the Baton in Family Businesses: Timing it Right

Course Description:

During this session the speakers, who have worked alongside scores of family businesses, shall share their first hand experiences of succession journeys and striking the delicate aspect of timing when succession could or should take place. A number of determinants come into play when a family begins its succession journey and each one can delay, solve and/or cause problems for both the family and the business. Being part of these journeys engaged the speakers in working closely with members of the family owning the business, both those involved in the day to day running of the entity and those outside of such. They also collaborated with members from the management of such family businesses during very delicate times, where a CFO or a General manager could be walking a fine line of confidant or traitor as trust issues abound. The ‘correct’ timing of when succession should take place is an important and crucial element and can be said to be the decisive action in a successful succession plan.

Target Audience:

This session is designed for directors and senior executives responsible for steering the future direction of their family business as well as members from families involved in their business. This session is also highly useful for advisers and trusted confidants called in to support on such a journey.

Learning Outcomes:

This session seeks to tackle head on the most challenging but vital aspects of the succession journey of the family business, presenting also an opportunity for participants to field their questions and obtain points of view from the experienced speakers and potentially other delegates facing similar challenges. Some useful tools and tips shall also be shared.

The salient points of this session will address:

  • Timing as a crucial part of a family business’ succession journey
  • The different types of succession
  • The different determinants affecting when succession could/should take place
  • Whether there is a right or wrong time for succession to take place

Date: 26/05/2022

Time: 16:00 – 18:15 (including 15 minutes break)
Networking drinks will follow after the event.

Venue: KPMG in Malta, Pietà

Fee: €40

CPE Hours: This course qualifies for 2 hours of structured CPE which can be classified as Professional Competency. A certificate of attendance will be provided at the end of the session.

Trainers:

David Pace, Partner, Head of Advisory, KPMG Malta

David joined KPMG in 2002 and has worked on numerous advisory assignments, both locally and overseas. He currently heads the firm’s Advisory function, one of the broadest multi-disciplinary teams on the island. Throughout his career he has assisted clients in successfully raising debt and equity finance and in valuing shares and businesses. He is actively involved in numerous business negotiations and has a lead role in the firm’s Merger and Acquisition service offering. He has also participated on vendor and buy-side due diligence assignments for which he has worked within the local and foreign practices of KPMG. His engagement portfolio has led him to work at the heart of strategy within a number of businesses, helping them throughout the process of considering strategic options, articulation of plans and their subsequent implementation and monitoring. David has provided various training sessions on corporate finance, accounting and business related topics to clients and at public seminars. He is an active promoter of entrepreneurship, supports early stage companies, and is a Director on the JAYE Malta Foundation (previously Young Enterprise) Board, of which he was previously Chairperson.

Anthony Pace, Partner, Head of Tax, KPMG Malta

Anthony Pace

Anthony commenced his career in the firm’s audit function in 1990. In 1995 he joined the taxation services department and has since worked in income tax and value added tax. Anthony joined the partnership in January 2003 and he currently heads the firm’s tax function. Anthony has led numerous direct and indirect tax advisory engagements in banking and financial services, gaming, real estate and family businesses. He has also led several tax due diligence engagements. Anthony is a member of the Executive Management Committee at KPMG Malta. He is also a visiting lecturer in taxation at the University of Malta.

Albert Frendo, Chief Business Banking Officer, Bank of Valletta p.l.c.

Albert Frendo

Albert Frendo is an accountant by profession and is responsible for the stewardship of the Credit Function. His career at the Bank spans over thirty years with wide ranging experience in cost management and financial reporting, risk management and credit finance. For twelve years, he headed the Bank’s Risk Function and was later assigned with the management of the Bank’s overall Credit Portfolio, responsible for a number of key credit areas including Corporate, SME, Consumer and Trade Finance, Collections and Collateral Management. He was entrusted to launch Risk Sharing Instruments in Malta aimed at SMEs including JEREMIE, CIP, SMEG, SME Initiative (JAIME) and SME Invest. Mr Frendo is a member of the Bank’s Executive Committee and a number of management committees.  Albert is responsible for Business Banking being one of the three key pillars of the revamped Business Model along with Retail Banking and Investments.  Albert holds a degree in Accountancy from University of Malta and a Masters in Business Administration, with specialization in Management Consulting, from Grenoble Graduate School of Business in France. Albert also sits on the board of Tigne Mall plc.

Dr Joseph Gerada, Regulator, Family Business Office

Dr Joseph Gerada

Dr. Joseph Gerada is the current Regulator of the Family Business Office.

Dr. Gerada attained a Bachelor of Education with Honors specializing in the English Language in 2002 from the University of Malta and graduated as a Doctor of Laws from the University of Malta in 2014. He obtained the warrant of Advocate allowing him to practice in the Maltese courts in 2015.

Since 2013 Dr. Gerada worked on economic and investment policy and participated actively in the process of policy drafting, as consultant to the Minister for the Economy, which led to the enhancement of his knowledge of the European and National legislative framework. Dr. Gerada was also entrusted by the Ministry for the Economy, Investment and Small Business with investment promotion, marketing and public relations duties both on a national level as well as in foreign markets.

Between 2014 and 2017, Dr. Gerada was directly involved in the steering committee which led to the drafting and promulgation of the Family Business Act, Chapter 565 of the Laws of Malta in 2017. This led to the creation of the Family Business Office, responsible for providing support to family businesses in relation to the regulation and governance of their business, the enhancement of their internal organisation and structure. It aims to help family businesses operate effectively and pave the way towards a successful succession of the family business.

On the 1st of June 2019 Dr. Gerada was appointed regulator of the Family Business Office, a position he has held since then.

Mario Vella, Consultant

Mario Vella

Mario Vella is an experienced career banker who joined Barclays Bank in Malta in 1969. He occupied several positions within the bank concluding his career with HSBC in 2013 in the role of Head of Corporate Banking in which position he was responsible for the major share of the Bank’s lending portfolio and its largest corporate customers, a good number of which were family businesses.

In 2013, after 43 years in banking, Mario moved to KPMG as Director, Deal Advisory. In this role he served as consultant to several companies. He helped clients restructure and refinance their trading activities and raise financing for new ventures.

Mario retired from KPMG in August 2017 but continues to provide consultancy services. He presently also sits as non-Executive Director or Chairman on a number of corporate Boards including some well known family owned Groups operating in diverse business sectors. He has assisted in the transition of several entities from one generation to the other, sharing the experience gained through years of direct contact with so many business enterprises.

 

Kindly note that this session entitles the attendee to 2 KPMG Loyalty Rewards. After collecting 60 Loyalty Rewards, attendees will be entitled to a free CPE session of their choosing. Visit our Loyalty Rewards page to learn more.

Moreover, for every three courses booked from our KPMG Learning Suites, attendees receive a discount voucher of 40% to be redeemed on their next course purchased from any Learning Suite!

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Course Features

  • Guided Learning 2 hours
  • Language English
  • Assessments
David Pace

Partner

David joined KPMG in 2002 and has worked on numerous advisory assignments, both locally and overseas. He currently heads the firm’s Advisory function, one of the broadest multi-disciplinary teams on the island. Throughout his career he has assisted clients in successfully raising debt and equity finance and in valuing shares and businesses. He is actively involved in numerous business negotiations and has a lead role in the firm’s Merger and Acquisition service offering. He has also participated on vendor and buy-side due diligence assignments for which he has worked within the local and foreign practices of KPMG. His engagement portfolio has led him to work at the heart of strategy within a number of businesses, helping them throughout the process of considering strategic options, articulation of plans and their subsequent implementation and monitoring. David has provided various training sessions on corporate finance, accounting and business related topics to clients and at public seminars. He is an active promoter of entrepreneurship, supports early stage companies, and is a Director on the JAYE Malta Foundation (previously Young Enterprise) Board, of which he was previously Chairperson.
Anthony commenced his career in the firm’s audit function in 1990. In 1995 he joined the taxation services department and has since worked in income tax and value added tax. Anthony joined the partnership in January 2003. Anthony has led numerous direct and indirect tax advisory engagements in banking and financial services, gaming, real estate and family businesses. He has also led several tax due diligence engagements. Anthony is a member of the Executive Management Committee at KPMG Malta. He is also a visiting lecturer in taxation at the University of Malta.

Chief Business Banking Officer, Bank of Valletta p.l.c.

Albert Frendo is an accountant by profession and is responsible for the stewardship of the Credit Function. His career at the Bank spans over thirty years with wide ranging experience in cost management and financial reporting, risk management and credit finance. For twelve years, he headed the Bank’s Risk Function and was later assigned with the management of the Bank’s overall Credit Portfolio, responsible for a number of key credit areas including Corporate, SME, Consumer and Trade Finance, Collections and Collateral Management. He was entrusted to launch Risk Sharing Instruments in Malta aimed at SMEs including JEREMIE, CIP, SMEG, SME Initiative (JAIME) and SME Invest. Mr Frendo is a member of the Bank’s Executive Committee and a number of management committees. Albert is responsible for Business Banking being one of the three key pillars of the revamped Business Model along with Retail Banking and Investments. Albert holds a degree in Accountancy from University of Malta and a Masters in Business Administration, with specialization in Management Consulting, from Grenoble Graduate School of Business in France. Albert also sits on the board of Tigne Mall plc.

Regulator, Family Business Office

Dr. Joseph Gerada is the current Regulator of the Family Business Office. Dr. Gerada attained a Bachelor of Education with Honors specializing in the English Language in 2002 from the University of Malta and graduated as a Doctor of Laws from the University of Malta in 2014. He obtained the warrant of Advocate allowing him to practice in the Maltese courts in 2015. Since 2013 Dr. Gerada worked on economic and investment policy and participated actively in the process of policy drafting, as consultant to the Minister for the Economy, which led to the enhancement of his knowledge of the European and National legislative framework. Dr. Gerada was also entrusted by the Ministry for the Economy, Investment and Small Business with investment promotion, marketing and public relations duties both on a national level as well as in foreign markets. Between 2014 and 2017, Dr. Gerada was directly involved in the steering committee which led to the drafting and promulgation of the Family Business Act, Chapter 565 of the Laws of Malta in 2017. This led to the creation of the Family Business Office, responsible for providing support to family businesses in relation to the regulation and governance of their business, the enhancement of their internal organisation and structure. It aims to help family businesses operate effectively and pave the way towards a successful succession of the family business. On the 1st of June 2019 Dr. Gerada was appointed regulator of the Family Business Office, a position he has held since then.
Mario Vella is an experienced career banker who joined Barclays Bank in Malta in 1969. He occupied several positions within the bank concluding his career with HSBC in 2013 in the role of Head of Corporate Banking in which position he was responsible for the major share of the Bank’s lending portfolio and its largest corporate customers, a good number of which were family businesses. In 2013, after 43 years in banking, Mario moved to KPMG as Director, Deal Advisory. In this role he served as consultant to several companies. He helped clients restructure and refinance their trading activities and raise financing for new ventures. Mario retired from KPMG in August 2017 but continues to provide consultancy services. He presently also sits as non- Executive Director or Chairman on a number of corporate Boards including some well known family owned Groups operating in diverse business sectors. He has assisted in the transition of several entities from one generation to the other, sharing the experience gained through years of direct contact with so many business enterprises.