One of
Murak’s clients, the Wach family, had the foresight to tackle these issues well
before a change in control occurred. In 1969, Gene Wach founded EGW Personnel, a
temporary employment agency with offices in upstate New York and North Carolina.
As his four boys—and his firm—grew, some of his sons expressed an interest in
joining the firm. He realized he needed some type of family progression
strategy.It required a commitment of time and energy. “We probably spent two
or three years meeting with Gerry and our whole family to iron out all of these
things—succession planning and things of that nature,” says Wach, who retired
about eight years ago. “We’d have a meeting with the 10 of us. And then Gerry
would, in a sense, give us homework, things to work on, to think about, and what
have you. We’d meet again in another couple months. It was drawn out, but it was
very useful and necessary,” Wach explains. “We did different things to evaluate
where we were going, who we were, and why we act the way we do.” The EGW
family creed that emerged from this process is a six-page document that serves
as a touchstone for all the firm’s actions by articulating an overarching family
mission and philosophy. It also details eligibility criteria for those in future
generations who wish to become employed by the firm. Specifically, they must
complete at least four years of college, plus two years of successful non-EGW
work experience, or complete a total of six years outside EGW, and demonstrate
progressive recognition for positive job performance. It also provides criteria
for those who wish to serve on the family council, the body charged with
implementing the creed.
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