Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
Rick Wall, CEO of Highland Bank in St. Paul, and his two siblings now own a percentage of the bank’s shares. That’s after his parents, Fred and Alice Wall, transferred ownership as the first step in what will be a years-long process.
“Fred, my father, really initiated the process,” says Wall. “He’s been thinking about it for years, but the first physical steps occurred maybe four or five years ago.” That’s when the family began working with a family-business consultant.
Wall has worked at the bank for 10 years and has been CEO for three. “We’re blessed by a family that can communicate pretty well. Fred was trying to make certain to do whatever we could to keep it that way,” Wall says. His siblings work in the family’s real estate development company, The Wall Cos., not the bank.
“If you want the best prospects for a long-term family business, you need to work on some of the emotional and family issues as well as the nuts and bolts,” Wall says.
The significance for customers, Wall says, is that the ownership transfer sends a signal in a time of heavy bank merger activity. Highland Bank has 111 employees and $320 million assets with seven Minnesota locations.
“We helped solidify the fact that we’re going to remain an independent community bank. There’s never been a better time” to be independent, Wall says.
Rick Wall, Highland Bank: 651.690.8209; www.highlandbanks.com
