Case Study: Carmel Builders
Profile
Carmel Builders is Southeast Wisconsin’s premier design and remodeling firm. Their team is passionate about collaborating to create the perfect home. Family owned and operated from the very beginning, Carmel Builders extends their partnership to only the best artisans and craftsmen in the region.
Problem
Owners Tom and Barbara Weiher were looking for someone to help them begin the process of transitioning the company to their son. Carmel Builders was a successful 30 year old company as run by Tom and Barbara, but as with most entrepreneurial founders, the company was heavily dependent upon them for sales and management, while their son Louis had his own ideas on how to run the company. Furthermore, there were many questions that needed to be addressed, such as: how would the value of the company be determined? How would it pass to the next generation? How would Tom and Barbara be compensated? Could the company survive without them?
Solution
The Giersch Group worked closely with Tom, Barbara and Louis to reduce dependence upon the founders, while shaping systems and processes that were suited to Louis’ style of management. With a great deal of patience, the Weiher family worked with the Giersch Group over several years to make an orderly transition of ownership and management from the first generation to the second. A Board of Directors was formed with Tom, Barbara, Louis and Peter Giersch, meeting quarterly to help Tom and Barbara maintain their involvement, and a lifetime investment, in the company they built.
Result
Carmel Builders is now completely run and majority owned by Louis. Tom, Barbara, Louis and Peter, “The Board”, meet quarterly to review financial results and other key measurements. The Board supports Louis as he continues to build the company for the future. In the meantime, another son has joined the company. Carmel Builders and the Weiher family continue the legacy they started over 40 years ago to serve the remodeling needs of homeowners in Southeast Wisconsin.
“We’ve worked with Peter Giersch for many years. Throughout that time, Peter was very responsive. He was sensitive to the issues that face a family owned business being passed on to the second generation and was tactful in communicating what we needed to accomplish to get it done! As a result, the Giersch Group helped us successfully transition our business to the next generation and improve our systems over time. We continue to work with the Giersch Group as a consultant and board member.”
Tom, Barbera and Louis Weiher
Carmel Builders
Learn more about family business succession planning and contact the Giersch Group for a free consultation.
