Chad Friesen presented at the Rod Senft Family Business Conference hosted by the Asper School of Business on November 26, 2025, and shared our story about Friesens, Tallgrass, and Employee Ownership Trusts.
Family businesses are the backbone of Manitoba’s economy, yet they face unique challenges that go beyond market pressures. Leaders gathered to explore these realities…succession planning, family dynamics, and the evolving definition of legacy. Chad made the case that owners who wish to preserve legacy, should seriously consider an Employee Ownership Trust when family ownership is no longer and option.
The Succession Challenge
As Chad noted, “Companies grow, and it’s harder and harder for the next generation of family members to be capable and willing to operate them.” When the emotional weight of legacy collides with economic uncertainty, like tariffs and trade wars, the path forward becomes even more complex. For many owners, selling isn’t just a transaction; it’s about preserving values. That’s where employee ownership offers a “close second” to family succession, aligning with the desire to keep businesses local and purpose driven.
A Manitoba Success Story: James Richardson & Sons Ltd.
The keynote by Dan Hursh, sixth-generation chairman of the board of James Richardson & Sons Ltd., underscored what’s possible when vision and governance endure. In an economy where family businesses rarely survive beyond the second or third generation, Richardson has thrived for six generations and is preparing for a seventh. Their story is a testament to communication and shared vision. “They put a lot of emphasis on connecting with stakeholders, and I was drawn to the fact that so many of their values and interests reflect the Friesens story, and WHY we’re doing what we are doing,” Chad observed.
Family Dynamics and Mental Health
Beyond governance, the conference spotlighted the human side of family enterprises. Layers of hierarchy mixed with family relationships create communication gaps and mental health challenges. “The next generation wants to know timelines and plans, while the earlier generation may fail to share certain critical insights,” Chad reflected, “so family members often get frustrated due to a lack of communication and clarity.” For Tallgrass, understanding these dynamics is important when exposing business owners to employee ownership because we must address both financial and emotional complexities.
The key takeaway from the conference for Friesens and Tallgrass was that succession includes many layers such as personal relationships, values, vision, and financial. Whether through family leadership or employee ownership, the goal remains the same: keep Canadian businesses strong, local, and thriving for generations to come. As Chad put it, “We’re trying to do a virtuous thing, and people resonate with our story. We just need to be patient…good things will come.”