Independent Banker - July 2019 - 63

" If we had to do it over again, we may have considered a
third-party consulting group, " he adds.
Successors may not always be ready to transition to
leadership. Smith says he sees more and more cases of
community banks that have aging family members at
the helm but where the next family member to come up
is perceived as too young or inexperienced to lead the
organization. In that case, leadership often chooses to
bring in an outside person for the role.
" There's nothing wrong with having a third party, an
outside person [or] a nonfamily member manage and
run the bank, with a family member training under that
outside person, " Smith adds.
In fact, family banks often have tunnel vision on
management style and direction, so occasionally breaking
that cycle of family leadership, even for a short time, may
allow for a fresh perspective. " Interestingly enough, that
may perpetuate the family ownership well into the future
by at least having some gap in there, " Smith says.
Smith notes that with family banks in particular, there
How to prepare a young relative for future leadership
I
t's important not to give
customers or anyone in the
bank reason to think that a
relative got their position just
because they're part of the family.
They should earn it on their own
merit, says Joseph Cady, managing
partner of CS Consulting Group.
Philip Smith, president of Gerrish
Smith Tuck Consultants and
Attorneys, advises that even in a
family bank situation, there should
be a formal nomination committee
comprised of both family members
and outside directors. This ensures
a fair evaluation that determines
whether this person, regardless
of their name, is or is not the right
candidate.
Having a child come back
and work for the bank can be a
blessing. Family banks are often
in small towns or rural areas,
which can pose challenges when
trying to recruit younger people.
To better prepare family up-andcomers,
Smith says, they should
study at a good banking school,
attend industry conferences, get
involved in their state association
and immerse themselves in the
bank from the ground up.
independentbanker.org Q 61
Noah Wilcox, CEO and chairman
of Minnesota Lakes Bank in
Delano, Minn.; president, CEO and
chairman of Grand Rapids State
Bank in Grand Rapids, Minn., and
ICBA chairman-elect, recommends
not pressuring a younger family
member into joining the bank.
When Wilcox graduated college,
his dad hounded him to come
back to the family business, but
he chose not to. He didn't know
at that point if he wanted to be in
banking, he says.
Wilcox eventually did choose that
path, and he loves it, but he adds:
" I don't know that I would be in the
position I'm in right now if I would
have come back to work right out
of college like my father wanted. "

http://www.independentbanker.org

Independent Banker - July 2019

Table of Contents for the Digital Edition of Independent Banker - July 2019

Table of Contents
Independent Banker - July 2019 - Intro
Independent Banker - July 2019 - Cover1
Independent Banker - July 2019 - Cover2
Independent Banker - July 2019 - Table of Contents
Independent Banker - July 2019 - 2
Independent Banker - July 2019 - 3
Independent Banker - July 2019 - 4
Independent Banker - July 2019 - 5
Independent Banker - July 2019 - 6
Independent Banker - July 2019 - 7
Independent Banker - July 2019 - 8
Independent Banker - July 2019 - 9
Independent Banker - July 2019 - 10
Independent Banker - July 2019 - 11
Independent Banker - July 2019 - 12
Independent Banker - July 2019 - 13
Independent Banker - July 2019 - 14
Independent Banker - July 2019 - 15
Independent Banker - July 2019 - 16
Independent Banker - July 2019 - 17
Independent Banker - July 2019 - 18
Independent Banker - July 2019 - 19
Independent Banker - July 2019 - 20
Independent Banker - July 2019 - 21
Independent Banker - July 2019 - 22
Independent Banker - July 2019 - 23
Independent Banker - July 2019 - 24
Independent Banker - July 2019 - 25
Independent Banker - July 2019 - 26
Independent Banker - July 2019 - 27
Independent Banker - July 2019 - 28
Independent Banker - July 2019 - 29
Independent Banker - July 2019 - 30
Independent Banker - July 2019 - 31
Independent Banker - July 2019 - 32
Independent Banker - July 2019 - 33
Independent Banker - July 2019 - 34
Independent Banker - July 2019 - 35
Independent Banker - July 2019 - 36
Independent Banker - July 2019 - 37
Independent Banker - July 2019 - 38
Independent Banker - July 2019 - 39
Independent Banker - July 2019 - 40
Independent Banker - July 2019 - 41
Independent Banker - July 2019 - 42
Independent Banker - July 2019 - 43
Independent Banker - July 2019 - 44
Independent Banker - July 2019 - 45
Independent Banker - July 2019 - 46
Independent Banker - July 2019 - 47
Independent Banker - July 2019 - 48
Independent Banker - July 2019 - 49
Independent Banker - July 2019 - 50
Independent Banker - July 2019 - 51
Independent Banker - July 2019 - 52
Independent Banker - July 2019 - 53
Independent Banker - July 2019 - 54
Independent Banker - July 2019 - 55
Independent Banker - July 2019 - 56
Independent Banker - July 2019 - 57
Independent Banker - July 2019 - 58
Independent Banker - July 2019 - 59
Independent Banker - July 2019 - 60
Independent Banker - July 2019 - 61
Independent Banker - July 2019 - 62
Independent Banker - July 2019 - 63
Independent Banker - July 2019 - 64
Independent Banker - July 2019 - 65
Independent Banker - July 2019 - 66
Independent Banker - July 2019 - 67
Independent Banker - July 2019 - 68
Independent Banker - July 2019 - 69
Independent Banker - July 2019 - 70
Independent Banker - July 2019 - 71
Independent Banker - July 2019 - 72
Independent Banker - July 2019 - 73
Independent Banker - July 2019 - 74
Independent Banker - July 2019 - 75
Independent Banker - July 2019 - 76
Independent Banker - July 2019 - 77
Independent Banker - July 2019 - 78
Independent Banker - July 2019 - Cover3
Independent Banker - July 2019 - Cover4
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com