Banks.am explored how the Rockefeller family built the institutions that preserved its wealth across generations, and asked David Gasparyan, Chief Client Relationship Manager at Wilco, whether succession planning is equally relevant for Armenia’s first-generation entrepreneurs, whose capital is often on a different scale.
David argues that the size of the capital is not what determines the outcome. What matters is whether rules are established while the person who created the wealth is still alive. In his view, smaller fortunes are in fact more vulnerable: for a medium-sized family business, a single dispute among heirs or a forced sale can mean losing everything the family has built. He notes that Armenia is at a unique point today. Many of those who built their capital are now between 60 and 70 years old, and almost none of them have experience with passing it on. At the same time, the tools are available at any scale, from a will and a family constitution to a clear ownership structure for the company and a financial plan for handing over the business.
David also outlines the practical risks for founders who have not prepared in advance: accounts, signatures and decisions effectively frozen in the first months, shares divided without regard to business logic, and personal relationships with banks and partners that do not pass automatically to the next generation. Assets held in different jurisdictions add a further layer of complexity.
On how to approach the conversation with clients, David suggests starting not with inheritance but with business continuity. In his comment, he addresses the most common objections, and explains why succession is a process rather than a one-time event. He describes Wilco’s role as providing a neutral framework for the conversation and a grounding in the figures, while the decisions remain with the family and legal matters are handled by specialized lawyers from Wilco’s partner network.
Read the full feature on Banks.am’s website.
This commentary is for illustrative and informational purposes only and should not be construed as investment recommendation or a call to action. The information provided does not take into account your personal financial situation, investment objectives, risk tolerance or other individual circumstances.
Wilco LLC is a wealth management company regulated by the Central Bank of Armenia. welcome@wilco.am
