Family Business Boards of Directors are organized business structures that help family businesses advance and professionalize their governance, management, business systems, communication, and reporting. Often times it is the next level of organizing, formalizing and developing a company to provides a more cohesive way to direct and manage it products, services, people. Some families start with a more informal Board of Advisors who initially just make recommendations to the family and then transition to a more formal Family Business Board Of Directors.
Getting the best brains from a group of professionals, together, we can focus more on long term strategy, longer term plans, and higher level goals. At the same time it functions as a check and balance system for review and accountability of the family management, corporate officers, and stakeholders. Family Business Board of Directors can also help more clearly define the needs and direction of a company from an independent neutral perspective, whose only goal is the best interest of the firm.
- Governance, Company Direction, and Business Planning
- Strategic Initiatives, Goal Setting and Leadership
- Independent Fiduciary Responsibilities for Company, HR assessments
- Decision Making, Management, & Executive Accountability
- Conflict Prevention, Resolution, and Facilitation
- Risk Analysis and Legal Exposure
- Guidance from Interdisciplinary professionals perspectives
- Local, National, Global Markets Analysis
- Financial Analysis, Reviews, Evaluations, and Projections
- Succession Planning, Education and Training for Executives, Management and HR
- Restructuring options and Sustainability Initiatives
- Growth Plans and New Business Acquisitions
- Alternative Advisory Board Options
With a focus on attracting good candidates, with diverse professional backgrounds highly functioning Family Business Boards of Directors can also engage in more difficult conversations and challenging topics. With advanced interdisciplinary skills and approaches, they can also help challenge and develop the executive team, execute advance business plans and help with more effective decision making.They can identify other good candidates for independent comparators and real world independent analyses. Boards can also provide smoother transitions, acknowledge the need for succession planning, and help identify exit strategies for these firms.
Family Business Board of Directors Development
A Board can be can be developed in many different or specialized ways or in a formal way according to the needs of the owners or the company. It may hold more formal organized votes to direct the firm, review financial statements, present executive and operational reports, have guest speakers, abide by rules of order and procedures, hold monthly meetings, weekly updates, subcommittees, and have outside professional board members. Other times in smaller entities, Boards can initially represent Advisory committees without having any specific voting power. Monthly meetings and less formal reports and decision making held in the hands of a fewer people can be the norm, comprised of the owners or a few trusted advisors with a less formal but still very important structure, specifically designed to help guide the company and help the owners make important decisions. Boards can be developed to provide an interactive even predictive forum for more individualized, professional and more advanced business approach needs of the company, closely held firm, or family business.
As an additional business tool, mediation can be an important component of businesses and family businesses board of directors. It provides a constructive and efficient means of resolving conflicts while preserving professional or family relationships, maintaining business continuity, and ensuring the long-term success and sustainability of the business. It allows professionals and family members to address their differences in a private, confidential and more collaborative and less adversarial manner. Contact Us