The right board of directors will keep a family business successful. Unfortunately, not all brands understand how to seek out influential members. Evaluations should occur often to ensure your firm stays on the correct path. When they don’t, your company fails to utilize resources as effectively.
Our experienced advisors know how to guide your firm’s direction well into the future. Contact Positively People for family business consulting within any industry.
What are the Board’s Current Terms?
Board members have a surprising number of ways to maintain their title. Some companies even utilize several options to do so. Evaluating current members should happen frequently, but not so much it becomes a distraction. Creating a board skill matrix can keep the process running smoothly.
Should your firm favor age-based terms or focus on the available pool of skills? When in doubt, refer to our family business advisory experts for the best options.
Does Your Vision Compliment the Skills of the Board?
Growth may look achievable on paper, but could fizzle out in practice. Expansion halts when your goals don’t align with your members’ skills. One solution is to appoint a leader from outside of the organization, at least temporarily. You can install them for a few years while working through long-term expansion.
It’s common for companies to stagger new leaders with an interim executive. Begin continuity planning today with our experienced family business advisors.
Have a Third-Party Interview
While involving members in hiring decisions is essential, it can become a double-edged sword. Becoming too emotionally invested in the process can hinder more than help. Hiring a neutral third party can help you find which candidates potentially offer the best results. They can focus on measurable factors because they don’t have the same emotional investment.
Candidates will also offer honest answers when they don’t interview with family governance members. They can discuss opinions on profitability, solutions, and abilities the board currently lacks. A third party can offer insight that the family business can’t always see.
Survey the Board Often
In addition to regular elections, frequent surveys provide great insight. For best results, make sure these questionnaires stay anonymous to see honest answers. A third party is once again a straightforward way to manage these responses. Even the most outspoken members will find it difficult to shoot straight with relatives.
Topics can include culture, choosing new visions, executive relations, and shareholders. Whatever is often glossed over can finally receive an audience without retribution.
Contact Our Family Business Advisors
Our experienced advisors provide solutions for firms at any growth stage. From family business succession to in-house surveys, we cover many areas of concern. We ensure your future has sustained growth without sacrificing its core values. Our company works with many firms from different industries, providing insight that others lack.
It’s never too early to think about your brand’s legacy or where it can improve. Hire Positively People today to ensure the next generation finds the success they deserve. Learn more about Positively People services.
