From time to time, we’ll post Bea Wolper’s “A-Z Keys to Family Business Success” followed by a question from one of our members on the topic – here’s A:
A- Advisory Board. Choose a few trusted people not working in the business who will give unbiased opinions to your CEO in three or four meetings a year. Include people with certain strengths, such as accounting, finance, law, marketing, management and especially wisdom.
Question: What’s the best way to find Advisory Board members?
- Ask! Especially CEOs in non-competing industries.
- Contact the Conway Center for Family Business (www.familybusinesscenter.com) or the Business First Advisory Board Exchange (www.advisoryboardexchange.com) for suggested names of Advisory Board members.
- Have a prospectus describing your business and business culture.
- Be honest about your business challenges and lay out your business plan or short and long term goals.
- Detail how the Board will operate, including compensation, number of meetings, etc.
Stay tuned for B and the rest!