Independent directors can enhance a family business board in a variety of ways, including providing expertise in a range of subject matter areas, leadership development, and learning opportunities. They can also help owners expand diverse viewpoints, adapt to changing circumstances in the market, and help make decisions that are difficult for the family. If you’re ready to bring in outside experts to your board, there are three steps that can help you navigate the process.
Business Governance
Resource Search
The world has changed since COVID-19, and the most successful companies have and will continue to review their long-term strategy, competitive advantages, and organizational agility. This playbook provides a resilience agenda that outlines a sequence approach from immediate remediation to recovery to recharged and ready to thrive.
Business Continuity Planning and Checklist
Publish Date
Taking a risk assessment is a crucial part in developing a business continuity plan. In this podcast, learn more about the critical activities that can help your business continue the normal, day-to-day functions when a crisis hits. An IT Business Continuity Checklist is also provided to help you assess your company’s remote work capabilities.
Most family businesses take on the characteristics of their founder or founding family, especially in their formative years. This changes as the company grows and the founder begins to transition ownership and control to future generations. To guide the business succession transition forward on a successful path, there needs to be a family governance plan to establish a framework for joint decision-making among family members based on shared values, a common mission or purpose, and a collective vision for the family’s future.
Building and running a business can be immensely rewarding, both personally and financially, but it comes with unique challenges and risks. To ensure success at each stage of growth and change of your operating business—from startup to maturity to succession planning and beyond—it's crucial to be adaptable while proactively preparing for what's ahead.