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Is there value to having more than two independent directors serving on a family business fiduciary board?

Is there value to having more than two independent directors serving on a family business fiduciary board? We asked some of our top family business governance experts to share their advice and experiences. Family Business Boardroom newsletter

 
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Seven Steps to Recruiting Value Add Independent Directors

Incorporating independent directors into a family firm’s board has been considered one of the standards for family business success. The prospect of finding independent directors who can both challenge business leaders and represent ownership interests can be daunting. Following these seven steps will help identify directors who will add value to the family business enterprise. By Anne Hargrave | The Family Business Boardroom

 
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Stewardship: A Very Practical Family Business Theory

In a family business, a stewardship climate is one in which individuals are more likely to be intrinsically rather extrinsically motivated, identify highly with the organization, and use personal, rather than positional, power. In addition, at the organizational level, family businesses displaying stewardship climate are those with a collectivist culture, rather than an individualistic culture, have a low power distance in their organizations and have a high involvement orientation. 1/11/17

 
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Unsticking Succession: Common Obstacles and a Path Forward

This article arose from a specific question from a family enterprise leader: “I know that I have to plan for succession and I know everything I should be doing, but I’m not making any progress. How do I get unstuck?” Succession planning remains a critical focus for many family firms. We hope this review of a fundamental family business concern sparks some new thinking and some positive momentum to kick off your planning.

 
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Budgeting for Family in the Family Business

We find that implementing a formal budgeting process for family work is valuable, regardless of whether these questions have been raised. Creating a budget engages the family, shareholders and management in a conversation that aligns them around its goals and priorities for the family and the business. It also makes explicit the investment is being made in family unity and shareholder development.

 
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Co-CEO Structure: Are Two Heads Better than One in a Family Business?

The skills required to run a company continue to increase, and there is less margin for error when change is the norm and competitors respond to bad decisions at lightning speed. Co-leadership models have been used by family businesses for centuries, but not frequently. Today, that frequency is increasing. The purpose of this article is not to advocate or oppose a co-CEO model. Nor is it to provide empirical evidence for or against co-leadership; such evidence is scant and anecdotal at best.

 

Promoting Successful Ownership Transition

By Amy Schuman Successful ownership transitions require strong, knowledgeable shareholders. A cohesive, well-informed shareholder group is a tremendous competitive advantage for a family business. How can you best communicate, educate and involve next generation shareholders in their family business? How can you create enthusiasm among family members—all very busy with their own lives—for a business that may not be very attractive to them, for a whole host of reasons?

 
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How should family businesses cultivate and prepare the next generation for board service?

How should family businesses cultivate and prepare the next generation for board service? Advice from our governance experts Craig Aronoff, Otis Baskin and Kelly LeCouvie Originally appeared in The Family Business Boardroom, September 2016

 
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Continuity Planning for Family Business Boards

Developing the qualifications for board members – both family board members and independent outside board members – is arguably the most important task to determine the ideal mix of board members. Originally published in The Family Business Boardroom Newsletter, September 2016

 
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Family Wealth Continuity

Many wealth continuity plans lock people together providing few options for how money is to be managed, by whom and with which co-beneficiaries. While there are of course certain basic requirements of any effective financial structure, to the extent that options are available – to make personal financial decisions, to align with certain others or not, or even to exit – the structures will be strengthened and relationships enhanced.

 
 
Results: 749 Record(s) Found.

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