Well Performing Family Business Boards Provide
Ideas, Insight and Accountability for the Future
Appropriate and effective governance is the hallmark of a truly sustainable family enterprise. Established family businesses find that the guidance, direction and feedback gained through an active Board of Directors is an invaluable contributor to strong strategic planning and productive family working relationships.
Through board development, board evaluation and board search approaches, our consultants guide families through the process of evaluating their needs, planning changes to their governance structure, and ensuring that the Board they create provides the value that they seek.
FBCG’s board development process is a comprehensive approach that analyzes governance needs, evaluates current governance structures and provides clarity around desired changes and advancements. It provides answers to questions like the following:
Why should we consider the development of a formal advisory or fiduciary board?
What would be the roles and responsibilities of our business’ board of directors?
How can independent directors add value to our family business?
What is the board’s role in continuity planning and other important business processes (e.g., strategic planning, performance management)?
Should we include committees in our board structure, and if so, what role would they play?
What should be included in the board charter?
How should we compensate directors, both family and independent?
How can we best prepare owners to be effective board members?
How can we prepare management for the expectations of the board?
The Board Development process is often undertaken to create a company's first formal board, to shift to a more professionalized governance process, or to add the company's first independent directors.
How do you maximize the quality of the board's contribution? Regular board evaluation can provide a systematic method for collecting feedback about the focus and function of the board and enhance engagement from both family and independent directors.
Our team works with functioning boards to collect robust feedback and extract insights on opportunities to foster improved board engagement, management support, and shareholder relations.
The Family Business Consulting Group maintains a network of qualified independent director candidates for family firms and assists families with the selection and placement of directors in the context of board development and evaluation efforts.
Our process includes development of the board prospectus, facilitation of the interview and selection process, and referral of qualified candidates.
Contact us to learn more about our approach to Business Governance and how we can help you ensure an active, productive Board of Directors.