Building a Successful Family Business Board: A Guide for Leaders, Directors, and Families

Overview

Boards of directors can help businesses succeed?yet many family businesses do not have functioning boards of directors that play a valuable role in providing oversight to their businesses.  In Building a Successful Family Business Board, the authors show why private firms need the in-depth expertise and objective feedback that a well-chosen board, including qualified independent directors, can provide, and demonstrates how owners and directors can work together to ensure a long and profitable life for the ...

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Building a Successful Family Business Board: A Guide for Leaders, Directors, and Families

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Overview

Boards of directors can help businesses succeed—yet many family businesses do not have functioning boards of directors that play a valuable role in providing oversight to their businesses.  In Building a Successful Family Business Board, the authors show why private firms need the in-depth expertise and objective feedback that a well-chosen board, including qualified independent directors, can provide, and demonstrates how owners and directors can work together to ensure a long and profitable life for the firm. The book provides best practices for owners and directors with step-by-step guidelines for developing and managing a board—from writing the initial prospectus, through conducting lively meetings, to maintaining open, honest communication between owners, directors, family members, and other stakeholders in the firm.

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Editorial Reviews

From the Publisher

"This book is an outstanding collection of "best practices" as well as many new concepts.   It both validated existing methods and introduced fresh ideas for the Advisory Board of my 102 year-old family business." --Ron Saslow, President & CEO of Hu-Friedy Manufacturing Company
 

"Several years ago, as Welch Allyn struggled to transition from the 3rd to the 4th generation of family ownership, John Ward visited our company, and personally advised us through the next phase in our evolution as a family business.  Now, John has collaborated with Jennifer Pendergast and Stephanie Brun de Pontet to produce a book detailing the benefits of evolving the family business in both ownership and governance structure, to ensure that the family business can not just survive, but thrive, for many generations beyond the founder.  Their first hand experience can provide valuable insights to any family business concerned with smooth and successful transitions between generations.  As my company celebrates our 95th of family ownership, we are grateful for the lessons shared by John, Jennifer, and Stephanie in this book."  --Eric R. Allyn, Welch Allyn, Inc.

"An active independent board is the single greatest resource for the modern family business and has become essential to the success of family businesses in our globally competitive world. This guide shows how to blend committed family members with talented non-family directors to produce an effective, independent board and flourishing family business.  Great boards sustain great companies."  --Lanse Crane, Chairman and CEO of Crane & Co.
 

"One of the significant weaknesses in a family business is the lack of the type of honest, objective feedback which is provided by a thoughtfully constructed Board of Directors. These authors have provided an extremely valuable resource for family business owners which not only provides the rational for utilizing boards but the equally important “how to” implement this process."  --Lee Hausner, Managing Director First Foundation Advisors

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Product Details

  • ISBN-13: 9780230111547
  • Publisher: Palgrave Macmillan
  • Publication date: 1/15/2011
  • Series: A Family Business Publication Series
  • Pages: 272
  • Sales rank: 648,460
  • Product dimensions: 6.00 (w) x 9.30 (h) x 1.10 (d)

Meet the Author

Jennifer M. Pendergast is a Senior Consultant of the Family Business Consulting Group, Inc, and an experienced management consultant. She has also taught Emory University’s Goizueta Business School, Georgia Tech and The Wharton Business School.

John L. Ward is Co-founder of the Family Business Consulting Group Inc. He is Clinical Professor at the Kellogg School of Management and teaches strategic management, business leadership and family enterprise continuity.

Stephanie Brun de Pontet is a Consultant of The Family Business Consulting Group, Inc.  She specializes in building effective ownership teams and advising family enterprises facing important transitions.

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Table of Contents

Chapter One: Independent Boards of Directors and Family Business: Introduction to a Powerful Alliance
Chapter 2: Truth and Myths About Boards Meeting the Challenge
Chapter 3: The Role of the Board in the Family Business
Chapter 4: The Special Value of Independent Directors to the Family Business 
Chapter 5: The Vital Role of the Board in Family Business Continuity Planning
Chapter 6: Designing the Board * Chapter 7: Finding and Selecting Directors
Chapter 8: Managing the Board * Chapter 9: Making The Most of Your Board
Chapter 10: Linking Family and Business Governance in Later Generations
Chapter 11: How You Can Contribute As a Director 
Chapter 12: Close: Our Call to Action
Appendices

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