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

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Macmillan, Feb 15, 2011 - Business & Economics - 272 pages
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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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Contents

Introduction to a Powerful Alliance
1
Meeting the Challenge
9
3 The Role of the Board in the Family Business
25
4 The Special Value of Independent Directors to the Family Business
35
5 The Vital Role of the Board in Family Business Continuity Planning
53
6 Designing the Board
67
7 Finding and Selecting Director
89
8 Managing the Board
117
Appendix 1 Example Board Prospectus
217
Appendix 2 Committee Responsibilities
222
Appendix 3 Family Director Qualifications and Nominating Process
227
Appendix 4 Introductory Letter to Accompany Prospectus
231
Appendix 5 Rating Sheet to Aid in Director Selection Meeting
232
Appendix 6 Board of Directors Evaluation
233
Appendix 7 Chairman Job Description
236
Appendix 8 Smith Family Assembly Charter
239

9 Making the Most of Your Board
145
10 Linking Family and Business Governance in Later Generations
165
11 How You Can Contribute As a Director
189
12 Our Call to Action
211
Appendix 9 Summay of Survey Results
249
Bibliography
253
Index
255
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About the author (2011)

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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