Family Business Boards
Protecting Your Family Business With a Board of Directors
While your business may be family-owned, it doesn’t mean it is solely family-governed. If you're concerned about your family operating your business in the future without issues, or if you're concerned that you may not want to, family business boards can help.
What is a Family Business Board?
In business, a Board of Directors helps govern the company. The Board of Directors is responsible for holding others within the business accountable and ensuring that the business is still making the best decisions. While the CEO is still in charge, the Board of Directors operates as a check; they can remove the CEO and replace them.
Why Should Your Family Have a Board?
Family governance consulting is important, without a board that represents a family, it’s easy to see how a family business could falter. Family governance consulting makes sure that the family is represented and makes it easier to ensure that the business is kept healthy while still giving the family control.
How Do You Find the Right Board?
The board is generally made up of those who are experts including family members, those with deep expertise in the industry, and those who are experts in board regulations and governance. Most importantly, the board has to be empowered to make decisions and give effective advice to family business owners.
Ultimately the goal of a family business is to be successful. Family governance consulting can help you make sure your business remains vital and stable. Contact Telos Group to schedule an appointment with a specialist.