The benefits of family advisory boards
Every business, large or small, deserves to be run as professionally as possible. By setting up the right structure you can give your family business the best chance of success.
While the family knows your business inside out, it can be helpful to have independent parties on hand to provide an external perspective.
A family advisory board can offer fresh insight and perspective, giving your enterprise the edge.
A family advisory board can include family members, anyone with an interest in the company, and independent advisers.
There are significant benefits to setting a family advisory board up:
- Bringing younger people into strategic management and retaining the experience of founding generations.
- Adding specialist expertise, for example, sector-specific advisers, accountants, legal counsel.
- Defusing family tensions — an external facilitator can keep discussions on track.
- Taking the pressure off “mum and dad” by ensuring decision-making responsibility is shared.