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Creating a Business Advisory Board for Family-owned and Closely-held Businesses

Advisory boards are one of the most cost-effective and powerful ways to drive a family-owned or closely-held business to success. Advisory boards can add significant experience and knowledge to a business. Understandably, many boards have a mixed reputation and therefore business owners may be hesitant to invest the necessary time and energy to develop an effective board. To help understand the importance of an advisory board, a business must first understand how to optimize opportunities and drive performance through a successful relationship with an advisory board. 

A board should be chosen for their interest in your business as well as their knowledge and their expertise. This video covers the four things that you can do to ensure your board helps increase the value of your business.


Transcript

0:00 Hello. I am wondering. Have you ever considered an advisory board? You know, a lot of people think they are a complete waste of time. And I have to agree. Having been on a number of boards, many of them are.


Lisë Stewart is a Director in the Closely Held and Family Business Services Group within the Private Business Services Practice. Lisë has experience in organizational development, strategic planning and training, and human performance management.

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