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2011 | Buch

Independent Boards of Directors and Family Business: Introduction to a Powerful Alliance Kapitel lesen Erstes Kapitel lesen

Building a Successful Family Business Board

A Guide for Leaders, Directors, and Families

verfasst von: Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet

Verlag: Palgrave Macmillan US

Buchreihe : A Family Business Publication

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

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.

Inhaltsverzeichnis

Frontmatter
1. Independent Boards of Directors and Family Business: Introduction to a Powerful Alliance
Abstract
When Robert Rodale, second-generation CEO of Rodale, Inc., died in a car accident, his wife, Ardath, was thrust into the leadership role. Current CEO and third-generation member Maria Rodale says, “When my father was alive, he never would have used a board. At the moment he died, we put a board in place—to educate our generation, give us insights into the business, and support our mother.”
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
2. Truth and Myths about Boards: Meeting the Challenge
Abstract
Every business must name a board to meet legal requirements. In our survey, we found that many family businesses stop there. Only 48 percent of respondents have a board that meets more than two times per year. Boards that meet no more than every six months cannot effectively support management during challenges, nor can they provide maximum value to key strategic decisions.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
3. The Role of the Board in the Family Business
Abstract
We believe the board of directors can play an invaluable role in the success of a family business. Just as management often has greater latitude in a family enterprise—for example, to take a temporary hit in profitability in order to invest for the long term—family company directors can play a uniquely helpful role. The family business board can go beyond typical boardroom conventions to explore broad questions of policy, philosophy, and planning, such as:
  • Examining and helping to express the company’s mission and philosophy.
  • Assessing the organization’s culture and determining its impact on the company’s effort to achieve objectives.
  • Ensuring the family and business have comprehensive plans for the future, from establishing a family vision to estate, succession, and strategic planning.
  • Improving the quality of strategy. This implies more than strategic planning and evaluating strategic choices. It encompasses all that has to do with strategic thinking—assuring the long-term survival, development, and prosperity of the firm.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
4. The Special Value of Independent Directors to the Family Business
Abstract
To this point, we have focused on the value of the board as a whole in ensuring the family business is well run. Generally speaking, an active board that is appropriately focused on strategic issues is an asset to the family business, regardless of the composition of the board.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
5. The Vital Role of the Board in Family Business Continuity Planning
Abstract
A leader with exceptional integrity and a clear vision for his company, Charles Collat, Sr., was instrumental in helping build Mayer Electric Supply into a $680 million concern in the southeastern United States. However, his longstanding presence made the issue of succession a delicate one to address—something the company’s advisory board helped to solve.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
6. Designing the Board
Abstract
When the 14 third-generation owners of Canal Insurance decided to add independent directors to their board, they were building on an existing board composed of three owners (two of whom worked in the business), representing the three branches of the family.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
7. Finding and Selecting Directors
Abstract
One of the most challenging and rewarding dimensions of building an independent board is finding and selecting independent directors. The ultimate goal is to assemble a group with a wellspring of experience relevant to the business’s needs and who share a sincere interest in the welfare of the owning family and all the firm’s constituents.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
8. Managing the Board
Abstract
When the owners of McKee Foods decided to incorporate independent directors into their company board, they knew they were going to get insightful, perceptive feedback and guidance.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
9. Making the Most of Your Board
Abstract
For many family firms, working with an independent board is a new experience that poses unforeseen rewards—and challenges. Every board meeting can be an adventure, an exploration of the unknown. The spontaneous interaction of experienced business owners, entrepreneurs, and managers facing common questions can spark insights and ideas gratifying to all involved. The result may be breakthrough thinking—a contribution that strips away burdensome preconceptions and often transcends the capability of any individual board members.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
10. Linking Family and Business Governance in Later Generations
Abstract
A common conception about family business throughout the world holds that the first generation builds the business and later generations harvest the business rather than reinvesting for long-term success. Nonetheless, many family businesses strive to achieve a lasting legacy. A strong, independent board of directors is one tool to strengthen the business. But, the board alone cannot ensure survival. A supportive family ownership group, organized to work in support of the board and the business, is crucial as well.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
11. How You Can Contribute As a Director
Abstract
Few positions in business are as potentially intimate, challenging, or stimulating as that of the independent director. Effective board members may play roles ranging from statesman and sage to oracle, arbiter, friend, and confessor. The director may be a teacher one day and a critic the next, a source of emotional support one week and a philosopher shortly thereafter.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
12. Our Call to Action
Abstract
From our pioneering studies and decades of personal experience, we are convinced that an active board with independent directors is the single greatest step for family business success and continuity. As we have stressed throughout, an active board is one that meets at least three times per year; and an independent board is one that includes at least three objective outsiders. This powerful combination creates a board that is a unique resource in many ways.
Jennifer M. Pendergast, John L. Ward, Stephanie Brun de Pontet
Backmatter
Metadaten
Titel
Building a Successful Family Business Board
verfasst von
Jennifer M. Pendergast
John L. Ward
Stephanie Brun de Pontet
Copyright-Jahr
2011
Verlag
Palgrave Macmillan US
Electronic ISBN
978-1-137-51171-3
Print ISBN
978-0-230-11154-7
DOI
https://doi.org/10.1007/978-1-137-51171-3