Developing an Advisory Board for family offices can be extremely helpful, especially when there are several family members involved in the family enterprise. Today with multiple generations involved in the decision making process, there may be significant differences in the interests and goals of everyone involved.
An Advisory Board can serve to provide:
1) A more comprehensive and independent discussion about the strategic plan for the business
2) Expertise that does not exist within the family office
3) Holistic and independent view of succession planning
4) Objective view of the current and future leadership
5) A liaison who can help bridge the gap between the intergenerational views
6) Developing a long term sustainability plan and/or exit strategies
7) Provide assistance with decision making and negotiating agreements
8) Can add structure such as meeting agendas, assignments, minutes and accountability
Having the right people on the Advisory Board is critical to the success of the Board. Finding the appropriate members that will satisfy all of the family members can be challenging.
For more in depth information on establishing an Advisory Board for your family office, please contact: Michael F. Rosenblatt at FON Search and The Quest Organization at 212-971-0033 or email at: michael@questorg.com
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