A multi-generational family business suddenly lost its leader. Of the four members of the Next Gen, only one worked in the family business. Each Next Gen wanted to serve on the board—but there weren’t enough spots. They were left with a tough decision.
The situation varies by family business, but the general sentiment is the same: How do you add family members to the board without compromising the board’s effectiveness?
The authors of “Balancing Representation with Qualification on Family Business Boards” provide seven steps to address this issue.
Be sure to read to the end of the article so that you can see how the four Next Gen members made their decision.
Become a Member for Your Expertly Curated Advice
Joining the Family Wealth Library means access to the information the legacy builders need to navigate family dynamics and protect our wealth. We can keep what is ours by managing familial challenges and building trust and transparency.