Multi-generational Family Business
Often when a family business gets to the 3rd/4th generation of ownership a board is critical to the business. Family ownership needs and wants an independent group of directors for strong governance of family and non-family executive leadership. Sensitivity to the family and business needs of the business is critical for any director. Finding the right individual who often is a mentor as well as a director is always challenging.
Profitability is the top of the list for investor owned businesses. Second is execution followed by strategy. The needs of the board are directors who have deep domain experience with the specific industry of the company or executive experience with the challenges immediately facing the company such as a turnaround, high growth, acquisitions, etc. It is very challenging to find candidates with the right mix of experience and time to spend and serve beyond the board meeting.
Typically these organizations have had “KNOWN” board members. They were known to the CEO or known to other board members. We are able to recruit a bigger selection of potential board candidates that will help the business.
Division of a larger public company
Often boards of companies that are owned by larger public companies operate like a Board of Advisors. The directors needed for theses division boards usually bring specific industry or functional experience and often do not need previous board experience. The challenge to recruiting these directors is finding the specific skill set needed with board ready personality.