Once, when working with a family business client, I recommended they hire an experienced CFO. Since there was no one in the family who fit this bill, the founder said to me: “You want someone from outside the family to see the books?” (Never mind they had already shared financials with me.) Imagine what he said when I suggested they recruit independent, non-family members for a Board of Advisors.
In my last blog I pointed out the roles and benefits of an advisory board. Here I offer advice on how to choose members for that board. (more…)