How family businesses can benefit from an advisory board

Description

Abstract: All businesses can benefit from outside advice. But it can be especially valuable to family businesses, which tend to be more insular. One way to benefit from different perspectives is to create an advisory board with a good mix of outside executives and professional advisors. As this article discusses, an advisory board serves in a consulting capacity and isn’t bound by a fiduciary responsibility to the company and shareholders, and so can provide impartial, independent perspective on strategic issues, collaborative solutions to business and family issues, and the ability to stimulate fresh ideas and identify new opportunities.