Advise and consent – How can an advisory board help your family business?

Description

Abstract: A family business can produce income and provide economic security for a family. But what happens when issues arise? The most successful family businesses know the importance of setting up an outside advisory board to help them navigate difficult times. This article explains how an advisory board functions and looks at some factors to consider when setting one up — such as the need to define the board’s purpose and goals. It also notes the importance of obtaining a mix of professionals from varying fields, demographics and backgrounds.