Episode 115 - Boards of Directors and Family Councils with Jonathan Goldhill

As family businesses grow larger, get more complex, and move forward to the next stage of the business, they have to also grow as a unit and find a proper structure that will help them make important decisions and take action along the way. As a follow-up to last week’s episode about exit planning and keeping the business within the family, Jonathan Goldhill will be talking about establishing a board of directors and family council. Jonathan starts off by explaining the factors you need to consider to assess if you need to start establishing a board of directors or a family council. He then moves to what a board of directors is, how you can establish it, and what a board of directors does for the business. Lastly, Jonathan talks about creating a family council, what needs to be established, how to set up a family council, and its purpose. Jonathan will be touching on family council items such as future planning, goal setting, financial planning, vacations, family finances, budgets, succession, and logistics. Tune in to learn more in this latest episode of The Disruptive Successor Show.HIGHLIGHT QUOTESJONATHAN: When to set up a board of directors“A family business should consider setting up a board of directors when it reaches a certain size, complexity, and stage of development.”JONATHAN: Composition of a board of directors “A good board is going to be made up probably of business owners, and community members from your stakeholder community.”JONATHAN: Why create a family council“A family business should consider setting up a family council when there are multiple family members involved in the business and the family wants to address issues related to the family's involvement in the business.” If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.comYou can reach Jonathan by emailing him at [email protected] Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.