• Speaker Series April 2025

SPEAKER SERIES

Family Business Boards: Why, When, What, How, Who—practical answers to tough questions

Thursday, April 10
Breakfast Buffet 7:45 a.m., Program 8:30-11:30 a.m. and 12:30-2:30 p.m.
Fluno Center 8th Floor and Online

Presented by Larry Hause, Hause Family Business Transitions

Family-owned businesses face unique challenges, such as balancing family objectives and business concerns, structuring evolving leadership, and planning for succession. Often, family business owners are told they need to address these issues by forming or revamping their board of directors. Sometimes, they are encouraged to put outsiders on their board too! But often, family owners are uncertain.

In this two-part program, we will explore the essential function of a family business board, when formalizing a board is most valuable, how a board works with management and ownership, and how the board stays focused without overstepping.

Morning Program 8:30–11:30 a.m.
We’ll examine the entrepreneurial system that initially exists in every family business, learn the separate and distinct roles of management and ownership, and the natural balancing that entrepreneurs perform (often unconsciously). This knowledge is key to developing and implementing a sound succession goal and effective transition plan. We will discuss Owner Plans and Business Plans, and how to align them to achieve the goals for the business and family.

Optional Afternoon Program: 12:30-2:30 p.m.
Having learned the purpose and responsibilities of a family business board in the morning program, we will learn how to identify and build the type of board that will best achieve the succession goal and that the primary decision maker will accept. Here we will:

  • Learn about advisory and fiduciary boards.
  • Consider seven alternative board structures and which one might best work for you.
  • Discuss how to put a board together.
  • Consider ways to find independent directors if you choose this alternative.
  • Identify how board meetings can support and enhance the quality of the planning process.
  • Examine how to structure effective board meetings.
  • Answer your questions about how to establish an effective board.