Owners’ council best way to propel family’s vision

Nearly every family business is apprehensive about letting people, especially outsiders, into the inner workings and finances of the company.

Nearly every family business is apprehensive about letting people, especially outsiders, into the inner workings and finances of the company.

But it’s a big step, a very necessary one, if the business is going to attract talent, grow and flourish.

But who gets in?

That is the role of the owners’ council, one leg of family business governance. It is the most important leg of the governance stool, as this group leads the overall vision of the family business and how it will conduct business.

The owners’ council consists of family ownership and gives the family a forum to lay out its goals to the board and provide input or approval on major initiatives that the company wants to pursue.

Most family enterprises can be governed by a few structures:

Executive management group, led by the CEO.

Board of directors (or board of advisers).

Owners’ council.

Family council.

LVB Business Events

2019 Health Care Symposium

Thursday, August 01, 2019
2019 Health Care Symposium

2019 CFO of the Year Awards

Wednesday, September 11, 2019
2019 CFO of the Year Awards

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Wednesday, September 25, 2019
HR Symposium

2019 Fastest Growing Companies Awards

Wednesday, October 23, 2019
2019 Fastest Growing Companies Awards