Achieving the Competitive Advantage in a Private Company (Accountability)
With the coming of "big box" competition in most industries, Wal-Marts, extensive chain store and off-shore operations, privately-owned companies are facing the most serious competition in history. Now more than ever before, practicing the fundamental strengths of the family business such as trust, teamwork, stewardship and a commitment to long-term ownership, is essential for success. To sustain long-term success, owning families must learn to utilize the richest resource available to them today-active board of directors with outsiders and a family council. This program will explore how to create and use a board with outsiders, and a family council as the strategic arm of the family. This program will provide the knowledge to participants necessary to boost their operation into the top 10 percent of companies in their industry nationwide.
Highlights include:
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The benefits of having an active board of directors with outsiders.
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How to attract and recruit directors.
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How to organize your active outside board of directors for best results.
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Identifying and taking advantage of the 10 values that give family firms advantage over public companies.
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Understanding the legal requirements for directors of private companies.
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Making sure your board maximizes its potential.
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Where to begin when putting your board together.
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Expected results: accountability, expertise, self-discipline, sounding board, honest feedback, asked challenging questions, creative thinking, mentoring family managers.
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Linking the family with the board of directors.
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Creating and determining the role of a family council.
Intended For:
This program is designed for company owners, spouses, family, key-nonfamily employees, current directors, potential directors, shareholders and advisors.
Duration:
This program is a 90 - 120 minute seminar. We often add an industry panel of experienced owners with boards to discuss personal situations involving outsiders and their company. This panel richly supplements and personalizes the information found in the formal seminar.
The "Fit":
Outsider directors are one of the richest and least-used resources available to private companies today. In fact, only 7 percent of private companies across the United States have active boards with outside directors. However, nearly the entire 7 percent are in the top 10 percent of their respective industries nationwide. Consequently, the key to long term success while competing with serious competition is not necessarily working harder, but working smarter and more effectively. It is having sound advice and expertise at your finger-tips from people who have already conquered the competition.
Alternative Titles:
- Managing the Transition to an Outside Board
- Making a Difference - Outsiders on a Family Board
- Making Decisions with ONE VOICE