Case Studies

Establishing & running an advisory board

Case Details

Our team is often asked to help form advisory boards for our clients. In this scenario, our client was in the process of a significant leadership change.

As part of this process we worked with the family to clearly define roles and accountabilities. We implemented a new financial reporting framework to ensure that all family members were kept informed of the performance of the business.

We created an advisory board for the family business and regularly chaired meetings. Here, we provided structure and an opportunity for the family to ask questions and provide feedback to those working in the business.

We kept formal minutes and recorded action items — which we also tracked to keep the team accountable.

The process assisted the team in a very successful business transition to the next generation while providing a framework that fostered open communication and guided them to make decisions.

The business’ founding family members wanted to pull back from the day-to-day business operations and promote a younger family member into the general management role.