By Reg Athwal, Founder & Chairman – RTS Global Partners
Succession planning comes in many forms with Family Businesses, and must cover Family Matters, Business Matters and Ownership Matters.
Building professional Family Boards and Business Boards is critical to build a lasting legacy and multi-generational successful enterprise. However, most fail and consider their dinner-table gatherings to be Board Meetings. Learn to do it right and then support your next-generation to learn these good habits and build a Board Succession Plan.
Why Do Boards Fail?
Having built over two decades 180 great operating family/business boards, as well assessing many dysfunctional boards, what’s clear is the need to get it right and not leave it to random chance.
Here are 6 Top Reasons why families get it wrong most of the time and some thoughts to correct it:
1. Wrong Individual DNA
The effectiveness of your Board will directly be dependent on the DNA (talent,...