A board can help get your head out of putting out fires and doing some fire prevention.
Evanston Il (Vocus/PRWEB) April 19, 2011
Too often, independent business owners resist the idea of establishing a board of directors, also known as a board of advisors. “I hear so many say, ‘No one is going to tell me how to run my business, so a board is a waste of time,’” explains Richard A. Morris, principal of ROI (Resource for Ownership Intelligence) Consulting based in Evanston, Ill. “The owners always get the last say, of course, but there are many reasons why a board of advisors can help insure the business will stay in business.”
Owners may change their mind about the value of a board of directors after listening to a new “It’s Your Business” webcast program hosted by Morris and featuring guest Andrew D. Keyt, a third generation family business owner and Executive Director of the Loyola University Chicago Family Business Center.
“The economy is still in uncharted waters and it can be lonely navigating a business through tough times. I think of a board of advisors as a group of consultants that can help business owners puzzle through their most difficult problems,” Morris says. “It is then up to the owners if they want to take the board’s advice.”
For business owners sold on the value of a board, Morris and Keyt also offer guidance on the next challenge: deciding who should sit on the board. “Owners quickly gravitate to people they know and trust, such as other successful business owners in the community,” Morris explains. “The problem comes when owners chooses their current trusted advisors, like their accountant and lawyer. These advisors have a conflict of interest. For example, they may not suggest moving to a large accounting firm to handle the growth of your company’s needs.”
The goal is to find board members owners can trust and who bring valuable skills to the table. The webcast guides you through the process of identifying board members, determining the optimum number and structuring board responsibilities to maximize productivity.
“Most owners focus on the day to day of running the business. A board can help get your head out of putting out fires and doing some fire prevention,” Morris says. “There are so many hidden areas that owners need to attend to. My goal is to get business owners to at least take 10 minutes out of their day to listen to a lively talk show that encourages them to consider best business practices.” Listen to the complete interview at http://richroi.com/resourceCenter/ItsYourBusinessRadio.html/.
Richard Morris is principal of Evanston-based ROI (Resource for Ownership Intelligence) Consulting which helps family owners expand and pass down their business to subsequent generations. He also provides family business education, consulting and strategic planning for cooperatives, franchises and associations, and is an adjunct professor at the Lake Forest Graduate School of Management. Previously, he managed marketing and acquisitions for his family's 80-year-old privately held company, Fel-Pro Incorporated, and served on its Board of Directors until the sale of the business in 1998. Morris also co-authored the book “Kids, Wealth and Consequences: Ensuring a Responsible Financial Future for the Next Generation”, (Bloomberg Press)..