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12/14/2015 by mdc
Ellen Frankenberg opines that one of the most significant factors determining the survival and success of a closely held company, especially a family business, is the presence of a board of advisers. Yet many such firms lack a board, or have one that meets seldom and contributes little.

Why do very smart entrepreneurs continue to ignore a strategy that promises great long-term payoffs for them and their successors? With apologies to David Letterman, here are their top 10 excuses for not establishing a board of advisers:

10. No one good enough will want to serve on my board. Start seeking out advisory board members, and you will be surprised at the caliber of talent you can attract. When Jay Schindler took over as president of ESKCO, a Dayton, Ohio, firm that provides promotional marketing and corporate packaging solutions, he and his father, Jim Schindler, rethought their requirements for a board. Jim contacted Clay Mathile, who built Iams pet food company into an international brand and sold it to Procter & Gamble Co. Mathile agreed to serve on the ESKCO board and to help the Schindlers restructure it to meet the needs of their growing company. It was the best thing we could have done for the business, Jay says.

See the other articles below, good reads ....

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Open Resource  |  2015/12/14  |  300 Report Broken   Tell Friend

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