Sevada Baghdyan’s Post

A must-read article by Keith Dorsey, Boyden's Board Practice leader, on the importance of enhancing board capabilities and diversity of skillsets. If you're looking to meet your board needs, we can connect you with Keith. #boardoptimization #diversityofskills

An insightful article by my #Boyden colleague Dr. Keith D. Dorsey offering a practical roadmap to assess a Board's readiness to address current and future challenges. A worthwhile read!

In anticipation of 2024, when #boardgovernance and #boardcomposition will be critical, sharing this list of books every board member should read by Lila MacLellan at Fortune. Happy reading and happy new year! #boardrecruitment #boardofdirectors #boardroomadvisors #boardleadership

68 reasons why you NEED to be there!

Serving as the backbone of companies across industries, board members provide oversight and strategic guidance that are important for the success of your organization. BerryDunn shares what to consider when looking for board members that will fit your companies needs. https://bit.ly/3QzjZpu

Family-owned businesses, especially multi-generational, can be wildly successful, painfully dysfunctional, or sometimes both. It’s shocking to know that “less than two-thirds of family businesses move beyond the first generation and, by the third generation, most of them are no longer in existence - Forbes”. At Blue Lake Consulting Group, we’ve seen several shades of gray. This is a great article to explore the key tenets of success. Spoiler alert – it boils down to the basics. We’d love to help your team foster the growth & sustainability it deserves! #bluelakesearch #familybusiness #successionplanning https://lnkd.in/gHs46yar

Hoffman and Associates Names New CEO Read the full article below..

Unlocking growth and objectivity in family owned businesses – This HBR article emphasizes the importance of having an independent director to bring fresh perspectives and impartiality to the  table and decision-making process. By bridging family dynamics with professional governance, businesses can navigate complexities more effectively. Discover how this strategic addition can elevate your family business's trajectory. #FamilyBusinessInsights #ProfessionalGovernance

According to the Exit Planning Institute, the majority of businesses dissolve once their founding owner retires, lacking a lasting legacy. In these instances, how the company is remembered is determined by the reflections of its customers and employees on their interactions with the business and its leadership. The company's legacy, therefore, is shaped by the impact it leaves on its stakeholders and the community - however fleeting these impressions and memories. . . . #businesslegacy #leavingalegacy #businesstranstion #exitplanning #exitplanninginstitute #businessownership #familybusiness #succession #successionplanning

Elevating your family businesses Thriving as a family business requires a unique blend of tradition and innovation. Here are three areas it can helpful to focus on, especially if you are a larger business with a no. of shareholders: Strategic Succession Planning Succession planning is not just about handing over the reins; it's about ensuring a seamless transition while preserving the family legacy. Develop a robust succession plan that considers not only the skills and competencies required for leadership but also the values that define your family business. This involves identifying and grooming the next generation of leaders, fostering a culture of mentorship, and providing opportunities for skill development. It also involves communicating about plans and processes with the wider family so everyone feels informed and involved. Embrace Innovation While tradition forms the foundation of family businesses, embracing innovation is crucial to staying competitive in today's dynamic market. Encourage a culture that values and nurtures new ideas. This could involve adopting emerging technologies, exploring new markets, or diversifying product/service offerings. Innovate not just in your products or services but also in your business processes, customer engagement strategies and in how you have dialogue across generations. Many of the best ideas may come from your younger generations. Professionalise Governance As family businesses grow, the need for professional governance becomes paramount. Establishing clear governance structures and processes helps in making informed decisions and mitigating potential conflicts. Independent non-executive directors (with non-traditional skillsets for your industry) can be a huge value add on your Board. On the family side, establishing a council and putting in place clear and transparent processes for who gets elected to sit on it and why, can make a huge difference to the wider family's engagement and support. Implementing transparent reporting and accountability mechanisms for both the business and the family will enhance credibility and attract both external and family talent, fostering a culture of professionalism within the organisation. In summary, a strong path to success for (larger) family businesses will likely include balancing tradition with innovation, planning for the future, and professionalising governance. #FamilyBusiness #SuccessStrategies #InnovationInBusiness #LeadershipDevelopment