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Top of Mind: August 29, 2013
August 29th, 2013
by Bill Boyajian

Boards, Leadership, and Family Business

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Boards of Directors have increasing responsibilities today, even in family-owned and operated businesses. Here are five key questions that members of boards (and families) should ask:

1. How prepared are we if for some unforeseen reason our CEO is unable to lead tomorrow?

2. How well do we know the inner workings of the company and its management team?

3. How truly dependent are we on the chief executive? (If irreplaceable, you are in very a weak position.)

4. How comprehensive is our executive performance evaluation process? Or do we even have one?

5. How effective are we at providing counsel and feedback to the CEO? And do we provide such advice as early as possible?

Boards and family businesses are equally vulnerable to the possible loss of their leader. Such questions should be asked in most every business or organization. How are you doing at managing the process of leadership in your firm? If you need some help, make sure to get it.

Good Leaders Possess Sound Judgment

Good leaders possess sound judgment. Sound judgment is the result of gaining knowledge, acquiring wisdom through the understanding of this knowledge, and then formulating intelligent choices and decisions as a result of it. Judgment, like character itself, is one of life’s great intangibles…..[click to read on]

 

Here are a few Business and Life tips to think about….

Business Tips:

  • New businesses fail due to either a lack of sufficient capital or a lack of proper leadership. Start-ups need time and great oversight.
  • Real leadership occurs when you aren’t there to watch things. The key is how you have empowered people to operate as if you were.
  • Be careful not to lose young, talented people who work hard and have been loyal. They are hard to find and even harder to replace.

Life Tips:

  • If you wait for something to be perfect, it will never happen. Perfection isn’t necessary, practical, or affordable.
  • Control can be over-played, while discipline can be under-valued and even ignored. But balance is necessary for everyone.
  • If you really want to be successful, stay positive, embrace your faith, and recognize that there are always ups and downs in life.


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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”

–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL

"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."

–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA

“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”

–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS