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Small Business Human Resources Workforce Development Your Questions Answered Success Stories

October 2007 — Vol. 85, No. 8

How to invite prospective advisors
to join your advisory council

 

In the following excerpt from the article “How to Create Effective Governance in a Family Controlled Business,”* authors Richard Narva and Beth Silver outline the process for inviting prospective advisory council members to work with a family business:

  • Determine the company’s needs through an assessment process.

  • Identify potential advisory council members who can fill those needs.

  • Conduct one-on-one discussions between the company’s president or CEO and each prospective advisory council member, outlining the role of the advisory council, the company’s expectations of the advisory council members (including agreements that all members will be required to sign), and why the company would like this individual to join. Follow up with a second round of interviews for each candidate with all major stakeholders — family, managers and directors.

  • If there is mutual interest in the prospective member joining the advisory council, a formal letter should be sent from the company’s president or CEO inviting the individual to join the council. The letter should state the role of the advisory council, the company’s expectations and the compensation for the advisor’s participation. It should also ask for written acceptance of the position by the individual, and should inform the new member of the advisory council’s meeting schedule.

* The article was published in August 2003 in Director’s Monthly, a publication of the National Association of Corporate Directors.

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