More than twenty Connecticut family business owners gathered recently to hear Susan Lesser, Principle with nPlusOne Consulting, share her expertise on how to formalize procedures as your business grows to minimize conflict, expedite decision-making and allow input from a wider skill set. The meeting in Cromwell was one of a series of regional meetings planned for around the state on a range of topics as part of CBIA's Family Business Initiative.
In the course of the meeting, Lesser reviewed the pros, cons, and strategies for:
- Establishing an objective board of directors
- Creating a family council to tackle employment contracts, bring in family members and succession planning
- Writing organizational policies, including a strategic plan
- Using metrics as decision-making tools
- Drafting clear shareholder agreements on ownership policies
The next set of regional meetings are scheduled for the fall in Cromwell, Trumbull, and Groton.
Learn more about setting up an effective family business governance structure to guide decision-making, investments, and best practices at CBIA's Family Business Governance and Legacy Conference, May 30 in Cromwell. Details and registration