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Family leaders considering formalized governance often ask: Do we need an advisory board or a fiduciary board? What’s the difference, really? Sometimes, questions around this decision slow progress toward engaging critically important external perspective and talents. Both advisory and fiduciary boards have the potential to bring great value to the business and to ownership, albeit with slight differences.
During this one-hour program, Otis Baskin and Mike Fassler will discuss some of the distinctions between advisory and fiduciary directors, including:
– How families often think about advisory vs. fiduciary boards,
– How advisory and fiduciary boards are the same, and how they differ,
– The ways that advisory and fiduciary boards function to enhance decision making and business performance in a family enterprise,
– Ways to manage expectations around the role of the new board, and
– How to find the right talent to serve as advisory or fiduciary directors.
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