Common Fantasies About Consultant's Roles.

Director, Goering Center for Family & Private Business

In today's world of fast-paced competition, instant communication, the desire to maintain profit margins and achieve growth, and the need to satisfy a diverse shareholder base, the leadership of family firms must seek ways to meet all of these challenges. It is, however, very difficult, if not impossible, to be competent in all areas that require attention in order to successfully guide the family business in the direction it wishes to go. Seeking outside help, through a Board of Advisors and/or Directors and using outside consultants, is certainly one way to help achieve company objectives.

The focus of the articles written this month in the Family Business Report are directed at assisting family firms in selecting and being comfortable with an outside board. Laura …