Family and SME businesses feel comfortable appointing known advisors to an advisory board for their business.
This can work well to get ‘outsiders’ into the business and bring in a degree of objectivity. As the business is thinking about selecting a board for your company it is important to to think about advisors directors who have experience in business, governance and strategic thinking.
The right skills and experience are important here, but those who are also a good fit culturally for the business. From a family business this means looking for someone who understands and can work within the family’s culture and vision for the business.
Here Colortrend appointed Tommy Murray to the board:
Tommy Murray joined the Board of General Paints as our first non-executive Director in 2009. General Paints is almost 60 years old and has been going through a period of dynamic change. Tommy brought a new fresh and outside perspective to the Board which has been very useful. Tommy has enormous experience in brand development and he has made a major contribution to identification of the need and implementation of strategies for General Paints to build the Colortrend brand.
Kevin O’Connor says of Tommy, ” He is respected and liked by both his fellow Directors and Management and he has made a significant contribution across the breath of the company including manufacturing & operations, sales & marketing and administration. His ability to Mentor the other Directors, some of whom have little experience at Board level, has been very beneficial. Furthermore it has proven motivational for the employees in the company to witness the presence of Tommy on our Board and appreciating the efforts the company is making to grow the business”.
“I can only say that I’m sorry I didn’t look for a non-exec Director on the Board some years ago and I’d heartily encourage any private company to consider the both measurable and immeasurable benefits of having a Non-Exec Director and/or Mentor on the Board”. Kevin O’Connor MD, Colortrend