Things to consider when seeking a board chairman
An effective chairman encourages diversity of viewpoints and healthy debate.
- The chairman must have the skills to work with management and facilitate an effective board process.
- The chairman must be trusted by the family and by management.
- The chairman’s values must be aligned with the family’s values. For example, if the family is conservative and the chairman is a risk taker, friction is likely to result.
- The chairman must have the skills to foster family unity and cohesion.
- The chairman must have high emotional intelligence. He or she must understand the complexity inherent in all family enterprises and the dynamics of the specific family ownership group.