Navigating the Market: Insights from the ACG Conference Panel on Family and Private Businesses and the Role of Boards
Pictured, from left to right: Lisa Nelson, Karen Clark Cole, Phyllis Campbell, Colleen Brown, and Kathleen Carbone.
As part of the Northwest Middle Market Growth Conference on August 1st, our BoardReady team participated in a panel discussion on the critical role of boards for family and private businesses navigating today's market. Our own Senior Strategist, Phyllis Campbell, and TalentVault member Lisa Nelson (who has been placed on a board through BoardReady!), were joined by corporate board leaders Colleen Brown and Karen Clark Cole. The conversation offered valuable insights into the challenges and opportunities for growth for family and private businesses, with several key takeaways from Campbell and Nelson highlighted below.
Embracing Complexity and Uncertainty
A central theme during the panel discussion was the need for family and private businesses to embrace change and foster innovation amidst market complexities. Campbell emphasized the importance of not only identifying necessary talent but also utilizing resources to find the “right” candidates. Nelson added that global expansion can play a critical role for companies wanting to reach new growth aspirations.
Establishing a Formal Board
One question focused on companies that do not yet have a formal board. What steps should they take to implement one and when? Among the several suggestions offered by the panelists, Campbell shared valuable insights on inflection points to consider – including succession planning, defining and measuring board success, and incorporating diverse perspectives beyond the family for additional expertise.
The Strategic Advantage of Diverse Boards
One key concept that persisted throughout the discussion was the understanding that diverse boards are undoubtedly a strategic benefit for companies. To that end, Campbell stressed the value of platforms like BoardReady in promoting diversity of thought in the boardroom. Nelson echoed this sentiment, and pointed out that newer / first-time directors should not be overlooked: “Often times, they have the most capacity, come to the board room extremely prepared and are passionate about the boardroom agenda and company mission.”
Concluding Remarks
To wrap up, the panelists offered final thoughts for attendees. Campbell reinforced that "a strong boardroom culture, inclusive of diverse perspectives," is a key indicator of boardroom effectiveness. Nelson highlighted that "a good board will not make a company, but a bad board can break one."
By embracing complexity and strategically establishing a board, family-owned and privately held businesses can successfully position themselves to navigate the ever-increasing complex market and continue to drive growth. And of course, as these types of companies continue to evolve, the insights shared during the panel discussion will certainty serve as a source of guidance for many.