Strategic Planning in the Small Business

Unit 6
TP 6-5

OUTSIDE BOARD MEMBERS'

CHARACTERISTICS

ADVANTAGES:

"

Objectivity

* Provide

independent

assessments.

Greater stockholder/stakeholder

and society

representation.

*

Provide checks and balances.

*

Independence from management.

* Arbitrate differences

among family members.

" Assist

with management succession planning/

recruiting.

* Bring board experience

to the firm.

" Serve as a bridge

to new customers, suppliers,

and financing.

* Strengthen

the board's

independence.

Ford, Roger H. Boards ofDirectors and

the Privately Owned Firm- A Guide for Owners, Officers, and Directors.

Tab. 2.1

p.

23. Copyright Quorum, 1992. Reproduced with permission of Greenwood
    Publishing Group, Inc., Westport, CT.

375