Advisory Boards: An Important Step in Transitioning the Family Business

Inter-generational role transitions are often bumpy when it comes to the family business. Power and authority are not always easy to lay down when the baton is passed to the next generation, despite best laid plans. In the case of Julie Jacks and her cousins, the transition didn’t go as smoothly as they had hoped. Important discussions were held and four key questions helped them discover the need to develop an independent board of advisors, one that could also act as an effective “balance point.”