In this episode, we continue our insightful conversation with Joel Koblentz, Founding Partner at The Koblentz Group, as we delve into the crucial topic of building an advisory board. Our focus today is on entrepreneurs and how they can develop a strong board of advisors to support their company’s growth. Joel shares his experience of encouraging a family business to establish a board of advisors, highlighting the reasons behind this decision and detailing the process they undertook.
Listen in as Joel provides a comprehensive framework for constructing an effective advisory board, addressing important considerations such as when to establish one, how to go about it, and who should be a part of it. As the stakes are high when it comes to making decisions that impact business growth, having a trusted board of advisors to turn to can be invaluable.
What You’ll Learn:
- When you should start thinking about succession planning.
- How to begin succession planning.
- How to attract a quality successor to you.
- What should be expected when someone is coming in to be your successor.
- How to prepare your business for all the changes it will go through.
- Why it is tougher in family-run businesses.
- Advice to a new CEO stepping into a company.
Ideas Worth Sharing:
- “The risk of making a bad decision is pretty expensive when growing your business, and the risk of repair is awfully high. So, you are better off getting a board of advisors to pose your questions to.” – Joel Koblentz
- “When you buy a business, you are buying their people.” – Joel Koblentz
- “Trust is really the lubricant of success.” – Joel Koblentz
Resources:
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