Case Study VI:

ADVISORY BOARD SERVICES

Problem: A $20 million family-owned business was in trouble. One of its trusted advisors suggested use of a small but high quality board of advisors to give frank unbiased advise to the CEO/Owner.

Solution: An advisory board consisting of 2 successful manufacturing company owners/CEO's, an entrepreneurial CPA with extensive experience advising family-owned businesses, and Fulcrum's Rebecca Morgan as the operational expert was created. The need for a President with business management skills and the ability to develop the owner's son for the President and then CEO roles was identified, and then executed with significant help from the board. Regular board meetings continue to point out, discuss, and address accomplishments and areas of concern.

Result: While challenges remain, the company is stabilized, the leadership succession plan in place, and the priorities to develop sustainable systems being executed.

If this kind of thinking can help you, email Fulcrum.

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