Ep 32 - Advisory Boards for Family Businesses - The Risks and Opportunities
Listen into this week's Family Biz Show as we talk to Mike Sipple Jr. And Alan Aldworth about the pros and cons of running the family business for the benefit of management, rather than for the shareholders and the risks that come with it.
During the podcast, we will be focused on the following:
How to understand the correlation between the quality of the board and success and sustainability of the family enterprise
About the risks most family enterprises miss in the absence of a quality advisory board
Governance topics every advisory board should be accountable for and why leaning on the board is healthy for the family
The main opportunities an advisory board presents for the family business
How to choose the right board members for your family business
This Weeks Guests
Mike Sipple Jr.
Owner Centennial Executive Search*
Mike Sipple, Jr. is known throughout the world by family-businesses for two reasons – 1st Mike owns a 3rd generational family-owned boutique executive firm; Centennial Executive Search, out of Newport, Kentucky. Multi-generational family businesses in this industry are unique and provide a competitive advantage to their clients. Their firm specializes in family-owned and privately held business succession planning and building next-generation boards of directors, advisory boards, and non-family leadership teams. 2nd reason is that Mike and his father are the co-founders of a Global Leadership Platform, Talent Magnet Institute, utilized by family and private companies worldwide to invest in their people proactively.
Mike also hosts The Talent Magnet Leadership Podcast that reaches 80 different countries, and 47,000 people, discussing how to help leaders succeed in relationships, work, community, and life. The Talent Magnet Institute podcast boldly tackles “real-time” the most challenging issues leaders face daily: from optimizing teams, building inclusive and equitable cultures, and empowering others to the loneliness and fatigue unique to those at the top of the org chart.
Leaders and boards turn to Mike for his experience-based insights on hiring, succession planning, strategy alignment, creating diverse, equitable, and inclusive organizations, talent development, and how to build a ‘talent magnet’ culture. Mike is an active ally passionate advocate of diversity, equity, inclusion, and belonging (DEI & B). Mike and his wife of 17 years live in Greater Cincinnati, OH, and have three children, ages 13, 11, and 9.
On weekends the Sipple’s can be found on a basketball court or baseball field.
President & CEO of Private Directors Association*
Alan was named to his current position with the Private Directors Association in January of 2021. Previously he was the founder and President of the Houston Chapter of the organization. Alan served as the CEO of ProQuest Company, a publicly traded technology company, and as CFO for both Bell+Howell Company and for Tribune Publishing Company. He founded the Education and New Media division of Tribune Company and led it until it’s sale to McGraw Hill. He has served on over a dozen boards including public companies, private companies, venture backed early stage companies and not-for- profit organizations. Alan received an undergraduate degree in commerce and accounting from DePaul University and a master’s degree in management from Northwestern University Kellogg Graduate School of Management.
Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and