The appointment of non-family advisors and ultimately non-family directors is an essential part of the evolution and growth of a family business. Frequently, this is done in stages. The initial stage can be to set up an Advisory Board made up of a mixture of family and non-executive directors. It has no legal status. These directors are not legal directors of the company but more precisely advisors. As the family business becomes comfortable with meetings taking place with family and non-family advisors, the next stage is to establish formal Board Meetings and to appoint non-executive, non-family directors that have legal responsibilities in terms of company law and corporate governance.
As the family business transitions from one generation to the next, there is also need to set up a Family Office that represents the interests of family members both inside and outside the family business.
PAUL KEOGH is on the advisory board of a number of select family businesses and is also a non-executive director of other family businesses.
PAUL KEOGH has also set up and advised Family Offices in decisions to do with the management of the family’s wealth and assets.