Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
According to the article, “The Women Leading the World’s Largest Family Enterprises,” written by Lee Hoverd and originally published in Tharawat Magazine, there is a rise of women in leadership positions in America, however, that same presence has not yet been met globally.
Finding, grooming, and retaining top talent to grow a family-owned business is critical to its long-term success. First Bank’s Chief Executive Officer Shelley Seifert is retiring at the end of the year and Mikel Williamson, an experienced banking executive and First Bank president, will be promoted to CEO. This important transition is bringing executive leadership transitions front and center for First Bank.
Only 10% of the world’s top family businesses are led by women, but the numbers are rising.
To help businesses ensure a seamless transition of leadership, here are some key considerations we’ve learned from our own experience.
A board of directors is the fiduciary arm of a company on behalf of its shareholders. Its purpose is to help guide the company on important decisions, including hiring senior team members and setting salaries; making decisions on investments and dividends, mergers and acquisitions; and setting goals for the team and providing the resources to support those objectives to help ensure a company’s long-term success.
For those of us who live and work in cities, the world around us is the here and now. Everything is new.