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Advisory Board for Your Small Business

Posted by [email protected] on 09/15/2026 12:00 am  

Advisory Board For Your Small Business

By Rob Ferguson, a Silver Fox Advisor

       

Every family business reaches a point where the people already around the table aren't enough. 

 

Family leaders trust each other. Executives know the business inside and out. But neither group is built to challenge blind spots, or bring in the outside experience the business needs for its next stage of growth. 

 

That's what an advisory board is for. 

 

Done right, it gives you access to expertise your business doesn't have in-house, a sounding board that will tell you what you need to hear instead of what you want to hear, and a group of people invested enough to help you think through the hard decisions before they become crises. 

 

Done wrong, it's just a group of people who meet a few times a year and add little value. 

 

The difference almost always comes down to who you put in the room. 

 

Here are some questions worth asking about anyone you're considering for your board.

  • The three dimensions you need to consider for selecting board members;
  • Why you need candidates who will actually challenge you, not just tell you what you want to hear;
  • Why the right expertise mix for your board isn't fixed, and needs revisiting as your business changes;
  • The contingency-planning question worth asking every candidate (before you actually need the answer);
  • How to tell whether candidates will invest time and energy, or just lend you their names.

If you're building your first board, or wondering whether the one you have still fits where your business is headed, you might want to contact Rob Ferguson, owner of the Ferguson Alliance and a Silver Fox Advisor.

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