Article Archives
Article Categories
Articles
Advisory Board for Your Small Business
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 Leadership Training/Mentoring Corner - September Situation
THE LEADERSHIP TRAINING/MENTORING CORNER
In the August 2025 Newsletter, we started a series called “The Leadership/Mentoring Corner” in which we posed a thought-provoking situation for you to think about and put yourself into, asking yourself, “What are your next steps?”
September LEADERSHIP SITUATION
Charlie is a Vice-President at a small retail service business, a position he has held for three years. The business’ sales have been flat for the last five years at around $3.0 million a year. The President of the business has been in his position for about five years, and he and Charlie work well together. The owner of the business started the business some 30 years ago. The owner knows the specific retail service inside and out, but is not necessarily good with finances, marketing, or business planning. Over the 30 years the business has been in operation, there has been a high employee turnover due to the owner’s management style and lack of big-picture business strategy focus.
The business just lost one of its largest clients that represented 30% of the total annual sales. The business owner blames the business’ President and terminates the President on the spot.
Charlie is afraid the owner is going to ask him to move into the President’s position, and Charlie is not sure he even wants the position. Charlie has his resume out to a couple of placement firms and has a second interview scheduled this afternoon.
- Should Charlie go on the second interview, and why or why not?
- What should Charlie do if the owner offers him the President’s position?
- What else should Charlie be doing or thinking about?
Please provide us with a brief write-up of what Charlie’s next steps should be. Send your write-up to Lynn Rosado at [email protected]
In our October 2026 Newsletter, a team of Silver Fox Advisors will provide responses to what they would have recommend to Charlie that he do based on the situation detailed above.
If you need assistance in becoming a better leader, I recommend you start by contacting Silver Fox Advisors. Silver Fox Advisors are former or present business owners themselves, and they have leadership experience in running a business, and in some cases several businesses, and have dealt with unforeseen and unplanned situations throughout their careers. We encourage you to visit our website at www.silverfox.org to select a Silver Fox Advisor and also to learn more about the Silver Fox Advisors, as well as our great programs and community outreach endeavors.
