Last month we were delighted to be hosted by FBUK Partners Deloitte in Manchester to discuss the important role of Non-Executive Directors (NEDs) as well as some key differences between family and non-family NEDs.
Starting the session by tackling some common preconceptions, the presentation then went on to highlight 3 significant attributes which make NEDs valuable to family business: independence, expertise and representation.
The attendees were asked to question what support their family business needed from a NED and an open and interactive discussion ensued about challenges and opportunities a NED might present.
The non-family NEDs shared their experiences of joining family businesses, how they felt they had added value and how they had navigated the internal family dynamics.
Family NEDs shared stories of success around bringing in outside voices, but also when things hadn’t gone right and some of the causes for that including misaligned expectations.
The group also discussed the role that non-family NEDs can play in supporting the next generation to improve their knowledge and understanding of the business, and in providing a more neutral but supportive place to take questions they may not feel comfortable putting to their senior family members.
FBUK would like to extend their thanks to Deloitte for hosting this session and sharing their presentation.
If you would like to delve deeper into the topic of NEDs or find supporting materials to answer your questions (on hiring or becoming a NED), the FBUK Member Resource Centre has a wealth of materials accessible to you, particularly:
Further NED Resources for Members
- Incorporating Non Executive Directors in the Family Business
- “Professionalising” the Family Business – The Family Business Podcast
- How to choose a Family Business NED
- Challenges of Running a Family Business
- Maximising People Capital
- Understanding Family Business
NED Masterclass 2024
FBUK are also delighted to be holding a one-day, comprehensive NED Masterclass this year; bringing you an in-depth programme to aid and support people involved in family businesses (be they owners, family members, executives or in Board roles) navigate the complexities and nuances of managing, leading and/or owning a family business.
The NED Masterclass programme will include:
- Real-life examples and case studies – Getting the right people;
- How to position the family business when recruiting and attracting NEDs;
- Board composition; assessing skill gaps, differences between family and non-family NEDs;
- The role of the NED, onboarding and embedding NEDs for value-add.
Find our more about the Family Business Masterclass programme
