Business Governance: What Do Families in Business Transition Need to Know?

Marcy McNeal, a business transition guide and coach at The Transition Strategists, once again joins host Elizabeth Ledoux for today’s episode. 

In this episode, Elizabeth and Marcy discuss the importance of business governance in family-owned businesses during transitions. They emphasize that governance provides a structured framework for decision-making, fostering inclusivity and reducing personal friction. 

Marcy highlights that governance can take time to implement effectively, with a typical timeline of around 6 months for comfort and around a year for consistent use. Elizabeth adds that governance helps in slowing down decision-making to ensure all voices are heard and decisions are transparent. 

Connect with Marcy McNeal on LinkedIn: https://www.linkedin.com/in/marcy-mcneal/ 

Read Marcy’s profile: https://transitionstrategists.com/our-team/marcy-mcneal/ 

Chapters in this episode: 

4:00 Defining Business Governance 

4:37 Typical Governance Structures and Business Transition Challenges 

9:47 Family Dynamics 

12:24 Starting the Business Transition Process 

20:39 Decision Levels 

24:10 Implementing Board Governance 

28:55 Maintaining Family Relationships and Board Effectiveness 

Connect with Elizabeth Ledoux and the Transition Strategists:

Website: https://transitionstrategists.com/ 

Facebook: https://www.facebook.com/thetransitionstrategists 

Elizabeth on LinkedIn: https://www.linkedin.com/in/elizabethledoux/ 

Transition Strategists on LinkedIn: https://www.linkedin.com/company/transitionstrategists/ 

Transition Strategists on YouTube: https://www.youtube.com/@transitionstrategists 

Subscribe to "The Business Transition Roadmap with Elizabeth Ledoux" on your favorite podcast player: 

Spotify: https://spoti.fi/3MxSYA2 

Apple Podcasts: https://apple.co/3IhMMux 

Get Elizabeth Ledoux and Laura Chiesman’s latest book, "It’s A Journey: The MUST-HAVE Roadmap to Successful Succession Planning": https://amzn.to/3oq2LQv 

This episode was produced by Story On Media & Marketing: https://www.successwithstories.com.