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Fifty years ago, Mohamed Ali walked into a Budget Car Rental franchise in Calgary and he noticed his vehicle had bald tires.
“A big inflection point for the next generation was when we started selecting our own advisors. We’re asking questions about the strategic direction of our companies and the strategic direction of our family,” said Naim Ali at The Globe and Mail’s “wealth creation for business owners” webcast on April 11, 2024.
He described four key areas that boards can help navigate: succession, family dynamics, self-interest and the family plan . Family businesses looking to form boards should seek guidance from those with experience, added Tasso Lagios, managing partner at Richter, an integrated business advisory and family office firm. “Some people try to do it on their own,” he said, but they don’t necessarily know what skills they need around the table or how a board functions best for a family-run business.
His company has 500 employees and diverse interests. But until it created a board, meetings about business challenges were held around Mr. Ali’s family dinner table. “That doesn’t become a conducive place to really hash out things,” he said. Mr. Lagios, who sits on a number of boards, said families might want to ask their lawyers or accountants for suggestions of good fits for board members. However, he added there’s a small talent pool for this kind of expertise.
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