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Dynasty Leadership Podcast

It's great if you can pick when you hand over the reins, but what if that time picks you? “Does your company consistently meet or beat the targets you set?" “Do you have the right team rowing in the right direction?" “Is there something going on in your market or company that threatens your growth? "Are you considering transitioning the leadership of the company?" “Is there a clearly articulated long-term strategy?" We specialize in guiding Family-owned businesses with 50-500 employees to become Succession ready.
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Now displaying: March, 2019
Mar 11, 2019

Lisa Kro was the Co-Founder of Mill City Capital, a private equity firm in Minnesota. Lisa has worked and served on a dozen different boards and has a wide range of experience; everything from non-profit to small business that turned into big business! On today’s show, Lisa is here to explain the importance of a board for your company, some of their responsibilities, and best practices to recruit new board members.

 

Key Takeaways:

[2:40] How did Lisa get started in becoming a board member?

[3:10] What’s the importance of having a board of directors?

[4:35] When does it become necessary to have a board of directors?

[5:20] What’s the difference between a board of directors vs. a board of advisors.

[7:25] For a board of advisors, who should fill those seats?

[10:00] What’s the purpose of a board?

[12:50] It’s important to have a diverse set of people sitting on the board to help bring new perspectives into your company.

[16:10] Who is in charge of setting the strategy for the business? Does the responsibility still fall on the CEO or is it now the responsibility of the board of directors?

[17:30] How can the board help with a CEO succession plan?

[19:45] Lisa shares how a board can help grow and develop talent.

[22:10] How often do mergers and acquisitions work out well for companies?

[25:20] You and your lawyer want to sit down and write out exit strategies for your board members.

[26:45] What kinds of fiduciary responsibilities does the board of directors have?

[28:15] How big should a board of directors be?

[30:00] To be a part of the board, how much of a time commitment is it?

[36:20] It’s important to reflect on past mistakes, but you should not dwell on them. Lisa recommends no more than 20% of reflection time during a board meeting.

[39:00] It’s really helpful to have an appointed mentor for new board members coming in.

[41:10] Another tip: Get board members to meet directly with high-performing employees.

 

Mentioned in This Episode:

Dynastylc.com

Email Todd: Todd@Dynastylc.com

Millcitycapital.com

Lisa on LinkedIn

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