your succession planning team: how to get the best out of...
TRANSCRIPT
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Your Succession Planning Team: How to get the best out of your advisors
June 20, 2018
The webinar will begin at noon CT.
Marjorie EngleSenior Vice President, Family Business & OrganizationalDevelopment Services
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Administration
If you need CPE or HR credit, please participate in all polls throughout the presentation.
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Administration
A recording of today’s webinar will be emailed for your reference or to share with others.
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Administration
For best quality, call in by phone instead of using your computer speakers.
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Administration
To ask questions during the presentation, use the questions box on the right side of your screen.
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Administration
Please provide your feedback at the end of today’s presentation.
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Our presenter
Marjorie EngleExtensive expertise in board governance, executive coaching, succession planning and organizational analysis.
Member of:• Family Firm Institute
• Kansas Family Business Forum
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Learning objectives
Select the right advisors
Understand your role in managing your advisors
Avoid mistakes business owners make when engaging advisors
Recognize red flags that tell you to ‘run away’
Structure the agreement and manage the fees
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Getting the Best Advice
Is there anyone so wise as to learn by the
experience of others?-Voltaire
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Polling question #1
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Why Resist?
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Why Resist?
We can solve this ourselves
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Why Resist?
We can solve this ourselvesIt will slow me down
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Why Resist?
We can solve this ourselvesIt will slow me downToo expensive
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Why Resist?
We can solve this ourselvesIt will slow me downToo expensiveSuspicious
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Polling question #2
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What’s the Difference?
Advisory board
Professional advisors
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What Advisors Do I Need?What advisors do I need?
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Title?
“I’m surrounded by idiots”
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Green Light
Up-to-date knowledge
Clear/simple communication
Promotes collaboration
Gives you more than you ask for
Asks and listens
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Red Light
Conflicts
Lack of confidentiality
Too dependent
Working beyond expertise
Communication problems
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Polling question #3
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Questions to Ask YourselfDo you trust them?
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Questions to Ask YourselfDo you trust them?
Are they successful?
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Questions to Ask YourselfDo you trust them?
Are they successful?
Are they learning?
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Questions to Ask YourselfDo you trust them?
Are they successful?
Are they learning?
Good mix of clients?
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Questions to Ask YourselfDo you trust them?
Are they successful?
Are they learning?
Good mix of clients?
Client complexity?
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Questions to Ask YourselfDo you trust them?
Are they successful?
Are they learning?
Good mix of clients?
Client complexity?
Great references?
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Polling question #4
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Experience
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Approach
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References
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Training
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Product
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Accountable
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Confidential
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What YOU Can DoSet realistic expectations
Be demanding
Communicate
Probe for suggestions
Prepare employees
Evaluate advisors
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Polling question #5
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It Takes a TeamIt takes a team
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Negotiating & Managing Fees
Scope creep
Fee transparency
Manage fees
Managing the costs
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In Closing
Courage is what it takes to stand up and speak.
Courage is also what it takes to sit down and listen.
-Winston Churchill
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Thank you!
Marjorie EngleSenior Vice President, Family Business & Organizational Development Services
[email protected]/marjorieengle316.291.4166
Check out our other webinars!AGHUniversity.com
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