To the typical challenges that all commercial
enterprises face, there are a few additional ones that accrue to closely held
corporations and family-owned businesses. This seminar presentation addresses
these challenges, explores their genesis and points to options that can
attenuate their most pernicious effects. By these reckonings, closely held
corporations can level the playing field and compete head-to-head with firms
characterized by widely distributed and even public ownership.
Pressing the firm’s competitive advantage in the
marketplace depends on capably prosecuting a portfolio of complex, interrelated
value-creation and risk-attenuation tasks. The judgmental component of these
decision tasks is very demanding.
Without the Board having been conferred with a superior decision making
capability – it is unlikely that the firm can optimize its competitive
positioning. The absence of outside or independent directors tends to elicit
greater fiduciary liability. This factor derives from both the market
perception of fallible judgment that derives from non-independent boards – and
from the reality that non-independent boards are rarely able to “challenge the
boss” and thereby widen the domain of alternative courses of action.
Read Dr. McDaniel’s White Paper and join The Network of Family
Businesses for a virtual educational Webinar on Tuesday,
January 22nd, 2013 at 11:00 AM EST, with Dr. Richard McDaniel of Fiduciary
Guaranty Corporation of America.
This discussion will explore unique challenges
to Family Businesses, the fallibility of human judgment and its consequences,
and new directions for the modern Family owned business.
Dr. McDaniel is
the primary creator of the discipline of Decision Accounting™ and the Ad Hoc
Decision Audit™ Technology upon which it is based.
Dr. McDaniel was one of
five inside advisors to, and representatives of, H.L. Hunt of Dallas (Hunt Oil
Company). His past positions include: President and Chief Operating Officer of
Mortgage Banc of Dallas; Regional General Sales Manager for Pulte Home Corporation
in Dallas/Ft. Worth. Richard graduated from Harvard College and earned a Ph.D.
in experimental psychology from the University of Texas (Arlington).
Registration to join The Network of Family
Businesses and be eligible for the On-Line Educational Seminar is available at:
http://www.netfamilybusiness.com
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