October 2024 – The Alexander Group

Several years ago, I was a guest on the Price of Business radio show discussing what to do if you lose your job. Back then the economy was doing well nationally, but Houston was starting to struggle. Since December 2014, the start of the energy downturn, energy job losses nationwide have totaled over 155,500, and the current downturn in the energy market looks mild compared to what has happened globally as a result of COVID-19. The numbers are staggering. As of July 2020, according to the Bureau of Labor Statistics, the unemployment rate is at 10.2%, while the current number of unemployed persons is reported at 16.3 million. Although no one is predicting that the worst is over, the country is starting to adapt to an uncertain future, and there is hope for those out of work. What to do?

Pause

The first thing most people say is, “I’ve got to get my resume done ASAP. I’ve got to get going.” I counsel people to put in the clutch for the day, maybe a weekend. Anytime you’ve been laid off, whether it’s expected or not, it’s the death of a part of your life, a part of your career. It’s really important to pause and grieve for the loss—the financial loss, the career hiatus, the loss of self-esteem and confidence, whatever loss you may be feeling. Pause and reflect, feel the sadness, and go through your grieving process. If you’re angry, reflect on that too because anger and sadness will not help you get another job.

Take Inventory

What do you want to do? Would you like a different type of job? Do you want to work in a new industry or culture? Are you considering a different location? Look at the loss of your job as a clean slate to explore new and different opportunities. Who do you know working in the field to which you aspire? Talk to them, reach out to former mentors and managers. If you know people who have been laid off and are now working, get their insight on what did and didn’t work. If you want to change fields, have at least two resumes—one for the field you come from and one tailored to that which you are interested. For 30 years I have recommended the book “What Color is Your Parachute?” It is updated every year and always offers good advice for those searching for the ideal job.

Get Going on a Resume

Most people already have an up-to-date resume; hopefully, you do too. My philosophy is: no matter how happy you are in your current role, have an up-to-date resume to record your accomplishments in each role you have held. If you need to prepare your resume, understand that you may need help. Just as it’s hard to be your own doctor or lawyer, it’s hard to compose your own resume. Ask friends to proofread or use one of the many professional resume writers, which can be a good investment. However, make sure that the person you hire can give you references, a fixed price, and examples of resumes that he or she has prepared for people holding similar positions.

Start with LinkedIn—A No Brainer

LinkedIn is a valuable tool that you can use in several different ways. Look to other LinkedIn members who hold similar positions to yours or the one you aspire to for profile examples. It’s also very important to understand how LinkedIn works; the more people you are connected to, the more easily you can be found by recruiters and corporations who use LinkedIn. LinkedIn is so finely tuned that if an employer wants to hire a Texas A&M; grad who went to graduate school at the University of Colorado and works in finance, they can tailor their search for those results. It is that easy. Additionally, you can only connect with people who are one, two, or three degrees away from you, so the more people you connect to, the more likely you are to be found. We have written several blogs in the past about using LinkedIn. You may find them useful.

A Few Quick LinkedIn Tips

1) Have a fairly detailed background with a profile picture. One study found that you are 16 percent more likely to be called or contacted if you have a picture.

2) Spend time updating your connections via LinkedIn. Connect with your previous colleagues, managers, and mentors. If you’ve dealt with outside consultants, lawyers, and accountants, connect with them as well. “Linking in” with as many people as possible should be considered part of your “day job” now that you’ve been laid off.

“. . .anger and sadness will not help you get another job.”

3) Are you a member of a college, graduate school, military service, or industry specialization group on Linkedin? Connect with people in those groups who might be able to help. I went to Rhodes College, a small liberal arts school in Memphis, Tennessee, and I never turn down a request to help alumni. There is a kinship formed with people who have shared the same experience. Leverage that kinship.

Research Your City’s Book of Lists

Along with LinkedIn, your city’s “Book of Lists” is going to be one of your best friends in finding a job. For example, The Houston Book of Lists is published every year by the Houston Business Journal and lists the fastest-growing, largest employers, and best companies to work for in Houston. Other major cities such as San Francisco, Chicago, Atlanta, etc. also have a Book of Lists. Look through your city’s Book of Lists; see if there are any companies where you can say, “I’ve always heard this was a great company to work for.” Then go back to LinkedIn and ask, “Do I know anyone at that company?” It is much more effective to utilize your LinkedIn network and ask for an introduction, rather than submitting a resume through a company website. The personal connection will always work better. Use the Book of Lists.

Submit Your Resume to the Leading Executive Search Firms

If you are a manager, officer, or C-suite executive, upload your resume to the websites of the largest search firms: Korn/Ferry, Spencer Stuart, Russell Reynolds, and Heidrick & Struggles. If you are in the energy business, don’t overlook energy boutique firms such as The Energists, Preng & Associates, and Ducatus Partners. Keep in mind, they are retained search firms, which means that they only represent employers, and if they have not been retained to work on a search that requires someone with your qualifications, they will not call you. Their business is not helping the job seeker but, usually, the searches for which they are retained are interesting and high-level positions.

Reach Out—Ask for Help

Start networking every day; look at it as a job to tell people you have been laid off and are seeking a new opportunity. Set a goal of making ten contacts a day. Ask for help—people are so willing to help. “Thank you for letting me share my resume with you. Are you aware of any organizations or opportunities that would be a good fit?” Whether they say yes or no, thank them and ask them how you can return the favor. By doing that, you get your contacts thinking, “This is a two-way relationship, and how can I help?”

The Emotional Highs & Lows

While it is normal to go through every emotion—panic, sadness, hopelessness, despair, anger, you name it—during the grieving process, remember that no one wants to hire someone angry with their last employer or who is feeling sorry for themselves. During my 35 years in the search business, I have observed that a positive attitude makes a great difference. There can be hope and anticipation in looking for a job that is an even better fit . Truth be told, some people who are laid off weren’t that happy in their jobs anyway. The sooner you see this as an opportunity to not settle but instead go for a better fit, the better your results will be. Also, spend time visualizing and dreaming about the type of job you want. Do things that will keep your spirits up; spend time with friends who are uplifting and want to help, or volunteer to give something back while you are searching.

Final Thoughts

The hardest part about looking for a job, especially for those who have not changed jobs frequently, is the rejection. It may feel personal, even though it is not, and rejection—“nobody wants me”—is certainly difficult. View it as there is “X” number of calls, emails, and resumes that I will need to submit to get a job. I don’t have a magic number for how many; maybe it’s 100, maybe it’s 500. Consider it as kissing a lot of frogs to find the right person, which is an important exercise, and commit to it every day; after all, looking for a job is your new job. We are in a tough economy, and many people are in the same boat. Although we have never seen a downturn or pandemic like this before, we have seen business downturns before, and sadly we will see them again. There are not two winters in a row, and one of life’s givens is that nothing stays the same. Today, for many people, it feels that the global pandemic and its resulting unemployment will never end. It will. Things will improve and one day jobs will be plentiful and the world will look brighter. That, I can promise.

Jason Hill has been named Chief Marketing Officer for White & Case LLP.

Mr. Hill has extensive, strategic, and transformative business development and marketing leadership experience. He joins White & Case from Goldman Sachs, where he served as Managing Director and Chief Operating Officer for Global Marketing.

Learn more about Mr. Hill here.

This search was conducted and completed by Managing Director John Lamar, Director William Lepiesza and Associate Pam DeLuca.

Rob Perez is a biopharmaceutical operating executive with more than 30 years of experience in the industry. He currently serves as an Operating Partner at General Atlantic, a global growth equity firm, providing strategic support and advice to the firm’s life sciences investment team and portfolio companies. Rob was President and CEO of Cubist Pharmaceuticals, Inc. before its sale to Merck in 2015. Before joining Cubist in 2003, he served as Vice President of Biogen, Inc.’s CNS Business Unit.

Rob is the Founder and Chairman of Life Science Cares, an organization providing human and financial capital from the life sciences industry to the best non-profits working to alleviate the impact of poverty in the US. Life Science Cares now operates in Boston, San Diego, Philadelphia and the San Francisco Bay Area.

Additionally, Rob is the co-founder of Biopharma Leaders of Color (BLOC), a community of leaders united to advance the success and access of under-represented people of color throughout the life sciences industry.

Rob also serves on the Board of Trustees of The Dana Farber Cancer Institute.

In 2022, Rob was selected by STAT News as one of 46 inaugural members of its’ STATUS List, which was described as “the most definitive and consequential accounting of leaders in health, medicine and science”.

We are honored to have Rob contribute to our blog. This is the second installment of a two-part series exploring the energy it takes to be different in a work setting and how to maintain your authentic self, while also working hard, consciously and unconsciously, to fit in. You can read his first entry here.

I can speak from firsthand experience there are times when it can be overwhelming to try and consistently be the person others expect you to be, all the while disguising the exhaustion that it takes to perform the daily charade of adapting your authentic self to try and fit in.

Thanks to an evolving journey of therapy and mental health resources (especially meditation), mental wellness is currently within reach for me, but I admit my thoughts have sometimes spun out of control, and led me to some very dark and scary places. The challenge of navigating a professional and personal world where the person most people think they know is a character that I have to summon significant energy to perform, each and every day, has taken a toll on my mental health that I am still working to understand.

This admission is submitted here not to enlist your sympathy, but to help you better understand what the only woman in your boardroom, or the one person of color in your department, or the LGBTQ person on your team, may be going through, even if they appear happy, and you have no perception of their internal struggle. I also hope it will allow those who are dealing with similarly destructive thoughts like I have experienced, to confidently and without shame, gain strength in knowing you are not alone, and also to garner the courage to seek the help that may be needed to understand this internal conflict.

I still believe in the words I wrote several years ago, that difference is “ the atom upon which virtually every achievement is built, and maintain that we should celebrate those who “ embrace difference in their pursuit of greatness, …and are never comfortable with the security of “same”…

I just wish I had ended with a caution that it is critical that we understand and are aware of the toll that difference can take on our mental well-being in today’s complex world. I sincerely hope all who view themselves as different will realize without shame or selfish pride, that our operating system may need some assistance in order to sustain the energy required to achieve the very real benefits that difference can provide.

We are just a couple of months away from Mental Health Awareness month in May, but if you are struggling with thoughts or feelings you don’t understand, or feel like you are experiencing anxiety, depression, or a loss of control, you are not alone. There are resources that can REALLY help.

Talk to family. Talk to friends. Talk to a professional. Take the risk…Trust me, wellness is worth it.

Rob is the Founder and Chairman of Life Science Cares, an organization providing human and financial capital from the life sciences industry to the best non-profits working to alleviate the impact of poverty in the US. Life Science Cares now operates in Boston, San Diego, Philadelphia and the San Francisco Bay Area.

Additionally, Rob is the co-founder of Biopharma Leaders of Color (BLOC), a community of leaders united to advance the success and access of under-represented people of color throughout the life sciences industry.

Rob also serves on the Board of Trustees of The Dana Farber Cancer Institute.

In 2022, Rob was selected by STAT News as one of 46 inaugural members of its’ STATUS List, which was described as “the most definitive and consequential accounting of leaders in health, medicine and science.”

We are honored to have Rob contribute to our blog. His two-part series explores the energy it takes to be different in a work setting and how to maintain your authentic self, while also working hard to fit in.

I wrote an article several years ago about the value and benefit of being different.

While I stand by the point of view I expressed at the time, that difference can be a “super power”, my appreciation has grown for how difficult it can be for those who are different than the vast majority of their colleagues in work and social settings.

As I read that blog now, I admit I significantly under-represented the challenges of trying to maintain your authentic self, while also working hard, consciously and unconsciously, to fit in.

By way of example, I recently had an all-too-familiar experience of engaging in a candid and deeply emotional mentorship conversation with a young person of color, who was trying to navigate a work environment very foreign to her. She was working exceptionally hard to try and fit in, and expending a ton of energy doing so. Within minutes of the initiation of our conversation, after communicating to her I recognized how amazing she is (not hyperbole, she REALLY IS amazing) and that her authentic self was extraordinary and worthy of admiration, she was trying to hide her embarrassment because she had broken down into tears for a reason neither she nor I could completely understood.

I was struck by how frequently these emotional (to the point of tears) discussions occur when I work with people who are trying to fit into an environment in which they are different than the vast majority. It reminded me of how often, both now and especially earlier in my career, I have also been on the verge of a surprising break down when I have to summon and sustain the energy to perform in a setting that is unfamiliar and uncomfortable.

As I contemplated this phenomena, it struck me that it might be insightful to explore my own thoughts about the energy that it takes to be different in a work setting. My goal is both to appreciate and recognize the challenges that my diverse colleagues endure on a daily basis, and also to highlight and enhance the awareness and sensitivity of my majority friends, to the very real hurdles that must be overcome by those who are trying to adapt to an environment that isn’t second nature.

I’m often in business and social settings where my ethnicity and socioeconomic and/or academic pedigree are different than most of the people with whom I interact. However, difference can be many things to many people. Race, gender, sexual orientation, socioeconomic background, education, physical appearance, age, introversion/extroversion, physical or mental disability, geography/national origin, or even a perceived lack of happiness and success relative to others who present an over-hyped version of their lives on social media, are all examples of areas in which feelings of difference from the majority can make things complicated in a work or social environment.

Difference is not “in the eye of the beholder”….it is defined and experienced by the person his/herself, and it is never right or wrong. It just…is!

The best way I can describe operating with this feeling of difference is that it is similar to a computer laboriously running at full power just to accomplish a basic task. Customized computers that have been designed since inception to accomplish the task use much less energy and computing power, because they have been wired and programmed to operate in this environment since the day they were built.

Computers with different wiring can still get the job done, but it takes extraordinary CPU energy to do so, because the wiring has additional complexity needed to get the job done. When challenged to perform a task, folks who are different not only have to think about how to deliver on the task, but ALSO have to consider how they are being perceived, how their words and actions will land, whether there are stereotypes or narratives that will disrupt and hijack their message, and try to make adjustments on the fly. They don’t have the benefit of solely focusing on what is needed in the moment, but also have a parallel process running in their head about whether they are performing in a way that is acceptable and consistent with the persona they want to present to their majority colleagues.

This is a good time to take a moment and point out that this “energy tax” exists even in environments where the majority have absolutely no awareness or intention of negative bias or prejudice. The additional energy may even be completely unnecessary (ie everyone WANTS you to feel accepted and comfortable, and would be horrified to know that you are expending additional energy to keep up), but the perceived burden is what it is, and the additional energy discharged to operate effectively occurs as naturally as the blinking of your eyes.

Please visit The Alexander Group blog, Thursday, March 16, for the conclusion of Rob Perez’s blog.

Truda Chow has been named Chief Operating Officer by Frost Brown Todd LLP.

Ms. Chow has extensive experience serving in highly impactful law firm leadership roles, and before joining Frost Brown Todd, she served as Chief Operating Officer for North America for Clyde & Co. and as firmwide Chief Operating Officer for Michael Best.

For more information about Ms. Chow, click here.

This search was conducted and completed by John Lamar and William Lepiesza.

A young manager presenting the graph results on the whiteboard to the board at the conference room.

In our ongoing series covering various aspects of attaining a board seat, we continue with tips on acing the board interview.

First Things First The Initial Interview with the Search Firm

The search firm will be vetting several candidates. Today, almost all board searches have specific functional requirements for which the search firm will look. Gone are the days when companies sought an astute business person who would mesh with the existing board. You will likely be competing with executives with similar talents and experience.

The recruiter will not review your resume in the same manner as if you were interviewing for an operational position within the company. Instead, the recruiter will look for the high points: What were your successes when facing challenges? What was the culture at your organization, and why did you make confident career choices? What was your reputation at each company where you worked? Are there explainable career gaps? The recruiter will pay particular attention to your interpersonal style, silently assessing if you would be a good fit and if your experience and skill set would complement the current board.

The recruiter will also want to discuss your past board experience and pose questions demonstrating your knowledge of a board and how it functions. I have seen many good candidates fall short of the interview by discussing “their desire to help management run the company better.”

We cannot say it too many times: directors do not help manage the company. They represent the interests of shareholders and provide oversight and guidance on issues such as creating and preserving shareholder value, executive compensation, enterprise risk management, CEO succession, and maintaining corporate integrity.

If you do not have public board experience, do some research. Ask your friends or colleagues who are board members what they were asked by the search committee and would ask of a prospective board candidate.

The recruiter will also confirm that you have the bandwidth to take on another role, autonomy over your schedule and that your company endorses you joining an outside board. You should have reviewed the board meeting dates for the next two years and confirmed your availability.

Speaking of time, I have two observations:

One red herring that a candidate is not the right fit for a public board is his or her accessibility. Board-ready executives know how to manage their time and calendar. Several years ago, while conducting a board search, an executive was very excited about joining my client’s board but was unable to discuss the opportunity by phone until the following month. My concerns increased after I scheduled a time to fly to Los Angeles to interview her at her office. Her assistant told me she would have only an hour to meet with me. Be mindful that if you are considering joining a board, you are excited about, demonstrate that you will invest the time at the front end with the search firm. This will help assure that adding this additional time commitment is the right decision for you and the company.

Lastly, the recruiter may ask if there is anything that a background check would reveal that could be an issue. Obviously, in addition to criminal records, the recruiter wants to know if you have been the subject of any lawsuits, especially a shareholder suit, and the subject of any SEC or other regulatory proceedings.

Company Interview – What You Need to Know:

1. It may be a lengthy process. Very few boards conduct searches with tight deadlines. Quite the contrary. I’ve conducted searches in which the timeline to complete the search was a year. Because retiring board members give ample notice, or, if a board is adding a new member, it may wish to consider a wide slate of diverse candidates. Additionally, the long process is simply a matter of logistics. Most board members and candidates don’t reside in the same city or where the company is headquartered. During my last board search, we flew the candidates and the nominating and governance committee to New York for candidate interviews. Only one out of the nine individuals lived in New York, but it was the most central and easily accessible location.

Your first meeting with the company could be with one director or the chief executive officer. It will likely be with a group from the company’s Nominating and Governance (N&G) Committee. We have previously written about how to ace a search committee interview; however, there are some twists for the N&G Committee interview, which I discuss in in the following points

2. The basics. Before you don your best suit or dressiest office attire, ask the search firm what the committee will be wearing. You will want to dress accordingly. Some candidates have gone to interviews in their most conservative suit only to find the N&G Committee dressed in khakis and golf shirts. On the other hand, one particularly self-assured candidate wore jeans to the interview and the board members all wore suits. You don’t want to draw attention for over or under dressing. Always ask and match your attire to those with whom you meet.

3. Preparation. In addition to reading the company’s financial documents, analyst reports and regulatory filings, it is critical that you connect with the company’s “product.” Visit the stores, eat the food, etc. Who are you meeting with? What is their tenure on the board? Take a step back and look at the board as a whole. Is it a long-tenured board? Is there frequent turnover? What apparent strengths does each member bring to the board? What are the company’s long-term plans? Where could you add value? Time spent reading the MD&A and Management sections in the company’s 10-K, about the directors in its proxy statement, and the responsibilities of directors in the bylaws will be invaluable.

4. Striking the right tone. As we have said, interviewing for a board position is different from interviewing for an executive role at a company. You do not need to discuss each position you have held throughout your career in granular detail, but give an overview of how you have increased earnings, introduced new products, restructured a company, led global expansions, etc. — how you have added value to the enterprise.

5. Use your time wisely. Assume you will be asked for a five-minute summary of your background. Avoid getting into the weeds. Highlight the strengths you bring to this board seat. For example, if a board is interested in you because of your turnaround experience, spend proportionately more time discussing that than your experience taking companies public. If this would be your first board role, highlight your interaction with the boards of companies with whom you have worked.

6. Interviewing with a Nominating & Governance Committee. The primary mistake many candidates make is not giving concise answers. It is also essential to make eye contact with each committee member when answering a question. Not only does it make everyone feel included, but it allows you to assess body language to see if you are talking too much or if there is a lack of interest in what you are saying. Don’t be afraid to say, “Please stop me if my answers are too long or if you want more detail.”

7. Giving feedback on the company. One possible question may be, “What is your opinion of our product, stores, strategy, or challenges?” Your answer will demonstrate how well you have done your homework. If there are weaknesses, you should point them out constructively and tactfully yet balance them with positives. You will be assessed on how well you can give constructive feedback without being abrasive. Conversely, some candidates make the mistake of being overly enthusiastic and gushing about a company and offering nothing but compliments. This can also be a disqualifier, as every company can improve in some area and board members must be able to offer balanced feedback.

8. Your reasons for being a candidate. We have addressed the issue of candidates understanding the role of a board member. But what should you not say? Your reasons for serving on a board should not be about you and what the position will add to your resume, career, or pocketbook. One board reported that a candidate wanted to retire in a couple of years and then fill his time with board positions, hoping this would be the first one. Instead, your motivation should be about how to add value and why the company has the product, challenges, or culture you identify with.

9. Ask questions. Your questions are as important as your answers. Ask questions demonstrating you understand the issues the board has faced or could in the future. Ask questions that will require answers by more than one board member and could potentially result in a deep discussion. Good candidates should demonstrate knowledge of the business, have critical thinking skills, and be collegial so that the committee leaves thinking, “I could see her on the board. She seems like a good fit.”

Final thoughts
Remember that the interview is on a two-way street. Regardless of how much you covet that first board seat, the time commitment is too expensive if you feel uncomfortable with or align with the other board members.

What do Walmart, Berkshire Hathaway, Dell, Comcast, Publix, and Ford have in common? All are among the nation’s largest companies and members of the Fortune 100. Each of them is “family-owned,” which is loosely defined as having two or more family members involved and a majority of ownership or control within the family. Family-owned businesses date back centuries to family farms and, in urban settings, shops, and businesses where the family lived above the premises. In both examples, all family members actively participated in producing the family’s livelihood.

Although many people think of family-owned businesses as making up only a small part of the economy, the following 2021 statistics from Family Business reveal that family-owned businesses:

Employ 23 percent of the US workforce, accounting for 32.6 million jobs;
Generating 23 percent of private-sector GDP or $3.2 trillion; and
Total 9.1 million businesses, representing 25 percent of all business tax returns.
Pressure to Keep it in The Family—Challenges in Hiring Family Members:

The family-business owner, like all business owners, should be concerned about having the best talent in appropriate roles. This can pose a challenge when hiring family members for key positions. Are they the best qualified? It is important to establish hiring and position requirements and uniformly adhere to them when considering family. These guidelines help avoid the pressure to hire a family member only because they are a family member. Many family companies encourage the next generation of family interested in the business to work for another company for several years to gain general business knowledge and experience to be eligible to join the family business.

When family members choose to work for another company in the same industry, they gain added perspective and familiarity with accepted industry-specific best practices. Family members who work outside the family business can gain increased credibility with other family members and the board. Family businesses should communicate hiring criteria for all positions, which not only sets the standard for talent management but can avoid future misunderstandings and conflicts.

The family business owner should ensure that every employee, whether a family member or not, receives the training needed to allow them to function successfully. Placing a family member in a role for which they lack the appropriate skills without a plan to provide the needed training can cause tension, low morale, and family drama. Family member executives must be assessed on their own merits. Each position should have yearly goals so that the family member can be evaluated objectively and without favoritism.

Strategically Hiring Outside The Family:

Hiring nonfamily members, especially doing so for the first time, can be challenging. Many companies decide to hire nonfamily members when the owners want to accelerate the company’s growth. Other companies hire nonfamily members when the company needs specific skills such as legal, international, or financial expertise. The challenge then becomes ensuring that the nonfamily member is a good fit with the organization’s culture and the family itself, especially if the company is small. Marc Sharpe, Chairman of the Family Office Association, reports that individuals who are comfortable with a “servant leadership style” in which one leads by putting the needs of their team first can be an excellent personality fit for a family business.

He adds that while hiring a nonfamily manager is often done to acquire a specific skill set, it is also important to hire individuals who have the flexibility to take on a generalist role when needed. If companies are recruiting nonfamily members for a position to replace a family member, it is important to communicate the reason for the hire and have detailed position requirements. If the company’s management are not in full agreement to hire a nonfamily executive, it will be a difficult and possibly unsuccessful hire.

To avoid and resolve family conflict, it is important in the recruitment and retention of outside candidates to ensure the family business has well-defined business procedures and corporate governance. Also, making decisions informally outside the office will put the nonfamily member at a disadvantage.

Best Practices for Executives Joining a Family Business:

Individuals who work for family businesses agree that it can either be a rewarding or disappointing experience depending on a number of factors, and we recommend that any executive considering joining a family business evaluate the following:

Has the family agreed on the hire?
How well has the position been defined?
How many individuals have previously held the same position? Turnover, particularly in the C-suite, can be a red flag indicating that the family is not ready for a nonfamily executive;
How are business decisions made? Cultural fit may be influenced by whether the business owner makes key decisions independently or in a distributed fashion;
How does the team operate in terms of executing the business? A well-functioning team is empowered to operationalize projects and business imperatives timely and successfully;
Understand the business owner’s goals; recognize these goals may be focused on objectives other than increasing revenue and growth, such as philanthropy or creating a legacy;
Evaluate the strengths and challenges of the current team and look for signs of dysfunction among family members;
Get to know family members individually, because they may have different goals and objectives; what are the family dynamics in play?