Question

You are President of a $50M metal component fabrication/assembly business.

–100% Family Owned: Dad just retired (with a lot of knowledge), two kids (youngest is a sales rep)

–The market is very competitive. Product is often sold on price. There are unmet customer needs.

–Technology that could disrupt your business is emerging

–You have to put together a Board of Directors comprised of 5 people. How would you go about putting a BOD together? Describe the type of people and why?

Answer 1

The objective is to setup such a board of directors, whose primary objective will be to bring back the glory of the organization because at present the organization is unable to meet the demands of the customers and therefore the board formed will actual find an alternative plan that will give success to the organization. The board of directors will consist of 5 individuals, the first one will be the person who is a technical person who is involved in this industry for long and actually have sound knowledge regarding technology the person will look after the technical aspects and formulate ways to make the organization better. The second person will be a management person who will understand the business direction of the organization and where the organization is headed towards, the requirements expected from the organization also needs to be considered because that is important. The third person needs to be an employee who has been with the organization for long and actually understand the business more than anyone in this organization and the person needs to be approached during any issues that the organization may go through. The fourth person needs to be a visionary in the field of business whose visionary nature will help the organization understand and predict the future of the market and be prepared for whatever is coming. The fifth person needs to be a person from the financial background who will help the organization on financial matters by managing the value of the organization and the status of the organization in the industry.