Independent Banker - July 2019 - 61
COMMUNICATION
anaging a board of directors is crucial
for any community bank, but even moreso for
a family-owned bank. With relatives on the
board, things can get thorny fast if little or no
planning is done. After all, it isn't just about
business. It's also about family.
Philip Smith, president of Gerrish Smith Tuck Consultants and
Attorneys in Memphis, Tenn., says the best way to keep banking
and family issues independent (although complete separation
is impossible) is to have a concrete board succession and
management plan firmly in place. " Before there is a need is when
you need to plan for that, " he says. " And it's always easier for the
boards to discuss those issues when they're not dealing with the
actual issue. They can discuss it in the abstract before the need
arises. " Smith believes boards should think of succession planning
as a part of their corporate governance.
He often encounters scenarios such as this example: There is
a planned family succession for a community bank's CEO role.
When the current CEO retires, they stay on as a board member.
The other family member is then promoted to the CEO role,
but the person overseeing this new CEO, along with the entire
board, is the same family member who's now on the board. Every
time the new CEO wants to do something new, the retired CEO
counters, saying it should be done the way they used to do it.
" That sometimes works terribly, as you might expect, " Smith says.
Joseph Cady, managing partner of CS Consulting Group in
Lake Arrowhead, Calif., says a lot depends on the dynamic of
ownership and the percentage that's held by family. Even with
independentbanker.org Q 59
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Independent Banker - July 2019
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Table of Contents
Independent Banker - July 2019 - Intro
Independent Banker - July 2019 - Cover1
Independent Banker - July 2019 - Cover2
Independent Banker - July 2019 - Table of Contents
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Independent Banker - July 2019 - Cover3
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