Independent Banker - July 2019 - 64

is a mindset of there being a finite number of board
" slots, " but he says it's possible to add a board member if
you have a succession goal in mind, and if your state and
organization's laws permit it.
David Bork, a consultant at family business consultancy
Family Business Matters in Carbondale, Colo., concurs.
He says one way to defuse a situation where you feel
obliged to let or keep a family member on the board could
be to add another board member, which diffuses the
relative's contribution.
Compton says that members of his bank's board
automatically retire in the year when they reach 70, though
this age can be adjusted on an individual basis. Pioneer
Trust's board tries to make sure that the retiree is given the
option of being on a board, regardless if they're family.
Bork emphasizes the importance of establishing a
time frame and term limits. " Suppose you have a person
that's served out their term, " he says. " What you can
do is graciously thank them for their service and really
appreciate their insights and honor them for what they
have done. "
Wilcox is upfront about board terms. His board tells
potential directors that the term is one year, but they could
end up serving a number of years if they are able. " But at
some point, that's going to come to an end, " Wilcox says.
He is the majority shareholder of Wilcox Bancshares
Having that awkward conversation
n preparing for a delicate, but
necessary, talk with a family
member about succession
planning, choose the right words
and pick the right setting. If you
need to have a discussion with
an aging director who's a family
I
member, or a family member who
you feel is no longer a good fit for
your bank's strategic direction, have
a formal sit-down meeting. " Don't
do it at the dinner table or over
Thanksgiving, " says Philip Smith,
president of Gerrish Smith Tuck
Consultants and Attorneys.
It's all about how you couch the
message, advises David Bork of
Family Business Matters. Have a
quiet, constructive conversation
with the person, and present a
series of alternatives, letting them
know they've had a good run
and it might be time to pursue
other opportunities.
For example, " You know, we
really need to bring some new
people in to take the bank in a more
successful direction. How would
you feel about ending your term? "
This makes it a choice rather than a
directive. It might even come as a
relief to the person.
Joseph Cady, managing partner of
CS Consulting Group, believes that
staying on top of board peer reviews
ensures you're identifying each board
member's strengths and weaknesses
on a regular basis. You're counseling
all the board members, he says, and
everyone's being treated equally.
It also gives you a chance to have
delicate conversations before things
get even more awkward.
62 Q ICBA Independent Banker Q July 2019

Independent Banker - July 2019

Table of Contents for the Digital Edition of Independent Banker - July 2019

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
Independent Banker - July 2019 - 2
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Independent Banker - July 2019 - Cover3
Independent Banker - July 2019 - Cover4
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