First Non Exec Directors' meeting | AccountingWEB

First Non Exec Directors' meeting

This afternoon in my office at 2pm will be the first Non Exec Directors (NEDs) meeting for my practice. As I mentioned in one of my previous blog, the NEDs are my sister and my brother. They are both experienced and will provide a highly valuable input. The intention is to have these meetings on a quarterly basis.

On the agenda today is

  1. Where the practice is up to day (fee level, client type, systems, staffing)
  2. Expansion plans - where I want to take the practice
  3. How does the above fit in with the marketing plan - ie how do I get there
  4. Discuss and finalise the marketing plan
  5. Agree quarterly report(s) for our meetings.

As sole practitioner it is important for me to have these type of exchange.

I am looking to forward to exchanging ideas and in particular hear their views.

 

 

 

Comments

So...    1 thanks

Flash Gordon | | Permalink

how did it go? Was it worth having? Do they agree with your ideas / have alternatives?

Someone to bounce ideas off is always a good thing. I just wish my dog would respond sometimes :)

FirstTab's picture

Sibling rivalry?

FirstTab | | Permalink

Sorry for the late response Flash.

It was an uncomfortable meeting. This was because:

  • We have not talked business formally before
  • We were also trying to point score each other

Despite this it was well worth having the meeting. Both the siblings made excellent points that I did not even think about. Further, we agreed KPIs for my practice that I would report on in quarterly NEDs meetings.

We also discussed and ageed the how much and how of practice expansion.  

I am sure our business relationship will improve over a period of time.

 

Family?    1 thanks

wilcoskip | | Permalink

Would it be possible to put a non-family member into the mix?  The simple addition of one such person could do a lot to negate any negative dynamics that could (and probably will) arise as a result of thrusting family members into a new relationship setting with a new (and previously unexperienced) range of dynamics.

I respect my brother greatly.  And there is no way I could have a meeting with him where my business was the thing under discussion.

 

WS.

FirstTab's picture

Outsider

FirstTab | | Permalink

Thanks for your response WS.

I think bringing is an outsider is a good idea. My problem is finding someone who does not expect a lot to be paid. 

 

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