Heidrick & Struggles: Building a spin-off board: Are you ready?
Filling one board seat is difficult enough. Filling 10 or more is downright daunting. The complexities multiply and so do the risks of making mistakes—mistakes that a company and its stakeholders may not be given the opportunity to fix.
Heidrick & Struggles have found that companies can avoid pitfalls of the challenge, create the optimal board for taking the new company forward, and maintain the strength of the parent company board by following four guidelines:
- Develop the ideal board composition for the new company’s purpose and strategy
- Begin recruiting new directors as soon as possible
- Establish a structured timeline and project plan
- Shape the board culture with intention