Private companies have been buffeted by upheaval on many fronts in the past 2-3 years: pandemic, inflation, stimulus programs distorting employment markets, supply chain disruptions, war, and other issues. These pressures have caused financial distress by some, acceleration of generational transfer by many, and sparked the decision to sell out by others. The use of well-qualified senior interim management professionals acting under the guidance of the Board may help bridge gaps that occur with rapid change, and this article explores the reasons why and how that may be done.

Transitioning to a new CEO is always challenging. Doing so in a multigenerational family business is harder. But hiring the first non-family executive to run a family business may be the riskiest type of CEO succession. There are only a few ways for things to go right, but an infinite number of ways for them to go wrong.

Today, there are no more excuses to avoid a digital transformation. On the contrary, COVID and competition have highlighted its importance to a company’s growth, regardless of its size. According to Deloitte, for private companies, undertaking a digital transformation is essential to driving value, sustaining long-term business growth, fostering a culture of innovation, driving efficiencies, and ensuring better connectivity with internal and external stakeholders.

Chicago, IL (April 22, 2022) — "The" Private Directors Association (PDA), a national association dedicated exclusively to serving private company boards and directors with the mission of improving value, growth, and sustainability through private company board excellence, announced that Bank of America has become a PDA National Diamond Sponsor.

Boards are charged with helping companies grow and succeed while ensuring that risks are managed responsibly and effectively. As we reflect on recent trends and significant risk factors at the beginning of 2022, there has been a notable acceleration of risks that were once classified as “emerging.”

2021 was a year of tremendous growth and change for PDA – the appointment of my predecessor, Alan Aldworth, ushered in a series of major initiatives to fundamentally position PDA to realize its central mission and goals.

These initiatives included the following: