Board Observer Position

For context, my family has a fairly large business ~700MM currently in the second generation and we are succession planning for the third generation (my generation). Based on the recommendation of a family business consultant, I have been offered a board observer position which will take effect at the end of the year and will convert to a permanent board position eventually. I currently have the plan of doing my 2-3 years of IB and exit to the family business. I am obviously very humbled and realize this immense privilege, but I am wondering how will this be perceived by adcoms as I plan to pursue an MBA down the line. Furthermore, I have no idea how I will manage the responsibility of observing board meetings as an analyst. I really how no idea how to approach this with my firm or my seniors.

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