The creation of a strong and competent board of directors is a complex concept in publicly traded companies, but what happens when your board of directors is also your family? Research and best practices point to the importance of establishing a structured process which aims at keeping the business issues and the family issues separate. Separating the family from the family business doesn’t necessarily mean you are ignoring the family but creating an alternate structure where the family can have their voice heard. Governance is the umbrella under which all these various structures can be found.
Articles of Interest:
Harvard Business School: Working Knowledge
PwC: Family Business Corporate Governance Series:
Meghan’s Blogs on Governance:
The Family Business Consulting Group Resources: