Building a Successful Family Business Board: A Guide for Leaders, Directors, and Families (A Family Business Publication)

Boards of directors can help businesses succeed - yet many family businesses do not have functioning boards of directors that play a valuable role in providing oversight to their businesses. In Building a Successful Family Business Board, the authors show why private firms need the in-depth expertise and objective feedback that a well-chosen board, including qualified independent directors, can provide, and demonstrates how owners and directors can work together to ensure a long and profitable life for the firm. The book provides best practices for owners and directors with step-by-step guidelines for developing and managing a board - from writing the initial prospectus, through conducting lively meetings, to maintaining open, honest communication between owners, directors, family members, and other stakeholders in the firm Boards of directors can help businesses succeed--yet many family businesses do not have functioning boards of directors that play a valuable role in providing oversight to their businesses. Here, the authors show why private firms need the in-depth expertise and objective feedback that a well-chosen board, including qualified independent directors, can provide, and demonstrates how owners and directors can work together to ensure a long and profitable life for the firm. The book provides best practices for owners and directors with step-by-step guidelines for developing and managing a board--from writing the initial prospectus, through conducting lively meetings, to maintaining open, honest communication between owners, directors, family members, and other stakeholders in the firm.--From publisher description. Front Matter....Pages i-x Independent Boards of Directors and Family Business: Introduction to a Powerful Alliance....Pages 1-7 Truth and Myths about Boards: Meeting the Challenge....Pages 9-23 The Role of the Board in the Family Business....Pages 25-34 The Special Value of Independent Directors to the Family Business....Pages 35-52 The Vital Role of the Board in Family Business Continuity Planning....Pages 53-66 Designing the Board....Pages 67-88 Finding and Selecting Directors....Pages 89-116 Managing the Board....Pages 117-144 Making the Most of Your Board....Pages 145-163 Linking Family and Business Governance in Later Generations....Pages 165-187 How You Can Contribute As a Director....Pages 189-209 Our Call to Action....Pages 211-216 Back Matter....Pages 217-263 Independent boards of directors and family business : introduction to a powerful alliance Truth and myths about boards meeting the challenge The role of the board in the family business The special value of independent directors to the family business The vital role of the board in family business continuity planning Designing the board Finding and selecting directors Managing the board Making the most of your board Linking family and business governance in later generations How you can contribute as a director Close : our call to action.