Boards

Installing professional governance in the family business helps take personal dynamics out of company decisions and strategic planning. Objective advice from independent board members can help prevent family disputes and ensure decisions are being made in the best interests of the business.

$10.00

On a snow day in 2012, when kids had the day off from school and people were encouraged to stay off the roads, Jeff Westphal, second-generation CEO of Vertex Inc., called his sisters and asked for a meeting that day.

$10.00

The Larry H. Miller Group of Companies was founded with a single Toyota dealership Larry and his wife, Gail, bought in 1979. Today, the group consists of 80 companies with about 10,000 employees, generating revenues of more than $5 billion.

The family enterprise encompasses a fleet of dealerships, a car financing firm, movieplexes and a number of sports businesses, including an NBA team and the arena in which it plays.

$10.00

During the credit crisis of the last decade, John C.L. Darby, like many real estate developers, had his share of sit-downs with jittery lenders.

But while other developers recount stories of painful reckonings with bankers during the worst housing downturn since the Great Depression, Darby, 55, noticed lenders seemed to breathe a bit easier when he told them how his family business is governed. “You could see their facial expressions change,” Darby says.

$10.00

Our natural tendency is to surround ourselves with people whose backgrounds, experiences and viewpoints are similar to ours. But in order to achieve the true power of a board of directors, you must take a different approach when considering director candidates.

$10.00
Print / Download

The board of directors of Samaritan Medical Center was honored as “Private Company Board of the Year” in its revenue category (less than $100 million) at the 2017 Private Company Governance Summit. Samaritan’s board was cited for its adoption of many public company best practices.

$10.00
Print / Download

Corporate governance. Yawn.

The words are long and drawn out—just like board meetings. You don't have time to sit in a boardroom. You've got production and sales to worry about, and you're down two customer service people. You're running a family business, not a multinational corporation. Governance takes care of itself, right?

$10.00
Print / Download

Imagine you are the founder of a family business that grows to become the third-largest private insurer in the state of Florida. Your company has more than 300,000 policies that generate more than $500 million of gross written premiums annually and is on a path to grow further with increasing exposure to hurricane and other forms of catastrophic risk. You are ambitious and even see taking the company public someday. Because you own 32% and you gave each of your five grown children 12% of the company, you have the power to promote either a serious or a shallow corporate governance culture.

$10.00
Print / Download

Many closely held companies, especially family businesses, are reluctant to establish boards of directors that include unrelated parties. Recruiting accomplished directors or domain experts who have no prior personal relationships with the family shareholders is even more difficult for family businesses to consider.

$10.00
Print / Download