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.
The majority-independent advisory board of Richmond Baking Co., based in Richmond, Ind., was honored as a Private Board of the Year in 2018. The awards, presented at the Private Company Governance Summit by Family Business, Directors & Boards and Private Company Director magazines, honor advisory and fiduciary boards for their high standards in governance and the success that governance has fostered.