An online survey of U.S. family businesses commissioned by Deloitte Growth Enterprise Services found that many of these firms “have gaps in governance, board operations and succession planning,” according to the survey report.
The study, conducted in March and April 2013, found that more than a quarter (28%) of respondents' companies lacked a formal board of directors. Of those that had boards, only 39% were controlled by a majority of independent directors. In 60% of the companies, family members held 51% to 100% of the board seats.