CHAPTER 13
Governance in Action
WHEN family business owners seek advice on how to design a board of directors, too often the only model they have to guide their thinking is the board of IBM, or General Motors, or Citicorp, or some other large, prestigious public corporation. Perhaps seeking to shake off the stereotype of family businesses as inbred and unprofessional, these owners want the most knowledgeable and admired business leaders they can find to serve on their board. Their image of a board fits admirably with what the corporate lawyers or search firms they hire are accustomed to doing—which is designing boards for large public corporations. One consequence, however, is that many boards of family companies, even when well stocked with ...
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