Your Family Business Needs a Board

The board should be in charge of any family business. If you want your business to have a positive impact on all stakeholders, you need to make sure your board is functioning well. Who should be on the board, whether you need an independent director, and how often your board should meet are some of the questions offered in this article. It's important to think through the purpose and practices of your board as you shore up your own family business. The ultimate fate of your business will be decided by the owners. It's not management.

Sailing a ship is similar to governing a family business. The Greek word forguiding or steering is what comes to mind when you think of governing. Family businesses must consider where they are headed. It is determined by who is in charge of the business. As we face the rocky waters of the Pandemic, rising inflation, and geopolitics, this is even more compelling. If you want your business to have a positive impact on all stakeholders, you need to make sure your board is functioning well. The way a captain steers a ship is similar to the way the board decides the company's direction.