"Governing of the Family Business," Family Business Legacy Series, Davis Wright Tremaine, Seattle

Governance is perhaps the most significant challenge for a family business. Our panel of experts discussed key considerations in the effective operation and oversight of a family business including:

• The value of a board of directors
• The differences between fiduciary boards and advisory boards
• The importance of outside directors in the family enterprise
• The recruitment and compensation of directors

Our panel included:

• Neil McReynolds, President of McReynolds Associates, Inc., a Seattle-based firm that advises corporations, nonprofit organizations, and trade associations on how to increase the effectiveness of their boards
• David Schooler, the Chairman of the Board and former CEO Sterling Realty Organization
• Steve Clifford, the former CEO of King Broadcasting Company and a member of the Boards of Directors of Harbor Properties, Todd Pacific Shipyard, and Laird Norton Company
• Tom Kelly, the CEO of Neil Kelly, a second-generation family business