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