Many family businesses are guided by the founders or family shareholders who provide a combination of strategic, operation and governance roles with little advice from external advisors.
As founders grow older, their businesses face challenges from technology and other disruptors while at the same time, the owners are forced to address the looming issue of succession
An increasing number of businesses are appointing independent directors or external advisors to navigate through these challenging times. While the appointment of independent directors and external advisors can add value, their appointment will also in many cases require a change in mindset for the owner.
We address in more detail some of these issues and talk about alternative ways to enhance the governance culture within the family business.
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