Family Business Legacy Series: Governing of the Family Business

  • Davis Wright Tremaine LLP 1201 Third Avenue, Suite 2200 Seattle, WA 98101

Governance is perhaps the most significant challenge for a family business.  A 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
 

The panel included Neil McReynolds, President of McReynolds Associates, Inc., a Seattle-based firm that advises corporations, non-profit 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 and Tom Kelly, the CEO of Neil Kelly, a second generation family business.