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.