Outside Review in a Wider Context: An Alternative to the Classic Board

Abstract

Family businesses have special and urgent needs for outside review. The most common model suggested for achieving this review is the working board of outside directors. While such boards can be effective, there are reasons why they may be inadequate to the task in family companies. An alternative to the classic board model, a review council, with broader membership and mandate, may solve the outside review problem for the majority of family companies.