Boards of Directors and the Privately Owned Firm: A Guide for Owners, Officers, and Directors

This text is a comprehensive guide on when and how to build a working board of directors to serve as a tool to assist small, family, and entrepreneurial businesses. Author Ford has combined years of research with his extensive personal board room experiences to discuss all the key issues concerning the use and role of the board by privately owned businesses. He describes thoroughly the functions and contributions of boards from all angles, including situations where boards can be detrimental to company health and should be avoided. The book also provides detailed strategies for developing an effective board, from goal setting and recruiting, to training, educating, and managing directors. Special chapters also include information specifically for directors and case studies. Following a brief introduction to the unique role and importance of privately owned businesses to the US economy, the author reviews the literature and current theories on the advantages and disadvantages of boards of directors. He then offers guidelines for managers and business owners who are trying to decide if they would benefit from a working board. The following sections offer strategies for developing boards, choosing and recruiting directors, board management and organization, and control, cost, and overall board assessment. A chapter specifically for directors is also included. Finally, the author includes an executive summary of his study on the Inc. 500 boards, and three detailed case histories.