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

Overview

This book is a comprehensive and authoritative guide on when and how to build a working board of directors to serve as a tool to assist small, family, and entrepreneurial businesses. Mr. 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 ...

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Overview

This book is a comprehensive and authoritative guide on when and how to build a working board of directors to serve as a tool to assist small, family, and entrepreneurial businesses. Mr. 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 U.S. 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.

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Product Details

  • ISBN-13: 9780899305677
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 2/28/1992
  • Pages: 228
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.56 (d)

Meet the Author

ROGER H. FORD is the Zane D. Showker Professor of Entrepreneurship and the Director of the Center for Entrepreneurship at James Madison University.

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Table of Contents

Illustrations
Preface
l Introduction and Background
Introduction 1
Overview 5
Importance of Private Companies to the Economy 7
Role of Small Business in the Innovation Process 9
Public Versus Private Firms and Their Boards 10
2 Pros and Cons of Outside Boards: Highlights of the Literature Debate
Traditional Views and Challenges Concerning Board Use 13
Literature on Boards of Privately Owned Firms 18
Review and Case Examples 22
Summary 27
3 Do You Really Need a Board?
Overview 29
Definitions 29
Minimum Board Requirements and Director Qualifications 32
Do You Need a Working Board? 34
Summary 43
4 Getting Started: Strategies for Developing a Working Board
Introduction 45
Importance of Owner's Commitment 45
Generic Board Types 46
Other Considerations 52
Summary 57
5 Choosing and Recruiting Directors
Overview 59
A Team Concept 59
Minimum Qualifications 60
The Ideal Director 64
Generalists Versus Specialists 64
Setting Classifications 66
Nominating Directors 67
Choosing From Among Your Insiders 68
Choosing and Recruiting Outsiders 69
The Invitation to Serve 70
How Directors View Their Roles 72
Summary 72
6 Management and Organization
Overview 73
Terms and Termination of Directors 73
Training and Educating Directors 74
Board Organization and Roles 79
Board Committees 82
7 Control, Cost, and Assessment
Overview 87
Running the Meetings 87
Corporate Minutes and Record Keeping 94
Corporate Communication 94
Cost 95
Assessment and Summary 99
8 The Director's Perspective: Things Every Director Should Know
Overview 103
Clarifying the Expectations 103
Director's Legal Liability 105
Director's Vantage Point 106
Inside Versus Outside Directors 107
Dealing With Crises 109
Benefits of Serving as a Director 112
How to Be an Effective Director 114
Summary 116
9 Summary of the Inc. 500 Study
Problem Statement 120
Research Method 121
Results 124
Discussion 130
Summary and Implications 131
Surveys 132
10 Case Histories
Introduction 145
ComSonics Corporate History: A Focus on the Board of Directors 147
Technopaints: A Board in a Crisis Situation 167
TDlndustries: Corporate Governance 177
Appendix 1. Important Contacts for Small Businesses 193
Appendix 2. Directory of State Corporation Commissions 197
References and Bibliography 201
Name Index 206
Subject Index 208
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