Getting family members to embrace an independent advisory board can be an uphill battle, so broaching the subject takes diplomacy and good timing.
Mike Kiolbassa, president of the smoked meat business Kiolbassa Provision Company, Inc., struggled to convince his family that creating an independent board was good for the future.
“It was a 68-year-old company,” he explains. “My dad was there 50 years, me for 30 years. They said, ‘Why? Are we going to lose control? Does this cede our control?’”