The 2020 Mid-Year Economic Update_long

Creating a Board of Directors

Many privately held distributors have advisory boards, but they are comprised entirely of insiders. Or the board is convened merely as a formality or legality. But a so-called real board" could help in formulating and enforcing company strategy, as well as provide a venue to ensure your wishes are carried out after you retire or in the case of a disabling injury or death.

Julia Klein, president and CEO of building materials distributor CH Briggs Co., Reading, PA, created an advisory board for her third-generation business about 18 months ago.

"I can tell you, it's one of the best things I've ever done," she says. "We had what many family businesses had -a perfunctory family board where we would pretend to meet over dinner, once a year, and have our lawyer write ...

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