Robert Friedman, as an experienced director, former CFO and CPA has helped businesses get
through their challenges of growth, succession, or other transitions. Especially those companies
that want support to get to the other side of the bridge.
Good governance is not just for public companies. Private companies today are also looking for ways to
establish a board or to improve their board’s effectiveness—in part, by changing their board composition.
Where once private company boards were dominated by members of management and investors,
independent directors now make up over half (51%) of the average private company’s board (up from
43% in 2020).
Why the shift? Many companies are proactively positioning themselves for the future. They could be
preparing to go public, sell, grow or are considering a generational transition in family ownership. Others
simply see the incremental value that outside directors bring.
Companies that are reshaping their boards and introducing new faces outside of their familiar networks
are gaining valuable insights. Private companies that do not have outside directors today are missing out
on a valuable opportunity.
Whether you have an advisory board or a fiduciary board, adding independent members
can boost the fortunes of your company and help manage or prevent conflicts among
shareholders. Independent board members provide objectivity that’s critical for closely
held and family-owned businesses.