Istanbul Gelisim University IISBF SosyoCom: Monthly Events and News Bulletin (Issue: 48, December 2024)

WHAT CONTRIBUTIONS CAN INDEPENDENT BOARD MEMBERS MAKE TO FAMILY FIRMS? Independent board members help owners make good decisions by saving the company from family dynamics and bad family practices. Today, owners have started to think about either selling their firms or making a serious transformation more than they ever thought possible due to the economic slowdown. To decide on the best option in a short time, there is a need for access to experience and knowledge. The boards of family firms are the most important resource to be activated at these times. This well-designed resource facilitates decisions regarding the company's goal, leadership, strategy and future ownership structure by considering economic change and other external factors. A board member who is not a family member and is not an executive makes a profound contribution to the firm by demonstrating his/her impartiality and experience in difficult decisions. Board members with the characteristics mentioned earlier also work to balance the needs of the family and the firm in the long term in the new complex economic order.