Family businesses often wait until they grow large enough for a formal governance board, but that doesn’t mean they don’t need guidance.
From the earliest stages, having independent advice can make a real difference. Advisory boards are stepping in to fill that gap. These flexible structures are gaining traction as a way for family businesses to access expertise, support growth, and improve decision-making.
Unlike formal governance boards, which carry legal responsibilities, advisory boards offer independent voices, specialist insight, and a trusted sounding board for owners. They work particularly well for family businesses because they can be tailored to the company’s culture, generational dynamics, and long-term goals. When communication between owners, management, and advisors is clear, the advice is practical, aligned, and actionable.
Many family business owners find themselves balancing working in the business with working on the business. An advisory board can help them step back, see the bigger picture, and focus on strategic issues such as succession, next-generation integration, innovation, and preserving legacy.
Louise Broekman, Founding Director of the Advisory Board Centre, says advisory boards are a distinct tool in the governance ecosystem, “They can also sit alongside governance boards (if you have one in place), non-executive directors, consultants and mentors to provide agile and independent thinking.”
We’re seeing more enquiries from family-owned companies wanting to establish advisory boards or recruit suitable members. The momentum is growing as organisations realise the value that diverse skills, independent perspectives, and structured communication bring, especially in challenging assumptions, seeing around corners and broadening the decision-making table.
Globally, more than 660,000 advisory boards operate, engaging 9.8 million professionals, according to the 2025-27 State of the Market Report. Most are project-based, focusing on innovation, sustainability, transformation, and scale.
The report also shows that well-structured advisory boards can boost decision-making confidence by about 30%. For family businesses, this highlights the need to create advisory boards that match ownership vision, succession goals, and company culture. Clear roles, expectations, and good communication make advisory boards a tool for effective governance, sustainable growth, and long-term success.
Are you based in New Zealand and want to learn more?
Join us for a networking breakfast and session, Advisory Boards: Guiding Family Businesses, where we will explore the expanding role of advisory boards, highlighting the latest global trends and insights from family business and family office research.
Louise Broekman, Founding Director of the Advisory Board Centre, will share practical insights on how advisory boards operate within governance frameworks and support the long-term sustainability and growth of families and their businesses.
Where: KPMG Centre, 18 Viaduct Harbour Ave, Auckland
When: Thursday, 6 November 2025
Time: 7:30am - 9:30am
