They started raising issues like 'What's the training the CEO has to deal with financial planning, strategic issues, personnel management, marketing?' It's had a significant impact on the thinking.

Many private companies are planning activities that may increase their exposure to management liability risks.

Certainly a lot of succession transactions occur at market value. Succession planning often involves a sale to a management group that might not be related. Sometimes it involves the outright sale of the company. An employee stock ownership plan is also an option.

By doing the pre-planning, it can take the crisis management off of a child or loved one later on.

The debate, which is one the museum profession has had for 25 years, began when corporate people started getting on boards of non-profits,

I didn't know how to read a balance sheet, ... But running a non-profit is like running any business. These are skills you need to have.