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Increasing expectations are being placed on privately-held businesses regarding governance and ethical compliance processes. Some of those expectations are created internally as owners and founders attempt to follow "Best practices" identified by scholars and consultants. Despite their intended focus on public company practices, other expectations have emerged in response to the regulatory requirements of Sarbanes-Oxley (SOX) and Federal Sentencing Guidelines for Organizations (FSGO). The author studied 167 family businesses in two states to determine how extensive "Best" governance practices were actually being utilized, particularly those related to boards of directors and ethical compliance processes.
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