Article by Kristen Toppin 

When it comes to building an advisory board for your family business, one of the first questions that pops up (right after “Who should we ask?”) is “How many people do we need?” It's a good question, and like most things in family business life, the answer depends on where you are, where you're going, and how much coffee you want to serve at your meetings.

In the early stages of forming an advisory board, less is more. You’re looking for a manageable group, big enough to offer diverse perspectives, but small enough to fit around a table without renting out a banquet hall. For most family businesses, especially those just starting to formalize their board, three to five members is often the sweet spot. This size allows you to cover your key blind spots like finance, marketing, operations, or succession planning without overwhelming the conversation or turning meetings into a game of musical chairs.

As your business grows and your needs become more complex, you might expand to six or even seven members. Maybe you're entering new markets, launching a new product line, or navigating a tricky generational handoff. At this point, you may want advisors with more specialized experience, someone who understands marketing, has a legal background, or the fine art of convincing your cousin to relinquish control of the warehouse. A slightly larger board can bring the wisdom you need but be careful not to let it balloon into a crowd. Once you pass seven or eight members, decisions slow down, discussions get diluted, and scheduling starts to feel like planning a family reunion with in-laws.

Of course, the ideal size also depends on your goals. If your main goal is big-picture strategic guidance, a small and mighty team of three or four can be plenty. If you're focused on governance, growth, or succession planning, you may want to broaden the mix. But if your goal is to just get more opinions in the room, well, remember that too many cooks can spoil the advisory broth, especially when some of those cooks are related to you and still hold a grudge from the 2005 holiday party.

Keep in mind that this is your advisory board, not a courtroom or a congress. These people aren’t voting on bylaws or holding your feet to the fire. They offer insight, perspective, and a helpful nudge when needed. So it’s less about following a strict formula and more about finding the right balance: enough voices to challenge your thinking, but not so many that your meetings turn into group therapy.

In the end, the best advisory board for a family business is one that fits your stage, your culture, and your goals. Start small, grow thoughtfully, and make sure every seat is filled with someone who adds real value. And if your board fits around the kitchen table, you’re probably doing just fine.