Executive Summary Here's the uncomfortable truth about founder-led companies: they rarely come undone because the founder is too strong. They come undone because everyone around the founder gets too weak. The board stops being a check and slowly turns into a fan club. That's the real governance risk, and it hides behind the most flattering word in business, "visionary." The same fierce conviction that builds a company from nothing is the exact thing that, left unchecked, blin