For start-ups and family businesses, establishing a professionalized board and other aspects of corporate governance tend to be far down the priority list. And yet, several experiences have demonstrated that investing in good governance is crucial for long-term success of non-listed companies. In this panel we will examine the advantages of adopting good corporate governance for private companies and the main risks associated with inertia, with a close look to the key issues that any private company should consider when structuring its governance, alongside with the new trends in legislation.