From Good to Great in the Boardroom: Metrics for Boardroom Evaluation of the Private Sector

You are cruising through Eden Prairie, Minnesota—yeah, the place that sounds like it should be in a Hallmark movie. Meanwhile, tucked away in some unassuming building? E.A. Sween is cranking out sandwiches like there is no tomorrow. We are talking seventy million a year. If you have ever snagged a Market Sandwich or a Deli Express sub because you were starving and the petrol pump was your only hope, you have probably eaten their handiwork.

But, real talk, the wild thing is not only the mountain of sandwiches, it is how they got here. Back in the late ’50s, Earl Sween answered an ad in ‘The Wall Street Journal’ (yes, really) and starts hustling sandwiches. Fast-forward and now it is a full-on national operation, raking in over $200 million a year. Three generations deep and still swinging in a cutthroat, razor-thin-margin world where everyone is fighting for that precious spot on the coveted shelf.

Let us be honest, you do not pull that off just by being “efficient”. There is something bigger going on behind the scenes: their board and leadership actually get it. They care about governance, strategy, culture—the whole deal. Check out this gem from their official values (which, honestly, could have been ripped straight from ‘Good to Great’—that business book every corporate nerd quotes):

 “We respect each other; trust each other; believe in honesty and expect the same in return. We make changes required to grow while generating a fair profit.”

Yeah, it is a little wholesome but you know what? It works. Collins’ book might be old enough to be drafting college essays but the stuff inside still smacks. E.A. Sween is basically living proof that you do not have to be a public company to play in the big leagues.

Unlocking boardroom excellence: Key metrics to evaluate and elevate private sector boards from good to great.

Private Company Boards: Blessing or Boring?

Here is the deal: private boards have this superpower. No Wall Street sharks breathing down their necks, no quarterly earnings panic. They get to think long term, dream big, and build stuff that lasts.

But here is the trap. A bunch of private boards just… coast. They show up, nod along to the management’s slides, maybe sign off on a budget, but do not actually challenge anything. It is all, “let us not rock the boat,” instead of “let us make this ship fly.”

That is how you get “good”—and, yeah, it is fine, but nobody writes history books about “being fine”. Collins nailed it: ‘Good is the enemy of great.’ Crossing that line? It is not about just not making blunders. It is about boards being bold, asking hard questions and not being afraid to point out mistakes whenever necessary.

E.A. Sween: Trading Family Drama for Real Accountability

Most family companies? The boardroom looks like Thanksgiving dinner: just the usual suspects, lots of history, maybe some old grudges. E.A. Sween decided, Nah, we are doing this differently. They brought in real outsiders—folks who have seen things in food, logistics, and private equity. This means actual experience, not just family ties.

That move changed the game. Suddenly, you have got new perspectives, viz., indie voices, people who are not afraid to challenge the plan. CEO Tom H. Sween (yeah, the founder’s grandson) will tell you straight up: the board is not just a rubber stamp. They are in the trenches, helping make the big calls about where the company has headed, who is running the show and where to put their money as the safest bet.

Most private companies? They hide behind tradition, keep things cozy, and avoid tough talks. E.A. Sween? They are all about that ‘Level 5 leadership’ Collins raves about: humble but ruthless when it comes to doing what is best for the company. It is not about some rockstar CEO—it is about the team, the system, the discipline to make tough calls, even if it stings.

Facing the Ugly Truth (Even When It Hurts)

Here is where most boards flinch. It is way too easy—especially with family or longtime executives—to look the other way when things are not working. Keep the peace, protect the “legacy,” whatever that means.

But, wow, that is a recipe for slow death by comfort. E.A. Sween? They do the awkward stuff. They dig into the numbers: not just the profits but safety, product quality and even whether employees actually want to show up to work. No hiding, no sugarcoating.

Their board expects people to bring data, not just opinions. If someone disagrees, good—let us hear it. Reality checks are how you stay sharp. Boards that avoid this? Yeah, maybe everyone smiles at the meeting, but the company is not ready when the market throws a curveball. E.A. Sween just deals with it. That is how you survive—and actually keep winning.

Alright, so here is the thing about the Hedgehog Concept in private boardrooms: it is not just some MBA jargon; it is actually a gut-check for a company’s soul. Jim Collins asks three big questions: what can you be the best at, what actually makes you money, and what gets people fired up to come to work every day? Simple but not easy.

Public companies have got Wall Street breathing down their necks, so feedback comes fast and loud. Private companies? That is a whole different circus. Fast-growing ones especially! They are like chasers of dreams, running behind shiny new ideas, stretching themselves thin, and sometimes forgetting what made them great in the first place. This is where the board is supposed to step in and say, “Hey, slow down—let us not become a jack of all trades and a master of none.”

Take E.A. Sween, for instance. Instead of flailing around trying to be everything to everyone, they doubled down on what they do best: convenience food, killer logistics, and cranking out products at scale. No one is pretending they are the next Whole Foods and honestly. The board there is not just a bunch of folks nodding along; they actually run every idea through a sanity check with consensus—does this play to our strengths, does it boost our bottom line and do our people even really care about it?

So, what separates a board that just sits in a room talking from a board that actually moves the needle? It is all about shifting from a talk shop to a filter. Not micro-managing every little thing, but making sure only the best ideas get through. The best boards are like bouncers at the door—if your pet project does not fit, it is not going to get in. They make sure money and energy go where they really matter, not just on some executive’s nostalgia trip.

Honestly, in most private companies, there is way too much of “do not rock the boat” energy. Old projects linger because no one wants to be the odd one that says no. But, you know, sometimes you need to play the bad cop. Saying no—when it is smart and not just petty—is one of the most invaluable things a board can do.

And let us discuss culture. It is not just some poster in the break room. Private boards actually have the time and space to shape culture on purpose. E.A. Sween bakes it right into how they operate. Stuff like “constructive straight talk” is not just for HR meetings—they live by and live it. Boards can actually walk the talk by holding themselves and management to the same standards.

This really hits home in family businesses. Culture can get watered down as the years roll by—unless someone is paying attention and keeping the fire lit.

Now, succession! That is where a lot of private companies trip up. It gets emotional, especially with family in the mix. But E.A. Sween did it right. Just because you share a last name does not mean you get the corner office. The board treated the CEO handoff like a business decision, not a family dinner.

If private company boards want to move from “okayish” to “wow,” they have got to get serious. Here is the cheat sheet:

• Bring in outsiders who are not all just say "yes." You need people who will challenge the group's talk and offer perspectives to the collective decisions.
  

• Make truth-telling part of the deal. Get real, even if it is uncomfortable. Sugarcoating is a great option; it works!
  

• Use the Hedgehog Concept like a metal detector for every new idea. If it does not beep, move on.
  

• Be the filter, not just the forum. Not every idea deserves a green light.
  

• Practice what you preach with culture—do not just talk about values, show them.
  

• Treat succession planning like a chess game, not a family picnic.

Bottom line: Good is the enemy of great, especially in the boardroom. You do not need to go public, survive a meltdown, or invent the next iPhone to be great. You just need a board that gets off autopilot and actually cares about your business. That is where the magic happens. 🚀 Ready to take your leadership journey to the next level? Join a network of visionary professionals shaping the future of corporate governance.

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