This study focuses on board and TMT compositions and their relationship with performance, in the context of private family businesses in Colombia, by integrating different levels of family involvement in different governance structures. I examine under which circumstances family firms opt for having more outsiders on the board, the role of the generation in charge on this decision, and the effects of both on performance. Results suggest that private family businesses choose to have more outsiders on their boards when they need external resources and when they need advice regarding a leadership transition, specifically when it is imminent. Also, results suggest that second and subsequent generations tend to include and increase the number of outsiders in the board, probably to support the CEO and handle family conflict. Lastly, evidence is presented in which the presence of outsiders on the board and family members on TMTs are positively related to performance, but this positive relationship is driven by the controlling owner stage and does not extend to later stages.