Implementing Policy Governance requires a significant investment of time, effort, and money. This is the first of several articles that will examine behaviors of boards that invest wisely in Policy Governance. How can they be sure to make a “value investment” that will stand the test of time, rather than a “day trade” with possible short-term gain but not necessarily substantive gain in the long run? Based on her experience with a variety of boards that have implemented the model, Jannice Moore shares some of the conditions and behaviors that contribute to value investing. In this article, she considers the importance of succession planning. Future articles will consider the role of good information and planning in making Policy Governance a value investment.