When the president and founder of the company cannot be found, it is not surprising to find that you are placed in an embarrassing position. This type of behavior has probably been part of his style for a long time.
Some people are late or miss appointments because of their need to flex some power. Engaging in this type of behavior is a way for your manager to show that he is more powerful than others. If he were meeting with someone whom he regards as more important or in possession of something he needs, he would not be late. At the same time, perhaps he engages in these behaviors simply because he is scattered and unorganized.
Either way, this is something that should be discussed with him. You can do so on your own or with a couple of co-workers. This discussion should not focus on the owner’s personality, nor should there be any labeling or name-calling. Rather, give him specific instances in which his behavior created clear, measurable, and damaging problems for his company. If he can truly see the costs of his antics and the potential value associated with changing his behavior, he may actually do so. If he skips this meeting, be sure to reschedule it.
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