Building a Board of Advisors
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Building a Board of Advisors

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Issues to consider when building a board of advisors for your startup.

Issues to consider when building a board of advisors for your startup.

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Building a Board of Advisors Presentation Transcript

  • 1. Building a Board of Advisors Andy Forbes
  • 2. What is a BOA?
    • An advisory board is designed to provide independent advice and counsel to the owner / CEO / management team, independent of the fiduciary responsibilities and D&O costs associated with a board of directors
  • 3. Why a BOA?
    • Augments in-house experience and expertise
    • Enhanced corporate self-discipline and accountability
    • Objective opinions
    • Strategic planning and counsel
    • Honesty
  • 4. What does a BOA do?
    • Make key introductions
    • Help establish corporate objectives and policies
    • Enhance CEO and senior management effectiveness
    • Act as arbitrator
    • Act during a crisis
    • Lend credibility
    • Plan strategy development
  • 5. Care and feeding of a BOA
    • Keep the board informed
    • Give the board time to prepare
    • Sharing significant information builds trust
    • Set the long-range agenda
    • Motivate members
    • Listen, don’t argue
  • 6. Advisor types
    • Wow! S/he is on your BOA?
    • Friend / business acquaintance
    • Free doughnuts
  • 7. Timing of a BOA
    • Pre Series A only if it helps your fund raising
    • Series A / B keep it four to seven people
    • Mezzanine go for it!
  • 8. BOA Compensation
    • Pre Series A / B
      • Nothing
      • Expenses
      • Options
    • Post Series A / B
      • Per meeting fee
      • Retainer
      • Options
  • 9. BOA failures
    • Incompatible or disruptive personalities
    • Too many cooks
    • Insufficient compensation
    • CEO
  • 10. Recap
    • Stay informal for as long as possible
    • If you do it, do it right
    • You get what you pay for
    • Avoid “Free Doughnut Man”
    Andrew Forbes [email_address]