Building a Board of Advisors

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  • + SRINI SRINI N 2 years ago
    Common sense inputs - straight and simple. SMB on the verge of getting access to public/vc funds need this advice. But it is tough getting the promoters sharing. :) as often those who need advice most like it the least! tnx 4 sharing.
  • + kevindoylejones kevindoylejones 3 years ago
    fiduciary responsibilty is the biggest difference.
  • + jboutelle Jonathan Boutelle 3 years ago
    What’s the difference between a board of advisors and a board of directors?

    Thanks for uploading this: most presentations on this topic are by lawyers or consultants who are biased in favor of setting up boards as quickly as possible. It’s good to get some 'straight dope'.
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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]

+ Andy ForbesAndy Forbes, 3 years ago

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