Managing a board of directors

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  • Good afternoon. Thank you to the Rotary Club for this opportunity.Your interests, hobbies, travel, a little of your personal story -- small town boy; find ways to be playful, funny, and make a personal connection.I am Michael BurchamI am a Serial EntrepreneurAnd I AM MUSIC CITY
  • Managing a board of directors

    1. 1. Thoughts onManaging a Boardof DirectorsMy “Top 10” List Dr. Michael R. Burcham e. michael@michaelburcham.com w. www.michaelburcham.com t. www.twitter.com/michaelrburcham f. www.facebook.com/michael.r.burcham l. www.linkedin/in/michaelburcham
    2. 2. 10 Rules Managing a Board of Directors1. NEVER have the board meeting "at" the board meeting. ALWAYS call every director a few days before the meeting and run every important issue by them to get their input. Update them on company performance, especially the bad news, and let them "beat you up" privately. The meeting can then focus in a constructive fashion on problem-solving and building the Company for the future.2. Maximum PowerPoint show is four slides from any presenter, especially yourself. This should be the limit of director interest in detail.3. Provide complete access for the board to everyone and everything in the Company. They will rarely use it, but its a great comfort to them to know you are not trying to hide anything.
    3. 3. 10 Rules Managing a Board of Directors4. Have your key team members do almost all the presentations. It gives them exposure and allows you to make sage comments along with the rest of the board. A perfect board meeting is when 10% of the talking is done by the CEO, 60% by the team, and 30% by the directors.5. Carefully consider every directors input and take good notes at the meeting. These people have lots of experience and many great contacts. But you make the final decisions (and if you dont, they will start to look for someone who will).
    4. 4. 10 Rules Managing a Board of Directors6. Give the Directors projects in their areas of expertise. Its free consulting and they usually do a good job. It provides a way to contribute to the business that is meaningful and provides a way for them to “buy in” to the overall strategies.7. Get in front of the board on tough decisions like top management changes, including changes to your own role. If its going to happen, make it your idea.
    5. 5. 10 Rules Managing a Board of Directors8. For VC directors, try to picture how they are describing your Company to their partners, and what questions their partners are asking. Your job is to make each director a hero to their partners (or corporate boss).9. Remember its Company first, team second, you last. You win when everybody wins, not when just you win.10.Try to make a friend of every board member. Send them interesting deal ideas you turn up, learn about their interests, make the board a "look forward to" experience for everyone.

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