The document provides information on establishing an advisory board for a company. Some key points covered include: - An advisory board consists of outside advisors who lend insight and counsel to supplement management's knowledge. They have no legal obligations. - Advisory boards are typically 3-4 members and are formed to help determine strategies, generate contacts, assist with succession planning, and hold management accountable. - The right time to form one is when management expertise is maxed out, revenue growth plateaus, or significant issues are anticipated. - When selecting advisors, choose those with complementary expertise to management and who are compatible, willing to work closely, and maintain confidentiality.

1. Advisory Board Basics © 2009 Avalon Consulting Group

19. How Can An Advisory Board Help You?