1) Admiral Bobby Inman discusses three lessons he learned from his experience serving on corporate boards. 2) The first lesson is to apply common sense when receiving legal advice, and to get a second opinion if the advice doesn't make logical sense. 3) The second lesson is to pay attention to a CEO's character, as untruthfulness in one area may indicate untruthfulness in other matters important to the board. 4) The third lesson is the importance of succession planning and developing a strong bench of potential successors for all critical roles, as exemplified by one CEO's thorough career development program.