About this Episode:

Advisory boards are huge in private companies, but many still don’t have one in place.

Some leaders are unclear on how to set one up, but recognize there is a need for on-demand advice. What then?

Here is an insightful hour on how to leverage an advisory board to take your company’s growth to new heights.

•  Presentation with introductory concepts  (01:00)

•  Can you talk about offboarding a non-performing advisor if it's not the right fit? (20:08)

•  Have you seen situations where a leader disbands the advisory board they’ve set up? (22:34)

•  Is it beneficial to be transparent with customers to receive feedback on how to do the job or lead the team? (28:02)

•  What do you wish board members knew about CEOs, and CEOs should know about board members? (29:43)

•  Board members, even when paid or when receiving stock options, feel they are doing a “favour” to the leader – how do you overcome this perception by being a board member? (32:17)

•  How much equity should a board member be offered? Why would a founder give equity to an advisor, when they can sell the equity and get advisory services from their investors? (35:34)

•  If only the CEO has contact with their advisory board, how does the benefits of those conversations trickle down through the company? (37:42)

•  The dynamic between board members can make or break the success of the advisory board; how can we make sure there is cohesion between board members and that they are getting along? (39:13)

•  What duties are expected of advisory board members, and what asks would be off-side? (44:54)

•  What if you want to have “big names” on your advisory board for appearances, but you don’t plan to use them for advice? Would this be disingenuous? (52:36)

•  What duties are expected of advisory board members, and what asks would be off-side? (57:34)

•  When we think of experienced board members, we think of more “mature” advisor. If we stack your board with experienced, older people, don’t we risk losing perspective? (1:00:44)