If you followed my blog and my teachings in my book, Business Blunders, www.mcbridebook.com, you’ve probably learned that I’m a big fan of boards, and not just for big companies – for companies of all sizes. I really think the diversity of advice, differential input, and clarity to decision making that a board, regardless of formality, can add to a company.
One stumbling block for a lot of entrepreneurs and a lot of growing businesses is where do I find board members? How do I build a board of directors?
Your board of directors is probably hiding under your nose. You probably met some of your directors before. Maybe you were in a business development program like the Goldman Sachs 10,000 Small Business Program, which I highly recommend. Maybe there are other business owners in your community you’ve worked with. Maybe there are other businesses that you’ve kept in touch with over the years. They could even possibly be customers or vendors. There’s a lot of ways you can generate possible members from your board of directors without even going into a formal search. You could, of course, do a board member search.
There’s a lot of business executives that are interested in being on a board of directors and might jump at the opportunity, so you can go to a search firm and search for a board of directors. You could also ask around in your community. I think the key here is not to overthink the board of directors process. You want quality business people. You want diversity of thought. You possibly want different industries weighing in. You want everyone to have a forum where they can express themselves. That’s the start of a great board of directors and that doesn’t require that you do an extensive research or have a competitive bidding process. It simply means you start the foundation of the board. Once the board evolves, as things go, as you learn more, you may wish to tailor your board and change things, but a key to this process is starting, and to look at who you already know and where you’re already at and build your board from there.
What’s been your thoughts on having a board of directors? How have you worked through the process? Are you growing your business with a board of directors? Join us in the comments below.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Hans Guther-Dreyer.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.