HOW TO GET ON FOR-PROFIT BOARD SEATS

Tue, 30 Mar 2021 16:01:05 GMT

You need to campaign

Think about

what skills do you have to serve on a board

what skills do you need to serve on a board

what is my value proposition

(b2b b2c vertical, industries, APAC, M&A?, types of business, startup etc)

board bio useful but not make or break

it's about your network

what relationships do you have

what relationships do you need

how are you spending your time

People to network with:

VC
Investment Capital
recruiters for boards
activists* (could be effective but dangerous b/c antagonistic)

private vs public boards

-lot more fun on private boards
-spec board
-pre-ipo
-can be more involved, less confined by a governance standpoint

physical location matters

geography and industry matter

one board 35 meetings in a year!

you need to know

industry
competitive landscape
underlying dynamics and trends
genuine interest

culture of the board

ceo leadership style

good east west style

is it collegial? transparent? mature?

have you own list of people with similar profiles to deflect people to when you are busy and so they can do the same

never signed up for a site where she had to pay to be a member

interview VERY different - you are NOT an operator

job: protect long term interest of shareholders, hire/fire ceo, management better decisions

ask right questions, right way, right time, right tone

open conversation not shutdown

encourage transparency

keep eye out for activitsts

keep eye on groups governing company / perception

first independant among VCs is difficult

Compensation
set, no negotiations, public in the proxy - cash and equity - and vesting schedule

bank boards 11/year and committee pay not commensurate with work

rough/bad year more meetings
sec investigation, m&A, ceo transitions, activities

private broader spectrum
some options still
heavy on equity, light on cash
why most people do when retired

can't sell willy-nilly
must own certain number of shares as base

have to sell under blind plan, never can benefit from non public info

pay taxes at vest, and then stock declines, it sucks, not capital loss just a loss

who do you know are brokers if no one on boards?

investment banking team

advisory board option at younger stage

a networking institute kingsley aikins

Someone else's' notes

https://onmogul.com/stories/here-is-our-recap-from-yesterday-s-event-how-to-get-on-for-profit-board-seats-996f2453-cbbd-4f67-b883-edecdc07bc3c?utm_medium=email&_hsmi=106698237&_hsenc=p2ANqtz-9ERj3cqLmysnhsGz43z3Pf1QRQZzcddWBALm0hjqy4qElF5GViNVvzYCfkPl9FQpaOZndt-95hJcRz2JvPya8ZLDULvQ&utm_source=hs_email

Here is our recap from yesterday’s event: “HOW TO GET ON FOR-PROFIT BOARD SEATS”

We hope you had an amazing time at yesterday’s event led by the amazing Dr. Anita Sands!

Here are our key takeaways from this event:

Nonprofit board experience is great for acumen and emotional intelligence, but the governance experience isn’t translatable to a for-profit board.
There isn’t a lack of qualified diverse board candidates, but rather the recruiting process has traditionally failed diverse individuals. Generally speaking Board recruitment is all networking with one’s own network, which is typically homogenous to the individual. As the rate of change in business increases, this is forcing boards to look outward for those with different backgrounds and experience.
Board bios are great, but don’t get caught up in creating the perfect bio.
Board recruiting is not traditional recruiting. Think about it as a campaign for yourself, and ask yourself the following questions:
-What skills do you have that would be attractive to a Board?
-What skills do you need to better serve on a Board?
-What is your value proposition? What do you bring to the table? What kind of Board would you add value to?
-What relationships do you have that would help you get a Board seat?
-What relationships do you need?
-How are you spending your free time? Is it helping you in your goal to get a Board seat?
Focus on geography, industry, and organizational culture as you look for Board opportunities.

What were some of your key takeaways? What questions do you still have? Leave a comment below to share!

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Nicky's Journal

HOW TO GET ON FOR-PROFIT BOARD SEATS

Here is our recap from yesterday’s event: “HOW TO GET ON FOR-PROFIT BOARD SEATS”