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Brad Feld's simple rules for board member compensation.
One question high impact entrepreneurs often struggle with is how various members of the board of directors should be compensated. Directors come in a variety of flavors, and should be compensated accordingly.
Here are the 10 key things I've learned (plus one because it's hard to stop at 10). They are all appropriate for an early stage company board, but maybe not all are appropriate as a company gets much larger.
This post is about what happens BETWEEN board meetings. And most companies donâ??t do enough between board meetings.
Many startup companies hire advisory boards. Itâ??s very tempting. Itâ??s mostly done by first-time entrepreneurs who want to persuade (bribe?) prominent industry luminaries to be closely associated with the company. Itâ??s done partly in hopes of gaining their wisdom but itâ??s also done to portray the company in a positive light through association.
Every company should have a Board Of Directors. At the start it can simply be a one person board consisting of the founder. But it should not stay that way for long. Because if you are your own board, you won't get any of the benefits that come with having a board. These benefits include, but are not limited to, advice, counsel, relationships, experience, and accountability.
One of the least discussed elements of a Board of Directors is the chemistry among the Board members. It is critical to a well functioning Board but not always considered in Board construction.
The Board Meeting is the primary way that Boards function. This post is about making Board meetings effective and helpful for everyone involved.
The Board of Directors is the governing body for a company. All major decisions will need to be ratified by the Board. You will need the Board's approval to sell your company. You will need the Board's approval to hire or fire a CEO. You will need the Board's approval to do a major acquisition. You will need the Board's approval to do a major financing, including an IPO. On all matters of major strategic importance, the Board will need to be engaged, involved, and supportive.
"To attract the best advisers, you've got to be networked or nervy."
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