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Key Takeaways from the Tuesday, August 8th Breakfast Blueprint for Private Boards: Concept to Reality to Success.
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Private companies cannot afford to hire everyone they need, but can bring in top level Board members to fill the gaps.
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The knowledge, experience/expertise and connections of Board members can provide a huge competitive advantage to organizations and are important considerations when putting together a Board.
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It is extremely important that shareholders and founders are on the same page as it relates to establishing an independent Boards of Directors.
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- Best in class private company Boards arbitrate discussions amongst management, and remain independent.
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If something is happening on the Board that doesn’t feel right, and steps are not being taken to address it, resigning is the best option.
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Boards should understand the health of a company’s culture and employee engagement. The healthiest companies encourage open communication.
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The most important qualities of a Board member to a private company are:
- Knowledge of the business and a willingness to go the extra mile.
- The ability to work with the team.
- The ability to set self-interest aside and serve in the best interest of the company.
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- Start the process today of networking with CEOs and Board members.
- Develop the expertise of which boards are in need.
- Obtain endorsements from third parties that are very familiar with both you and your skillsets.
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