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CDF Key Takeaways: “Blueprint for Private Boards: Concept to Reality to Success”

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Key Takeaways from the Tuesday, August 8th Breakfast Blueprint for Private Boards: Concept to Reality to Success.

As mentioned last month, CDF has started the process of sending event attendees and members Key Takeaways from each event. Whether you were able to join us or missed the opportunity, we want share a few highlights.

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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.
  • 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.
  • 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.
  • 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.
  • 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: 
  1. Knowledge of the business and a willingness to go the extra mile.
  2. The ability to work with the team.
  3. The ability to set self-interest aside and serve in the best interest of the company.

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And finally, one of the questions we get the most often from guests is, “How can I become a board member?” Collectively, the panelists gave the following pieces of advice.
  • 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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