Board of Directors structures?

by a searcher

4 years ago

How have entrepreneurs gone about either establishing or re-engineering their BOD makeup? Have folks considered not having a BOD at all?

In a previous life, I worked for a (privately held) company where the BOD comprised of the two owners/operators + the SVP/general counsel. I felt this structure had severe drawbacks in the long-term management of the company.

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searcher from Case Western Reserve University - Weatherhead School of Management

I think a BOD is critical, especially for new business owners and new CEOs. In addition to assessing business performance and strategy, reviewing financials, approving annual budget, etc, they can provide input and challenge your thinking on critical decisions and be a sounding board for topics like the strength of your leadership team. I would think through what elements are critical for your overall BOD - i.e. where they live/work, industry and functional experience, low drama/high trust, ability to add diverse thinking, time and level of seriousness to achieve success for all key stakeholders, etc. When I was at Avery Dennison, our CEO said...if we think our jobs are hard, try having 12 bosses. A BOD is like your bosses, and you get to have a say in choosing them!

4 years ago | like reply | 0 likes

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