Recruiting Private Company Board Members
Whether you have an advisory board or a fiduciary board, adding independent members can provide a CEO with a broader view based on their varied and extensive experiences, help a company build credibility in the outside world, and help manage or prevent conflicts among shareholders. Independent board members also provide objectivity that is critical for closely held and family owned businesses.
We have assisted a number of our private company clients to identify independent board members who have been able to bring important growth ideas to businesses, including identifying attractive segment opportunities, helping create management accountability to achieve the business plan, and to create shareholder value by reducing risk.
We would be happy to support your efforts to create or add to your independent board in the same way we have regularly identified senior team operating executives for our advisory clients over 15 years at Corporate Fuel.
Some distinct advantages to an outside board:·
- Proper governance A formal board will help the majority owners provide oversight for all stakeholders, including employees.·
- Broaden company expertise As a company grows, there are other complex issues to evaluate, many of which require experience that is not resident in the organization, eg foreign corrupt practices, multi-country organization structure, tax and HR requirements, succession planning. Many outside directors contribute mightily through their network of contacts, in sharing their experiences, enhancing selling efforts, and fostering other partnerships and joint ventures.·
- Strategic guidance One of the most important roles of the board is providing tactical, operational and financial guidance, with an outside perspective, while the CEO is shepherding the day to day business.
- Building enterprise value The board is a valued partner to the CEO in his/her most important role – building enterprise value, assisting on longer term strategy to grow the business, both organically and through acquisition.
- Preserve the culture Most of our clients have been successful over many years. A board can be effective in helping to preserve the culture, heritage, legacy and core values of the company.
Please let us know how we might be helpful to you.
Vice President and Human Capital Practice Lead
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