What are some of the keys to assembling a great board of directors at a company?
There is a saying in the not-for-profit world that your board members should all fall into one or more of three categories in which they can deliver: Wealth, Work or Wisdom.
In my experience, those same qualities also apply to for-profit boards:
Wealth, as in investors who can write checks and help with fundraising in future rounds;
Work, as in directors with specific skills who can be helpful in recruiting, business development, customer introductions, exit analyses, etc; and finally,
Wisdom, in the form of smart, experienced mentors who can provide sage advice to the CEO from an objective perspective.
In an ideal world all of your board members would be able to contribute in all three areas. In the real world, however, you hope for the best, but settle for the best you can get.
*original post can be found on Quora @ http://www.quora.com/David-S-Rose/answers *
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This article is intended for informational purposes only, and doesn't constitute tax, accounting, or legal advice. Everyone's situation is different! For advice in light of your unique circumstances, consult a tax advisor, accountant, or lawyer.