Tag Archive for "Advisors"
In my last post I discussed how to orient your advisors. One of the points I made was the need for a briefing book. A briefing book contains information an advisor may refer to frequently. While some if not all of this information might have previously been provided, the briefing book puts it all in one place.
I recommend a three-ring binder that is large enough to handle additional information you may distribute at future meetings. In assembling the briefing book consider including the following information:
- Advisor contact information, both work and home
- Advisor biographies
- List of company officers and senior management with contact information, home and work
- Organizational chart, so the advisors can begin to understand how all the pieces fit together
- Brief company history
- Three years of Financial Statements
- Current Year Budget
- Current Marketing and/or Promotional Plan
- Strategic Plan, if available
- Key Customer List, marked confidential
- Top 10 Competitors with industry ranking, if available.
- Your product/service offerings. Don’t assume the advisor knows them all.
- Links to industry websites and other educational material
- Copy of signed Statement of Roles & Responsibilities
- Schedule of meetings & calls for the ensuing eleven-month
Note that the briefing book does not contain meeting minutes. An advisory board doesn’t have minutes. If anything there are meeting notes which only the CEO should have.
As the advisory board moves forward the above information will be added to and updated. At the very first meeting of the advisory board the briefing book should be reviewed with the advisors so they understand the content and its importance. It’s important to remember that newer members will need the most help coming up to speed. So periodically review what should be the contents of the briefing book with all the advisors.
Interested in establishing an advisory board? Find out what you need to do, purchase the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board. You can have your advisory board up and running in 90-120 days if you follow the steps laid out in the Advisory Board Kit.
A lot has been written about the need to onboard new managers. The same applies to new members of an advisory board or a board of directors. Orientation will shorten the learning curve and speed-up how soon you receive invaluable advice about issues facing your organization. Continue Reading “How to Orient New Advisors” »
You’ve identified a prospective advisor. Perhaps you have even met a few times. The individual expresses an interest in considering the option but mentions that before she can do so she needs more information. As you are likely a privately-held company the information can only come from an internal source.
How to Proceed
- Get a signed confidentiality agreement from the prospective advisor.
- Remind the prospective advisor you are sharing information not available in the public domain.
- Get a list of what specific information the prospective advisor is seeking.
- Provide the requested information as soon as possible.
- Offer an explanation of either when you will have the information or why it’s not available, if you don’t have a particular piece of information.
Types of Information to Provide
- Historical financial statements for the last three years.
- Current Strategic Plan including financial projections.
- Operating Budget for last three years.
- Capital Budget for last three years.
- Organization Chart.
- Current Marketing or Promotional Plan
- Recent Competitor Analysis.
- Recent Marketplace profile/review.
- Top Ten Customers.
- List of people advisor might want to speak with as part of his/her due diligence.
Again, if you don’t have all of the information explain why. It could be one of the reasons you are forming the advisory board! If you don’t make it a big mystery it won’t become a deal breaker if you decide to invite the prospective advisor to join.
What other information would you provide to someone you’re considering for your advisory board?
Want to establish an advisory board? Then purchase the Advisory Board Kit: A Comprehensive Guide to Establishing an Advisory Board. You can have your advisory board up and running in 90-120 days if you follow the steps laid out in the Advisory Board Kit.
