Are you considering a career path that includes joining a public or private corporate board? If so, demonstrated experience in one or more of the following areas will make you an attractive candidate:
- Profit and loss responsibility (true P&L experience with revenue or sales targets, not just a cost center P&L, ideally 3-5x the revenue of the company you’re hoping to serve as a board member)
- Subject matter expertise relevant to the target company
- Legal, financial, and/or Sarbanes-Oxley experience
- Chief Executive Officer
- Division President
- Advisory Board experience with a private company
- Board of Directors experience with a private company
- Non-Profit Board of Directors or Board of Advisors experience
Self Evaluation Surveys
The most attractive board candidates have experience and are well versed in all aspects of corporate strategic, financial and legal areas. A critical look at your skills and accomplishments will help you assess your strengths, the gaps you need to address, and your board-readiness. Once you have an inventory of your accomplishments and skills, you can develop a plan to enhance the areas that you might feel are underdeveloped as you consider your board search.
Links to documents
Evaluating Board Opportunities
Here are some tips to determine if a board opportunity is right for you?
- Investigate Directors & Officers insurance limits, especially what and how much it covers to know if it is enough.
- Meet as many of the board members as you can to ensure there is good chemistry. The key for a successful board experience is chemistry with the other members and Chairman. If you don't have that, your tenure could be rocky.
- Gain a clear understanding of the specific skills the committee is looking for. Convince the board you posses them.
- Ask questions to determine how well the board works together. Try to ascertain where potential the land mines may be. How do decisions get made?
- Research which board members are exiting and why.