Startup Boards: Getting the Most Out of Your Board of Directors

Description

1. Introduction -- 2. What is a board? -- 3. Creating your board -- 4. Recruiting board members -- 5. The formal structure of the board -- 6. Aligning your board -- 7. Is an advisory board useful? -- 8. The actual board meeting -- 9. Motions and votes -- 10. Legal challenges -- 11. Managing ongoing expectations -- 12. Trying new things -- 13. Communication conflicts -- 14. CEO transitions -- 15. Financings -- 16. Selling a company -- 17. Going public -- 18. Going out of business -- 19. Conclusion -- Checklist 1: Preparing your board package -- Checklist 2: Conducting your board's annual assessment -- Checklist 3: Question for your legal counsel -- Checklist 4: Should you get directors and officers insurance? -- Checklist 5: Stock option grants and 409A valuation.;An essential guide to understanding the dynamics of a startup's board of directors Let's face it, as founders and entrepreneurs, you have a lot on your plate--getting to your minimum viable product, developing customer interaction, hiring team members, and managing the accounts/books. Sooner or later, you have a board of directors, three to five (or even seven) Type A personalities who seek your attention and at times will tell you what to do. While you might be hesitant to form a board, establishing an objective outside group is essential for startups, especially to keep you on track, call you out when you flail, and in some cases, save you from yourself.