We publish often about the importance of selecting the right advisors and board members. Plenty of serial founders will happily share their ideas for how to do this, but even the most successful among them will tell you that it is not only as important a choice as your business model, but in many ways, more challenging. (Business plans can’t talk back, change their minds, or fire you!)
So what would someone from the other side of the table — a professional board member — say about how to choose your directors successfully?
Well, VC-blogger Fred Wilson, a self-described 20-year veteran who’s seen “some of the best… and some of the worst board members in action” posted on the topic yesterday in Thoughts On Choosing Board Members. Fred offers some good and specific tips, like:
* Select people who will attend each and every meeting…
* Avoid putting someone you can control on your board… [You can’t anyway]
* Make sure to have at least two or three CEOs of comparable companies on your board. Make sure they are on the comp committee [Emphasis ours]…
* Select people who will get along with each other. The very best boards I am on are friendly social active groups. [Remember H-P scandal?]
Read Fred’s whole post for even more, here. For more on choosing board members, see: