Has anyone here ever gotten a board of director seat on a company? If so, what was your process, did you use a service or do you think you should use a service to try and get a board seat? I see a couple companies starting to pop up that deal in matching companies to board members, but it seems a little scammy/waste of money.
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interesting topic, bumping
Typically, a symbiotic relationship as a board member is based on your network and introductions. Meaning - you should be asked to join a board based on your professional skills, the people you know and the value you can bring for the company.
If you are using a service because all you want is to be on the board of company, I am sure there are also smaller firms you can approach directly.
What are you trying to get out of this? Advisory shares? Experience? Utilizing your network? Commission in some other way?
And how much time do you have for this?
Mostly as a commission play. Figure, get on a handful of boards, could pay pretty good. Not thinking I can do it tomorrow, but laying the groundwork now could be good.
For what it's worth- I've overheard my CEO (F500 public company, he sits on ours and a few other public co boards) talking about getting inbound emails from contacts who said they were "networking for a board seat". My understanding is that they were pretty direct about it.
Family friend and one of my key mentors is living that good ole' retirement-lite life, no day job, but sits on four boards. Paid out per quarterly meeting, each usually distributes $10-20K / QTR. I always like to joke that it's a pretty good payout for sixteen hour-long meetings a year!
These opportunities were possible for the same as it'd be for anybody - one hell of an industry track record, fantastic interpersonal skills, a lifetime of networking, and plenty of luck thrown in. In his words, the first one was hard - the next three came fairly quickly after he had established himself on one.
If you were able to know him as a person, all four companies would make complete sense—he is passionate about what they do, has major operational experience working in the services they provide, knows the financials of this product type due to his experience on Wall St, and wants to help companies grow. Boom, that's why he's a good fit and was ultimately selected.
One day, maybe that'll be me! Sixteen-hour work years ahead!
thats the idea. I know its somewhat a closed to get in, but once you're in the "board circles", you're in. The problem is what makes it attractive at the same time, high proportion of pay to time worked, so people can pick up multiple board seats at once, limiting the availability.
If I get one more linkedin message from Advisory Cloud my head is going to explode.
Not on the board of a for-profit enterprise, but it's kind of wild that there are services to match that for you. Boards are pretty useless these days anyway, but I find it hard to see why a company would want to headhunt for a board member in the first place, or why even a well-qualified person would want to join a board in that manner.
The whole point is that a board member has some experience or expertise or network that might make their opinion valuable to running a company in a specific industry. Picking some random person out of a pile of resumes doesn't seem like it'll meet that need.
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