Hi All, I recently joined a middle market private equity fund after spending a few years in banking out of undergrad. I would like to join the board of a company/non profit/startup as I have some spare time and I think it would be great experience.
I have been approached by friends with startups for finance guidance/advice and I am also trying to figure out the best use of my time. I am willing to invest a bit of my personal savings too if it's a worthwhile endeavor too.
I would appreciate your insights or thoughts ... Thanks in advance!
There are plenty of books on the subject, it's a crowded field because everyone thinks it will be 'neat' to be on a board. Avg age of a board member is something like 60. Non-profits look for board members who are big donors or willing to provide lots of sweat equity (you're buying your way on and surrounded by lots of softheaded dogooders). Established companies are looking for seasoned execs who have experienced many business cycles. Startup may be your best bet. Or talk to your boss about board advisory seats on thier portfolio companies.
I'm on the board of a nonprofit. I used to volunteer with the organization when I was in undergrad, so I had a personal connection there, and when i joined a VC and had significantly more free time, I reached out to the local chapter to see if there was any work I could do with them. It's a microfinance organization, so there's definitely a fit there. I volunteered at a few of their events, and then approached the CEO about what they were looking for in a board member. It turns out - they were looking for someone to join the finance committee! So, I joined and I've been on the board for a year and a half now, and it has been a really good experience.
If you want to join a nonprofit, I would find something you're connected to personally, or a place where you could add lots of value. If you wanted to join an arts or performance organization (i.e. your local symphony or playhouse) I would expect you need to donate significantly, but more charitable organizations are usually looking for particular industry expertise. hope this helps! For startups, founders are pretty tight about their board and don't usually add angels unless you have significant experience.
What is it exactly that you do as someone on the finance committee of a non-profit board? (Not questioning your contribution genuinely curious what that role entails).
Sure - basically we create and approve the budgets, propose and approve executive comp, read through the audit and find any inconsistencies or questions, and since it's a microfinance company we approve the largest loans in light of our overall risk.
You have to be involved first and show you care about the cause of the non-profit. Unless they are in dire need for your skill set.
you have to have a good reason for why you want to join. just to look good on your resume is a waste of everyone's time.
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