Determining What Board is a Right Fit For You

Among the high-growth private companies designing our future, nearly a third have zero women on their boards. More than three quarters do not include a single woman of color. Suffice it to say, the boardroom needs you.?

But how do you know if a board opportunity is rIght for you??

Joining a board of directors is a significant decision that warrants careful consideration. It's not just about being offered a seat; it's about choosing the right board that aligns with your values, aspirations, and capabilities. As a board member, you have an opportunity to make a lasting impact on the company and create lasting relationships with the executives and other board members.?

As we detailed in the last piece, board exploration can take a long time, but instead of jumping into the first offer you get, ensure you have made some key considerations. Here are a few things to consider:?

1. Take the interview (even if on the surface it may not seem appealing).

It’s hard to judge a board opportunity from the outside. For example, you might love a certain brand and think you want to join that board. But the truth is, boards are not brands; they are ecosystems made up of a CEO and other board members, and when they are seeking a new board member, they are looking for certain competency gaps. For this reason, it’s hard to proactively “choose” what board you want. Board openings are also often opaque, and in some cases confidential; you can’t just go to the website and apply.?

Similarly, a board interview can reveal things about the company you can’t know or see from the outside. Perhaps it's a turnaround strategy that you find intriguing, or perhaps an industry you knew little about becomes more interesting the more you learn. What’s more, companies are not amorphis structures –– they’re people. Once you get into an interview, you get the chance to meet the people who lead the company?––?the CEO, executives, and the other board members. Sometimes those you meet will make you more interested in the opportunity (or let you know it’s not for you).?

2. Spend time with the CEO.

Your relationship with the CEO will be one of the most significant you create as a board member. Before committing to a board, it's essential to spend time with the CEO to ensure you are aligned and can work well together. Ask yourself if this is someone you want to know better? and spend a lot of time with. Do you believe in their vision? Do you respect their leadership style? Do you share similar values as it relates to company culture, to diversity? The CEO is the driving force behind a company's success, and your relationship with them can greatly influence your experience as a board member.

3. Assess your interest in the industry

When you serve on a board, it’s incumbent on you to read everything you can about the company and its competitors and stay on top of industry trends. While you don't necessarily need prior industry experience, having a genuine interest in the company’s sector and business is essential. Are you curious about the industry's future trends and eager to learn about competitors? Having a passion for the field will not only make your board service more fulfilling, but also make it easier to dedicate the necessary time to stay informed.

4. Analyze your potential impact.

Consider whether you truly believe you can make a meaningful impact on the board, the CEO, and the company. Your skills, experiences, and perspectives should complement the existing board members and contribute to the company's growth. If you can’t identify the unique value you will bring, or don't see a path to making a difference given the current board makeup, it might not be the right fit for you.

5. Evaluate fit with current board composition and dynamics.

“Board service lasts longer than most US marriages.” This was a direct quote from a board member at one of our dinners. Board service is a long game. Even if it doesn’t play out this way, you should be prepared and in the mindset to spend 10 years working closely with the company’s executives and other board members. Ask yourself: “Will I enjoy working with this group? Does there appear to be diversity of thought and backgrounds that will enrich board discussions? Is there transparency between the board and the CEO?”?

Each board operates differently, or as another dinner guest once put it, “If you’ve seen one board, you’ve seen one board.” Boards come in various shapes and sizes, and the way they operate can differ greatly. Some prefer formal processes and facilitation, while others lean toward a more conversational and collaborative dynamic. Determine which style best suits your personality and working preferences.

6. Evaluate culture alignment.

The interview is a great time to understand the company’s culture. Learning the company’s established values and behaviors and how they are activated within the company will help you understand its employee experience. Asking questions around any efforts in the areas of ESG (environmental, social, and governance) will help you see where the company is and is not focused. Increasingly, companies and their brands are being called upon by customers, employees, communities, and other stakeholders to address social issues. Public stances on social issues can be challenging for companies and boards to navigate. You’ll want to understand what’s behind the stances a company has taken (or has not taken), and their reasoning. Do their actions align with your values??

Choosing the right board is a critical decision that can shape your future and create impact on a company's success. Don't rush into it; take your time to assess your compatibility with the CEO, your interest in the company and industry, and your compatibility with fellow board members. Ensure your values align with the company's, and assess your potential to make a difference. Remember, being on a board is a long-term commitment, so choose wisely. By considering these factors, you can increase the likelihood of finding a good board fit where you can make a lasting contribution.?

One final piece of advice: a wise board mentor of mine once said to me, “If you have to think twice about a board, it’s likely not the right one for you.” I’ve found this very helpful during board evaluation.?