How do you find board members?
Maynard Webb
Founder, Webb Investment Network; Author ‘Dear Founder’; Board member Visa and Salesforce.
Q: Where can I find good board members?
-CEO
Dear CEO,
This is one of the questions I’m frequently asked.
It is all about meeting world-class people. It’s also about understanding this is going to take some time. One of the most important things is to start early. Searches may begin 6-12 months out. This is especially important for companies that are building a board in advance on an IPO.
There are traditional ways to find great board members. The most obvious one, albeit expensive, is to hire a recruiter. Get to know the firms that do the hiring for Fortune 500 companies. Find the partner who does most of the searches and get to know him or her.? There are several great search firms. I’ve personally worked with Heidrick & Struggles and Spencer Stuart and have had great experiences.
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An excellent and more cost-efficient option is a nonprofit called?Him For Her , which was founded to help accelerate diversity on corporate boards. Operating with the understanding that the problem is the network not the pipeline--there’s no shortage of talented female executives--this organization matches board-building CEOs with “board-ready women.” The service is free. (Companies are asked to make a tax-free donation when they appoint a Him For Her referral to the board).
But before you start making calls to find people, you have to take the time to determine what you’re looking for. You should clearly identify the attributes you are seeking and the skills you need. I've always selected members that could strengthen my weak areas. ?I didn't have extensive sales and marketing experience, so I added someone who had been a CMO of a big public software company and a sales exec at Hewlett Packard. Some seats are directly attached to a functional expertise, such as the head of audit committee. I always tried to select someone who could excel at that role, but who was also interested in helping more strategically. If possible, put someone in an “advisor” role first so you can see how you interact with each other.
As you're looking for great board members, I’d also advise you not to over-index on big names. Most people who are eligible to sit on boards are very accomplished. You need to know whether they want to provide advice and counsel, or whether they want to do operations. Are they willing to be one voice of five? Or would they rather have everyone do what they say. Choose the right individuals who want to be of service.
Finally, my last and most counter-intuitive piece of advice is to pursue people who don’t want to be on a board. Busy people with big jobs are great selections because they’ll expect you to run the company and they'll be there to provide counsel. Of course they do need to commit to be available when you need them.
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Every week I respond to a new question. Ask me your question in the comments section.
President @ Mack Toys, Inc. / Software & Mobile App Developer / Company Director
6 个月We'll reach out to Him For Her. Thank you! Looking to potentially fill four independent board seats for an NASDAQ Uplisting.
Accomplished leader with expertise in creating scalable, strategic programs | Board Chair, CRNC
1 年One other seemingly counter-intuitive piece of advice: look for someone you don't already know. Building a board offer you the opportunity to reach a new network of customers, talent, market, and branching out beyond who you know lets you take full advantage of that opportunity.
Attorney - IAM 300 IP Strategy Expert 2025, IP Protection and Risk Management Counsel helping you drive Business Growth
1 年Putting someone in an advisory role is the best advice. You can start early when you first start your company, that way you have experience with the person before you commit to having them on your board, as do they. Also good to be mindful that that board member can vote you off the island, so you want people you have mutual trust and a clear and strong relationship with. Some of your board members will likely be from VCs, and they often have their own biases that can be contrary to your success and even the company's success.