What to ask at the medical advisor interview

Many doctors are tired of clinical care and looking for Plan B. One option is to serve on the advisory board of a startup or early-stage company. Most have little or no experience in that role and misinterpret what value they are expected to deliver, erroneously thinking that the initials after their name are valuable enough. In most instances, that is not the case.

How do you tell a potential employer that you’re right for the job they are interviewing you for? If you make it all about yourself, you might come across too self-absorbed or boastful. If you make it all about the company, they don’t get a chance to learn why you might be the right fit. In this article, the author outlines clear steps for how to tell an interviewer why you’re the best candidate for this position and why they should hire you, along with sample language to use as a guide.

If you are thinking of consulting?to a?startup or early-stage company, serving as an advisor, on the management team or board of directors, just having initials after your name won't mean much. You will have to deliver the value that startup CEOs are looking for: money, marketing, making something, management, manpower, mentors, monitoring the environment and mergers and acquisitions.

Early-stage companies will particularly want you to find cash, customers, and collaborators to technically, commercially, and clinically validate your solution.

If you are a doctor or health professional interested in working with a pharma, medical device or digital health company and are approached by a CEO to help, here are 10 questions that need to be asked and answered before signing on the dotted line:

1. What are your needs and, based on what you know about me, why do you think I can help you get them?

2. What role do you expect me to play and how will that sit with other founders and members of the team?

3. What do you expect me to do and by when?

4. How, how much and how often will you compensate me, and will it be in cash, equity, a combination of the two or some other form?

5. What are the confidentiality, restrictive covenants, vesting issues or other restrictions that would result from my accepting your offer?

5. How long do you expect me to serve and what are the terms of either side ending the relationship?

6. I have disclosed my other relationships. Do you see a perceived or real conflict of interest working with you?

7. Do you see me playing a different or bigger role in the future?

8. Would I be an independent contractor, cofounder, or employee of the company?

9. Do expect me to endorse your product or service in a public forum or on social media?

10. What are your expectations as far as using my picture and bio on company communications?

11. What is the best way to communicate with you and your team?

12. How do we terminate the relationship?

13. Are you expecting me to help you raise money from investors?

Working with startups can be challenging, invigorating and fun. There are potential tax and liability issues.?But, like any other relationship, it's best to clarify expectations, benchmarks, and timelines to avoid uncomfortable and messy confrontations.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack