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A reproducible, "How to" article from the pen of Dr. Millard MacAdam

Maintaining A Personal Board Of Directors ^©  

Article from a past ProActive Leadership Advisory Tips Newsletter

Assess for yourself the wisdom from Proverbs 27:17, “As iron sharpens iron so one man sharpens another.” In life and business, have you ever found yourself symbolically hanging by your fingertips on the edge of a cliff wondering how you’ll ever get to safety? Have you ever thought, said and done the wrong things that catapulted you over a cliff as you arrogantly “went for the gold”? Have you ever unconsciously placed yourself in jeopardy, later finding yourself being pushed over a cliff by others?

“Accuracy first, then momentum!” is an admonition I keep telling myself. This helps me avoid the “cliff hangers” and wasted time, energy and money spent crawling over the rocks and out of the dark “canyons” of life and business. My dad told me many times after I had messed up something, “Haste makes waste, my son.”

Most of the fast-paced, entrepreneurs I’ve observed are short on both patience and prudence. Too often they think they know it all and fail to seek or ponder the advice of others. As a result, they experience many “cliff and canyon” episodes in their lives and businesses. Each episode negatively impacts stress and health, trusting relationships, credibility, and economic stability.

Gaining and maintaining a trusted Personal Board of Directors will keep you from the unnecessary and avoidable “cliffs and canyons.” However, selecting the right people to sit on your personal board of directors can be fraught with peril. Think through and develop “attribute profiles” for the people you need on your personal board. Some possible attributes are:

1. Integrity: Honest, competent and objective.

2. Allegiance: Interested in your best interests.

3. Experience: Been there and done that.

4. Knowledge: Depth of understanding, perspective.

5. Judgment: Able to effectively assess situations.

6. Time: Available to listen, advise and coach.

7. Commitment: Proven keeper of promises.

8. Team Player: Collaborative and cooperative.

9. Communicator: Open, direct, and congruent.

10. Prevents and Solves Problems: Possibility thinker.

A personal board of 5 or 6 people is ideal. Included should be your lawyer, CPA, management consultant and banker, plus people with “business specific” talent who bring their experience and technical expertise to the table.

Investing in fair retainer fees to have a quality Personal Board of Directors available to you on a regularly scheduled basis will pay you countless dividends. Well selected and developed board members will become the key accountability partners you need to avoid the “cliffs and canyons.” They will be invaluable in helping you grow and go to the highest level of character and competence possible as you build integrity and profitability into all of the key functions of your business.

Another board development strategy is “bartering a board,” that is, reversing roles with trusted colleagues who fit on your personal board of directors. You provide your expertise and counsel to them, quid pro quo.

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