Leveraging People’s ExperienceAnd advisory board allows you to learn from those who have gone before

• When designed properly, the board provides the senior leader(s) his/her own team of seasoned advisors who:

• Focus on providing solutions

• Are a catalyst for your leadership development

• Guide long-term growth

Advisory Board Success Lies In 3 Areas:

1. Identifying the board’s primary mandate and articulating the issues & opportunities before determining who should be on the board

2. Finding the right people with experiences that complement your own

3. Taking responsibility for your own agenda

1 Identify the boardʼs primary mandate

2 Articulate the issues and opportunities

3 Determine who should be on the board

4 Find the right people

5 Own your agenda

6 Get the most from your advisors

7 Manage the behind-the- scenes details

Assembling & Managing YourAdvisory Board In 7 Logical Phases

Copyright Jeff Haltrecht | family business advisor 2011 Pg. 1

Identify The Board’sPrimary Mandate - Stages 1 to 4

Articulate the ISSUES & OPPORTUNITIES you are trying to solve and/or accomplish?

• Shaping the company vision• Developing a smart growth plan• Securing expansion capital• Preparing for an acquisition or divestiture• Introducing a new product line• Geographic expansion• Developing future leaders• Ownership transition• Other

2Identify the board’s primary MANDATE and role you want them to play

Mandate:• Helping build company wealth• Preparing for and overseeing ownership transition• Governance and risk management

Role:• Identifying opportunities• Developing solutions• Sharing their experience• Being a sounding board• Develop you as a leader• Holding your leadership team accountable• A catalyst for the company’s growth

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Determine WHO should be on the board?

‣ 7 people: 4 external and 3 internal

Internal - owner, finance, operations or sales/marketing

External - strategist, business owner, 2 others with experience in industry, issues & opportunities you are trying to solve and/or accomplish

3Find the RIGHT PEOPLE

‣ Let this stage take time

Find people through your network, meeting 2 or 3 per week.

Professions with deep networks to leverage: accountant, lawyer, banker, business advisor, board of trade, industry association, fellow business owner

Look for experience, cultural fit, and communication skills in your board members

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Own Your Agenda;Dialogue The Opportunities - Stages 5 to 7

6 GET THE MOST from your advisors

‣ The advisors will dialogue with you, but they won’t decide for you

• Establish meeting schedule of between 4 and 8 per year• Assign a board chair who will lead• Prepare and issue pre-reads 7 days prior• Dialogue only during meetings - no presentations• Communicate openly and honestly, share your opinion, be bold• Deal with opportunities head-on - don’t skirt around the issues• Let them play devil’s advocate• Ask probing questions; listen to their experience• Honor your commitments

5 Own your AGENDA

‣ It’s your business and your agenda

• 3 to 5 year objective for the board• Theme for current year• 3 to 5 initiatives that must be accomplished this year• Overarching topic(s) for each meeting• Detailed agenda for first meeting

7 MANAGE the behind-the-scene details

‣ Have someone manage the details to keep you focussed on what truly is important

• Scheduling• Agendas• Minutes• Reminders• Surveys• Discussions• Contacts

• Pre-reads• Meals• Salaries• Expenses• Contracts• Insurance• Documents Pg. 3C

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Lead With Your Entrepreneurial SpiritWhile Accessing Breakthrough Solutions

My styleI believe being a trusted advisor involves listening first.  The more I seek to understand your business

and what you are dealing with, the richer the dialogue becomes.  I have a friendly and engaging work style that is balanced between asking questions, challenging, and providing solutions for you to consider.

What I don’t do is make decisions for you.  Our conversations are designed to stretch your thinking, for me to be a sounding board, and most importantly, a catalyst for you and your company’s growth.

The values I keepWhen values are applied correctly, they guide behaviour and set the tone for interaction between people.  Here is what you can expect when you choose to work with me:

• Treating you with respect

• Challenging for better performance

• Helping you be internally driven & externally aware

• Putting ideas to action

• Embracing change as the path to opportunity

• Communicating candidly

• Delivering results

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About the

author!

905-601-0311 jeff@jeffhaltrecht.com www.jeffhaltrecht.comBuilding Company Wealth™

Copyright Jeff Haltrecht | family business advisor 2011