If you are in the fortunate position of having too many parties wanting to sit on your Board (and for parties we probably mean shareholders or other finance providers) then Lee has four main tips:
1. Know There’s a Cap to the VC Board Members You (and Your Investors) Want
2. Beware Board Observers
3. Set Expectations for Time/Tenure
4. Consider Alternatives to Provide Visibility and Receive Advice
These work well for any Board and the Chairman must remember that its primary aim is to set the strategy and provide governance. A longer article will follow in due course.
If you do not have a Board of Directors we really need to talk!