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Startup boards can be transformational if built and managed properly. They can be destructive and a massive time and energy suck if not.
Here’s a 🧵 on how to build and manage a board for maximum leverage and benefit. 👇🏽
Here’s a 🧵 on how to build and manage a board for maximum leverage and benefit. 👇🏽
Understand their role.
There are usually two types of boards that a startup may have: Fiduciary or Advisory. If you have taken outside capital, your board is fiduciary.
(This thread largely deals with funded startup boards.)
There are usually two types of boards that a startup may have: Fiduciary or Advisory. If you have taken outside capital, your board is fiduciary.
(This thread largely deals with funded startup boards.)
A board has three overriding responsibilities:
✅ Hire the CEO (and maybe CFO)
✅Corporate governance (budgets, capital investments, equity grants, etc)
✅ Change the CEO if it becomes necessary
✅ Hire the CEO (and maybe CFO)
✅Corporate governance (budgets, capital investments, equity grants, etc)
✅ Change the CEO if it becomes necessary
I recently wound down as CEO of a company I founded 13 years ago. It was successful by any measure.
But leading it was no longer my passion.
My goal was to leave that role and help others starting their #FounderJourney.
Here is what I’m learning …
But leading it was no longer my passion.
My goal was to leave that role and help others starting their #FounderJourney.
Here is what I’m learning …
👉🏽 Opportunities are everywhere and the bar to enter has never been lower.
Focus is needed more than ever.
Focus is needed more than ever.
👉🏽 Twitter provides the greatest entrepreneurial education in the 🌎.
Use it. Build your community of founders and rest on each other when it get hard. It will get hard.
Use it. Build your community of founders and rest on each other when it get hard. It will get hard.
Startups <10m ARR rarely do M&A.
At $2m ARR we bought a competitor 4x our size. We became a full scale software company overnight.
It wasn’t easy but it was possible. Here’s how.
It started when we were the acquisition target.
At $2m ARR we bought a competitor 4x our size. We became a full scale software company overnight.
It wasn’t easy but it was possible. Here’s how.
It started when we were the acquisition target.
I set up quarterly check-ins with competitor CEO’s. And I openly shared data.
You have to give to get. So give your information and ask for advice.
My intent with these calls was to get acquired, not be the buyer.
That’s where the story gets interesting.
You have to give to get. So give your information and ask for advice.
My intent with these calls was to get acquired, not be the buyer.
That’s where the story gets interesting.
I built a good relationship with the CEO of the target company. And he expressed interest in acquiring us.
My plan was working!
But, we were growing 100%+ and they were barely growing.
That’s a problem.
My plan was working!
But, we were growing 100%+ and they were barely growing.
That’s a problem.
