The office of the CEO can be one of the loneliest places in the world. As Harry Truman said: "The buck stops here." The CEO is ultimately responsible for everything that transpires within the business, whether success or failure. As the CEO or owner of a business, you often find yourself faced with questions, issues and situations that you never expected, that you cannot delegate and that demand a thoughtful response in short order. What if you had a resource that you could turn to for some level of guidance or insight when you need it, or even support, if necessary? One option you might consider is creating an advisory board. An advisory board is a small group of peers that comes together on a periodic basis to provide you with some feedback and perspective on the issues that management is facing. Even if your company does not have a formal board of directors, it can benefit from the involvement of an advisory board. What are the benefits of such a group?
They can provide objective opinions on critical decisions.
Often when we are in the trenches, we lose our objectivity around issues that are the focus of our attention. An advisory board can help keep management focused on the important issues at hand, without the distraction of being too close to the situation.
"Bruce Rector provided valuable support to my company during negotiations to enter into a joint venture with a much larger partner. He was able to assess the financial implications of the proposed relationship, and, working with myself and my outside counsel, was able to help the Company come to an agreement with the proposed partner – resulting in a win-win situation for all concerned."
"Bruce provided key support to management in developing its relationships with the board of directors, and in anticipating and addressing financial and liquidity management issues during the establishment of the company."
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