Manage your board career as you would your professional career.
How can you break into that clubby, exclusive set known as members of the board of directors?
If you desire more credibility and more influence, serving on some boards of directors is a great start. For consultants and professionals, the right seat might even help you attract more high-paying clients.
If you are thinking of sitting on the board of a publicly traded corporation listed on the New York Stock Exchange or NASDAQ, better think again.
“Understand that publicly traded company board spots are limited and declining,” says board recruiting expert Larry Cabaldon, who has personally recruited 300 people to serve on a board of directors.
According to Cabaldon, in 1996 there were 7,322 public companies. In 2016 that was down to 3,671 public companies.
“Directors don’t want to give up their spots because board spots can be lucrative,” says Cabaldon. “One board member I know earns $1 million from two board seats.”
The opportunity for those with the proper credentials is the privately held company, which business is owned by its founders, family members, management, or a group of private investors. Cabaldon estimates there are six million private companies. “Many need a more effective board with new blood,” says Cabaldon.
Cabaldon is the CEO/Founder of the Boardroom Performance Group and serves as the president of the Orange County, California chapter of the Private Directors Association. He is author of the book God in the Boardroom.
He works with boards of directors, regulators, investors, private equity firms, acquirers, venture capitalists, private companies, start-ups, and nonprofits to benchmark performance, select and maximize talent, improve results and facilitate transactions.
Here are seven tips from Cabaldon on how to get on a board:
1. Know that privately held company boards need board members.
2. Think not-for-profit too. Nonprofit charities (1.5 million), colleges and universities (5,300), government entities, churches, and other social enterprises provide volunteer spots and even some paid opportunities.
3. Go in with your eyes wide open. Research the benefits/pitfalls of a boardroom career. Immerse yourself in board webinars, courses, publication and videos to improve your board knowledge base.
4. Create your board brand and portfolio based on your board career strategy.
5. Create a board bio (think resume), LinkedIn profile, endorsements, and referral sources that will help you get nominated and selected for a board seat.
6. Develop a board career plan to network and attract board opportunities.
7. Learn how to assess and create a more effective board.
Here is a bonus tip from Cabaldon: “Manage your board career as you would your professional career.”
