An outside perspective is critical to building a better business. Advisory Boards should be helpful but also challenge management. A Board that just agrees with you all the time is NOT driving the best value for your company.
Sounding Board: Sometimes a private business owner just needs to talk with someone who understand their issues and who can offer advice in dealing with a problem or challenge. After all, there are some things a business owner can’t discuss with their staff and that’s where the advisory board comes in.
Business Planning: It’s easy to get caught-up in the day-to-day running of the business. An advisory board can help the business owner think past today and to look at what tomorrow needs to look like. An outside perspective can really make the difference in developing a strategy that creates value for the owner.
Value Creation: Whether an exit is planned or not…the creation of value for the business owner should be a top priority. Focus on value creation usually drives operational improvements, improved staffing and provides the ability to put capital to work in the most productive manner. In an ‘exit’ scenario, value creation will provide for an enhanced multiple and larger adjusted EBITDA…thus creating an attractive return for the owner(s).
Intellectual Property: Kip had eight patents on surgical instruments and MyBoard can bring in an excellent IP attorney to “drive” the process.
Exit Planning: The business owner should always operate their business as if they were going to sell it soon. MyBoard can help with all of the operational and strategic elements of preparing your company for sale at the best possible price. MyBoard advisors will help prepare owners for the diligence process, positioning of the company, locating buyers and consulting with owners through the transactional process. MyBoard’s founders have tremendous transactional experience having bought and sold many companies and evaluated many more across a broad spectrum of industries.
Mergers and Acquisitions: MyBoard’s experience in this area is very broad. As many business owners look to grow through acquisition or partnerships, having a great advisor can help make sure they make the right moves and consider all of the issues involved in evaluating strategies.
Staff Development: As Jim Collins said in his timeless book, Good to Great, “Put the right people on the bus.” MyBoard advisors have a great depth of experience restructuring organizations, recruiting and evaluating talent having dome so internationally. MyBoard can help with executive evaluations/placement as well as mid-level management development.
Operational Improvements: Even if business owners think they are doing everything right…there may still be opportunities to improve processes, plug ‘profit leaks’ , consolidate operations and improve the understanding of cost management. A board of advisors can bring new questions to the table and can challenge how things have been done….all with an eye toward improving business results.
Management Coaching: MyBoard advisors have hundreds of hours in the business coaching arena, including senior executives all the way to first line supervisors. An outsider working with key members of your team can be helpful in making sure you are extracting the very best performance from your team.