Are You Optimistic?
Fundamentals:Legal Part 3
“If you change the way you look at things,
the things you look at change.”
- How Many: There isoftenan odd number (five or seven people) to help with voting.
- Who They Are: They have no business ties to the company, and are chosen based on their experience in the industry, a special skill set or expertise, or their ability to provide useful deliverables.
- Their Focus: They manage the CEO and formally approve all key company decisions. They support the company’s vision and protect the interests of the organization and its shareholders.
- Their Compensation: They are typically paid to attend meetings and reimbursed for travel expenses.
- Their Liability: They have a legal duty to the company and can be found liable if mistakes are made. Insurance is necessary.
- How Many: As many people as necessary to achieve goals and help grow the business.
- Who They Are: Generally they are mentors with specific industry knowledge. They possess specific skills that are missing in the organization.
- Their Focus: Priority is advising and assisting the CEO and top executives or managers.
- Their Compensation: They typically receive lower compensation for attending meetings than do a Board of Directors.
- Their Liability: With limited exceptions, they cannot be held liable for mistakes; therefore insurance is unnecessary.
The Five D’s: A Bonus 6th D
“Don’t Want to ’Do It’ Anymore”
As the old saying goes, “It’s lonely at the top.” This is especially true for business owners, who often find it difficult to share their fears, frustrations and difficulties with friends, family members or even other entrepreneurs.
Trusted business advisor Chuck Mohler likens the situation to sitting across the desk from an empty chair, symbolizing the challenge of finding just the right person to not only understand the issues but assist in developing viable solutions.
Armed with more than 25 years’ experience helping organizations large and small, along with multiple professional certifications at his disposal, Chuck is the best choice to take that seat and provide the meaningful guidance you need.
Contact him today at (702) 451-3250 or ChuckM@EagleCorporateAdvisors.com.