A “personal board” is a concept to describe the group of individuals you go to for advice, feedback, and input as you navigate challenges and make important decisions for your professional self and your business. It is not your company board of directors, but it may include some of the same individuals. It may also include co-founders, parents, siblings, life partners, previous bosses, mentors, advisors, coaches, other CEOs, founders, and friends.
1. Why it’s important
There’s no right or wrong answer to who should be on it (although we have recommendations), but having one is critical, because every other person you speak with has an agenda/motivation that may at times be at odds with what’s in your personal best interest.
Think about your investor board members, for example. While they’re usually aligned with you, the CEO of the company they’re backing, they also carry a very real obligation to their LPs. There’s a reason they are a voting member on your Board and have blocking rights on major decisions. The same is also true for your co-founders — there will definitely be times when your incentives are misaligned with theirs. E.g., are you the CEO and should your salary be different than theirs at some point?
Other types of stakeholders won’t have those same conflicting obligations. Your college roommate, for example, will likely stick with you, through thick and thin, because they care about your personal goals and outcomes not just your company’s goals and outcomes.
2. It’s private, not public
This is not meant to be a public company announcement. You don’t have to share who’s on your personal board with anyone if you don’t want to. And it’s okay if you leave off your partner, parents, investors, or cofounders for whatever reason. It’s entirely up to you.
3. Substance over form
You can also decide how formal or informal your personal board should be, whether you even use the phrase “personal board” with the participants or not, and whether you convene them as a group or not. If you’re new to this topic, start simple and keep it informal.
4. Your board’s composition will change over time
As your company grows and changes, your job changes, and so should the composition of your personal board. You’ll want to seek out and add individuals with greater subject matter expertise and greater professional context of where your role as CEO is going.
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