By Jeff Altman, The Big Game Hunter
Steps you can take to improve your chances of securing a seat on the board of a turnaround or any firm.
Getting Started
- Understand the Board’s Role: It’s important for your client to familiarize herself with the responsibilities and demands of a board member, including time commitment, key responsibilities like hiring/firing the CEO and overseeing strategy, and legal liability differences between public and private companies.
- Determine Objectives: Help your client determine what type of company she wants to serve. Is she aiming for a large public company, a smaller private firm, or even a non-profit as a stepping stone? Each has its own dynamics and expectations.
- Articulate Value Proposition: What are her unique skills and experience? It’s crucial to identify how her expertise as a turnaround CEO in Singapore can be presented as an asset to a board. She shouldn’t focus on just being in her 30s or having general financial knowledge.
- Craft a Board-Specific Resume/Bio: Help her create a resume and board bio that are specifically tailored to board positions. These should highlight her leadership skills, strategic thinking, experience in turnaround situations, and any other relevant experience.
Networking and Visibility
- Leverage Existing Network: Encourage her to inform her network about her board aspirations. Does she know anyone who serves on boards or has connections with board members? A strong referral is key.
- Expand Network Strategically: She should focus on building relationships with people who can provide insights and referrals. Attending board meetings, joining industry organizations, participating in conferences, and engaging on professional platforms like LinkedIn can be beneficial.
- Consider Board Readiness Programs: While the sources caution against paying for directories, they do suggest considering organizations like the National Association of Corporate Directors, Private Directors Association, and women corporate directors that offer training programs, networking opportunities, and support. Some of the sources also mention groups like the Latino Corporate Directors Association and Black Corporate Directors Conference, but it is unclear if these are relevant to your client.
- Use LinkedIn Effectively: Help her optimize her LinkedIn profile to reflect her board aspirations. This includes a professional photo, clear articulation of her experience and accomplishments, using relevant keywords, and regularly engaging with influencers and thought leaders in her target industries.
Target Companies and Prepare for Interviews
- Research Target Companies: Encourage her to research the companies she’s interested in. Understanding their industry, challenges, board composition, and current needs will allow her to demonstrate her value and tailor her approach.
- Prepare for Interviews: Help her prepare for board interviews by practicing how to communicate her value proposition concisely and share anecdotes that highlight her leadership qualities and experience. She should also be prepared to discuss her understanding of governance, risk management, and diversity and inclusion.
- Be Patient and Persistent: Landing a board position takes time and effort. It’s a competitive process. She should be patient and persistent, treating the journey as a marathon, not a sprint.
It is important to note that securing a seat on a board, especially for a turnaround firm, requires demonstrating specific expertise in navigating challenging business situations. While her experience as a turnaround CEO is highly valuable, she will need to effectively articulate how her skills and knowledge translate to the boardroom setting.
Ⓒ The Big Game Hunter, Inc., Asheville, NC 2024
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