Advisory Boards?

April 28, 2020

by a searcher in New York, NY, USA

Hi,

Has anyone put together an advisory board (i.e. people with industry experience)? If so, would love to know how you went about structuring compensation (either as cash, equity or a combination). Feel free to shoot me a PM or respond below.

Aa

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Reply by an admin
from Stanford University in Honolulu, HI, USA

Hi, ^redacted‌ - Thanks for your inquiry. It's been quite a while since we've discussed this topic. So, I am definitely I looking forward to additional responses from our members. For the sake of completeness, I am tagging the 2018 post by ^redacted‌ here: https://www.searchfunder.com/post/whats-going-comp-package-for-bod-and-advisory-board. ~ Karen

Reply by a searcher
in Seattle, WA, USA

Depends on the size of the company and the industry. We would tend towards a small % of gross profit, i.e. enough to keep them engaged and interested and keeping an eye out for anything that might benefit you along the way, but not so much you're over-compensating them. But do put a time-limit on the relationship as the nature of the advice you need will change over time. (If things have gone well w/them you can always extend the engagement.)

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